The idea of narrowing your business offering so that it appeals to fewer people might sound counter-intuitive to increasing sales, but in fact the opposite is true. In today’s crowded marketplace it could be the decisive factor that helps your business to grow and succeed.
A mainstream idea with a large audience might sound like the recipe for lots of sales but, in reality, big markets are saturated, and the only way to succeed is to get really competitive with your pricing or go big with your marketing efforts.
In contrast, niche markets tend to be under-served, so are much less competitive. The beauty of digital marketing means niche need not mean fewer sales, as your reach could be truly international.
The other good news is that targeting a limited audience is actually easier. A good SEO strategy that focuses on the right long-tail keywords and topics, should enable you to find high-volume search terms and an authority in your new space. (If that last sentence is all Greek to you, then you may want to read our guide Secrets to SEO Success, which has some helpful advice!)
So, how do you develop a marketing strategy for a specific group of buyers that drives growth?
Developing a niche marketing strategy
If you want to use niche marketing to your advantage, the first step is to get to know your competition. You need to know what they offer, so you can work out what you do differently that will make customers choose your company instead. This is your unique selling proposition, and understanding it is key to driving sales growth. Creating a story around your speciality is where your marketing will begin.
Next, you’ll need to narrow down your niche market. Focus on the smaller group of people who think your company is utterly amazing, rather than the large group that is just satisfied or very satisfied with your offering. You’ll need to invest time and thought into this, but it will be worth the effort when you end up with loyal customers who would choose you over your competition every time.
Once you have found the right niche market for your business, you’ll need to do some market research to find out where your buyers are. Where do they shop? How do they find products? What influences their buying decisions? Do they respond to email campaigns, or are they influenced by Facebook advertising? Discovering the answers to these and other questions will allow you to maximise the return on your marketing investment.
Hear what people have to say about different products and services and look for opportunities to solve problems or plug gaps – these may be where your niche offering lies.
Once you know what you’re offering, who you want to sell to, where to find them, and the problems they face, it’s time to build a strong brand identity. A well-defined brand will not only help your business to attract and keep its ideal customers, but can also boost sales and increase profitability (you can read more about this in our blog 5 reasons to invest in good design).
Creating a niche marketing strategy that drives growth requires an investment of time, energy and thought, but – done well – it is an investment that will pay off. By taking time to learn about your customers and differentiate your brand, you’ll ensure you attract the right buyers that will help you reach your growth targets.