Understand your market well
Getting to know all about your market will help you understand if there are sufficient customers for long term business growth. Niche marketing helps you focus on the profile of customers who will buy your products or services.
For example, a clothing designer who specializes in selling clothing targeting the hip hop community educated himself on the hip hop culture by attending hip hop events. He got a well-known hip hop music group to wear his clothing for their performances. He identified his customer base as teenagers interested in hip hop music.
Through targeted social media postings this clothing designer reached out to his niche market, providing up-dates from the hip hop scene. His social media following became the prime avenue for sales revenue.
Identify your niche market by gaining knowledge of the consumers you serve.
Understand the demographics, income level, cultural practices, and shopping habits of this niche market. A deep understanding of your niche market can lead to more cost effective targeted marketing that converts more prospects into paying customers.
KEY NICHE MARKETING TIPS
Hit the sweet spot
Aim for maximum positive response to your marketing. A Japanese car company decided to create a new line of cars aimed at owners who enjoy European luxury cars. The new line of cars with a unique brand name was designed using all the features desired by this niche market of luxury car owners.
The cars were launched with a campaign targeting luxury car owners with the message, for a change try this car. The launch was a success because the design incorporated features desired by the targeted niche market.
Listen to consumers
There is an avalanche of information on the internet. Competitors, research institutions and advocacy groups are all posting onto the internet information and opinions on products and services. To make sense of it all, it is wise to remember the customer knows best.
Collect and analyse feedback and information from customers. This can help you understand if your offerings are creating positive consumer experiences that can go viral within an identifiable niche market. Viral positive consumer feedback can lead to wider market interest in your offerings.
KEY QUESTIONS TO ASK YOURSELF
Are you knowledgeable about your offerings?
Become a teacher and an educator. Consumers are looking for information from trusted sources. Sustained business success is all about creating trusting relationships with consumers.
Are you visible in the community or niche market you serve?
The more your business is seen and heard, the more familiar and confident consumers become of your offerings. Familiarity and positive interaction builds business relationships. Make sure your business becomes a part of the community you serve.
Are your resources targeted at prospects who are interested in buying?
Understand the interest and motivations of your targeted niche market. Sporting goods are best promoted to people interested in sports. A company specialising in winter vacations at golf resorts advertises extensively in golf magazines.
Constant reviewing of market intelligence is a key ingredient for long-term high growth.
International Business Consultant
Reboot your business plan for sustained high growth