Trying to be all things to all people is a sure way to limit the success of your business, especially within small companies. Every business requires a focus and a specific strategy to ensure they are meeting the needs and requirements of their customers.
However, this is something to be considered by every business, no matter how big or small. Brand giant Coca Cola shows this through its niche marketing.
Through creating Coca Cola Zero, the brand was able to target an increasing niche market of people looking for healthier choices in indulgent products.
If this is something you are struggling with, it may be time to consider niche marketing and how you can begin to implement this into your business strategy.
Niche marketing is within the top 7 Landor’s trend forecast as ‘the brands of 2015 will be more agile, changing and adapting to meet the specific needs of individual consumers’1. So what are the benefits of niche marketing?
By totally understanding your customers’ needs, you will be able to alter the way your business works and enhance your product or service offerings.
This will not only allow you to serve your clients better, but also allow you to build up stronger and longer lasting relationships with them.
Once you are aware of your customer’s needs, marketing to them becomes a lot easier. You will be able to gauge where your customer comes into contact with marketing most, and which channels are most effective in terms of generating interest and leads.
You will also be able to gather an idea of what marketing channels to use and the approach you should take e.g. casual marketing, aggressive marketing.
Become an Expert
In using niche marketing and better targeting your products & services your customers will begin to see you as more of an expert in your specific field, thus returning brand loyalty & trust. This will also reduce competition and strengthen your brand’s USP.
How To Niche Market
- Contact Customers – Making first hand contact with your niche customers is the best way to understand what they want and need. This can be done by: looking into social media to see what your customers are saying about you; focus groups; surveys etc.
- Heart – Once you have discovered exactly what your customers want, put this at the heart of your business to ensure you are targeting your niche.
- Be Passionate – Being passionate about your niche customers and the products and services you are offering is crucial.
Many businesses make the mistake of trying to be all things to all people, which alienates their primary customers. Do your research and place your customers’ specific needs at the centre of your business to succeed in niche marketing.
One way to better understand your target market is to first understand the changes occuring to buyer behaviour. Get informed - book onto our upcoming free event.