No matter how much we like, we cannot be or have everything at the same time. You cannot be an engineer, doctor, pilot and chemist at the same time. We, sooner or later have to prioritize something over the others and have to figure out the things that we actually want to do, so is the case with niche marketing. Starting off with defining what a niche market really is, it is basically a segment (a subset) of a larger market that separates and gives it a unique identity.
The very first step to entering a niche market is choosing a niche market to enter into. This might seem like an easy step but is nonetheless one of the most important, as everything you do from now on would be around that niche. So if it is something that you are not deeply enthusiastic about, which intrigues and excites you, you better stay away from it.
Why niche market:
First of all, it is comparatively easy to market a niche and will require a lesser amount of investment. Furthermore, if you are concerned that a niche might not produce enough money well that varies depending on the niche as each and every niche has its potential but most of all the big businesses that you hear of started as a niche and as they grew, expanded their horizons while making billions on their way. there are literally thousands of businesses build on niches that make billions of dollars. Any well-of business that you can think of, targets a niche or at least started off as targeting a niche: amazon the demigod of eCommerce, sold only books in its start, now worth 115.6 billion dollars.
Apple started off from making computers in 1976 when it released its first computer: apple-1, now became the first company to cross a trillion-dollar net worth mark in December 2019 and now sells a wide range of electronic items. Another example is Starbucks, a business that majorly sells only coffee is worth 30 billion US dollars. There are many potential niche industries that can be targeted nowadays. Some good examples of this might be the gaming industry was estimated to 137.9 billion dollars in 2018 and the pet industry was an estimated $75.38 billion in 2019
Choosing a niche market
While choosing a niche market one has to be careful that the niche has enough viable audience and the if business will have the prospect of scaling. There are many niches that one could hope to target nowadays like fitness and health, dating and relationship, pets as I above mentioned, self-help courses and programs, beauty treatment, online businesses, healthy junk food and many more.
All of these niche markets are highly promising nowadays as a great deal of many people is into this stuff. Furthermore, as technology advances and new innovations take place there are new niches forming every next day. It is not recommended to try a comparatively new niche as their might be a lot of unprecedented hurdles that you might have to face and as the saying goes “you can always spot a pioneer with the arrows in his back”, you need to be extra careful and sure if that’s the path you want to take.
Some benefits of niche marketing
Customers refer to you regarding your niche as you are perceived as an expert in your specific field. This sets up a good pitch even when dealing with new clients as the customer will assume that you will be good at the sole job that you do, otherwise if you aren’t fully aligned with a person, the diversity of the things that you claim to do might dilute the authenticity of your message. Specialty providers (people who specialize in one thing rather than a lot many) are more easily trusted.
An example of this is CARR, a real estate business that focuses on healthcare tenants and buyers. CARR knows more about their specific niche and hence can offer a better value proposition regarding the subject matter than the conventional broker.
Online marketing campaigns with a broad audience do not perform as well as campaigns that are targeted towards a comparatively narrower domain. Focused marketing for specific customers on a specific platform would mean a better add-impression and ultimately a better ROI.
A few more examples of successful niche targeting.
Specializing in a certain aspect of a certain market makes you stand out from the crowd. Some examples of businesses who very carefully targeted their niches and were successful are:
Divvies: they identified that there were a great many people who loved sweets but couldn’t have them because of their allergies, so they specifically made cookies and cupcakes for these people and eventually developed a loyal customer base.
Leftys the left-hand store: this is a business that caters to the need of only left-handed people who form approximately 10% of our population and most of the time have to adjust themselves to the things not made for their use. So this business decided to specifically make custom stuff for left handed people and has enjoyed a huge deal of success after targeting this niche.
Untuckit: this business shows how you can differentiate yourself in a competitive niche like shirts. They basically made shirts for people who didn’t like to tuck in their shirts which resulted in lucrative returns for the company.
All of this successful business can be found doing something common: focusing on the problems of their clients and trying to deal with those problems. This is what eventually gets you going so keep in mind the points that you learned from here and best of luck!!