Why does a niche business need niche marketing strategy?
Any niche marketing business would find it extremely difficult to generate much sales if they target the wider general market. On the other hand, sales will be higher and easier when a niche business targets a small niche market.
If a niche marketing business targets general market, it is likely that many people would ignore the products. They may not simply be interested because the products serve a narrow set of requirements. A good niche marketing strategy always targets people that have specific needs that the niche products can meet.
How does niche marketing strategy work?
Some businesses think that they might miss out huge numbers of potential customers by focusing on a small niche market. They think they are missing out on everyone else outside the niche. But the truth is that there is pretty huge competition in the wider market.
The huge competition in the wider market means a business would need huge marketing budget to advertise reasonably well. But when you look at the niche market, the competition is very less or none. A niche marketing business would need a very small budget to advertise well within a niche market.
The buyers in a niche market are easy to find and connect to than those in the wider general market. A niche marketing business needs a sound and solid niche marketing strategy to succeed in the chosen niche. A good niche marketing strategy helps to succeed in a competitive market that is over crowded with sellers, adverts.
Niche Marketing Strategy | Internet Income Guru
In this article, let us discuss few factors related to niche marketing strategy.
Throughout this article, I am assuming that you have a fairly good idea of what a niche is, what niche marketing is and why niche marketing is great for making money online. I have also published a very nice article on how to start a niche marketing business. You can read it by clicking here.
A good niche marketing strategy uses a set of tactics to spread the word about niche products. By doing so, the niche marketing business will connect with potential buyers who have specific needs. Some tactics a good niche marketing strategy can sue are as below.
Social media | Niche marketing strategy
Social media networks are great for niche marketing. Niche marketing strategy should identify the demographics of potential buyers on various social media platforms. A good niche marketing strategy also covers all detail about the design, development and operation of all social media accounts for your niche marketing business.
As most social media networks offer you decent tools by which you can reach audience that meet specific criteria, you can reach buyers who are more likely to be interested in your niche products. This kind of targeting is not possible in mass advertisements like news paper or magazine pull outs, hoardings, TV adverts etc.
Hence to be successful, your niche marketing strategy must outline tactics to advertise and run campaigns on various social media platforms. Examples of good social media platforms suitable for niche marketing include Facebook, Pinterest, Instagram, Google+, LinkedIn etc.
Your niche marketing strategy should mention details of how you can use the social media accounts to spread word about your niche products. This may include periodically posting helpful articles, images, videos etc. to your social media pages. You also need to use tactics to increase number of followers for your page.
Offering discounts to your followers is a popular tactic a niche marketing strategy can use. You may also need to run advertisements on your social media accounts to reach potential buyers with specific demographics. You need to do everything possible to engage with as many people as you can via your social media accounts.
When many people follow your social media pages, they can create a good buzz on social media about your niche marketing business. Most of them will buy your niche products too. Selling your niche products via social media is a great niche marketing strategy.
Niche marketing strategy must exploit unique selling point
A good niche marketing strategy will almost always spread word about the unique nature of their products and services. A niche market expects your products or services to offer something unique or specific that rest of the general market fails to offer.
So as part of your niche marketing strategy, you need to make sure you advertise your unique selling point well. By spreading word about the unique features your products or services have to offer, you will attract buyers from your niche. As such buyers require niche products with unique features to meet their needs, they will become loyal buyers and remain so over time.
Niche marketing strategy for networking opportunities
Using networking opportunities to gain access to potential buyers is a great niche marketing strategy. Networking yields great results with niche marketing because you know which specific groups of potential buyers you need to network with.
For generic products, you may find it difficult to figure out whom you can sell to. But with niche marketing, you have a well defined demographics of potential buyers and you can network with only those that fit your demographic criteria.
Establish yourself as an authority as part of niche marketing strategy
In niche marketing, people tend to connect easily with subject matter experts. So to gain the trust of your potential buyers, you must do everything you can to establish yourself as authority in your niche.
You can gain people’s trust in many ways. You can publish regular blogposts, publish videos or even send email newsletters to your buyers and subscribers. All these activities make you an authority in your niche.
People who see you as authority will obviously contact you for any of their needs in your niche. Thus when you establish yourself as an authority in your niche, you will find it lot easier to sell your niche products.