5 Marketing Niche Domination Tips
By Ken Schnetz | September 08, 2017 | 0 Comments
Marketing Niche Domination Tips
Marketing niche domination starts with knowing who belongs to your niche and how to market directly to them. Therefore, finding your marketing niche is tantamount to mastering this marketing technique. Subsequently, once you’ve found your niche, you must know how to market directly to it. Focus is key to finding your niche while personalization is most critical when marketing to that niche. In other words, cater your marketing specifically to your niche; gone are the days of blanket marketing to vast regions and groups of people. Niche marketing is a powerful method of increasing marketing ROI by reducing wasted time and money. Niche market domination can be accomplished in many ways. Before we consider the methods of niche marketing, let’s explore WHY niche marketing is important to your business.
Why consider niche marketing?
Increased marketing efficiency
By focusing your marketing efforts on a specific niche, you reduce wasted time and money. This efficiency boost comes from only focusing on people interested in your company, product, or service.
Greater chance of return customers
People that fall into your niche are easier to develop a relationship with. This relationship gives your business a chance to develop a loyal following and a solid customer base! Return customers are a powerful source for future purchases and possibly referrals.
Niche markets are not necessarily small
Niche markets are not necessarily small. In fact, there are niche markets that are global in reach. For example, consider the company Lush. A very profitable company, Lush targets a niche market of people desiring pure and ethically produced cosmetic products. Fortunately for Lush, this market is global in nature! Consequently, Lush demonstrates the existence of very large and marketable niches.
5 Marketing Niche Domination Tips
Solve a real and specific problem
In order to dominate your niche, you must solve a real problem affecting the people that belong to it. Otherwise, why would the people in your niche turn to you for a solution? Your solution should be reasonable, applicable, and readily available.
Find an unsaturated market
Your company will find it much harder to dominate an already saturated market. Furthermore, a saturated market means that your company will have to be more competitive. This means lower prices and more effort involved in beating the competition. Finding an unsaturated market to dominate means that your company will have more leverage and be more profitable. However, if you are already in a saturated market, all hope is not lost! In this case, you must work extra hard to prove to your niche why you care more about your customers and have more to offer than anyone else.
Look for industries needing innovation
Industries that require innovation are perfect for a company seeking a powerful niche. If you come in and change the game, your market will immediately become unsaturated as the competition is unable to adapt. For example, an industry with a severe lack of technological solutions is ripe for innovation. The key consideration here is that your innovation has to actually be better than what already exists. Otherwise, the innovation will fail and your competition will swoop back in to re-acquire the market.
Budget for market research
The greatest difficulty in niche marketing is finding who fits the niche and why. This can cost a good deal but is absolutely essential for dominating your niche! Hiring a marketing consultant to help find your perfect audience is an excellent way to make sure your results are current and relevant.
Utilize ultra targeted marketing campaigns
Once you know the marketing niche you will be targeting, the next step is to dial in and get started. Take the research you have and use it in your campaign! For example, a cosmetic company may find that their target market is mainly women in the 14-28-year-old range. Moreover, they may find that most of their target market lives in the United States. In this case, the cosmetic company would not waste money advertising to men in Russia! This would be a waste of marketing budget and completely defeat the purpose of niche marketing.
Niche Market domination is a concept that can take your company’s marketing efforts to the next level. Accordingly, marketing niche success increases sales and builds a loyal customer base. Of course, not all companies that successfully utilize niche marketing are household names. However, these companies are definitely profitable and are experiencing comfortable growth within their space.