“A few primary keys to becoming a leader in business include having a clear intent or purpose, a truly inspiring vision, a grand message to share, a genuine social calling and a targeted niche to serve.” John Frederick Demartini
A lot has been said about niche marketing that may make you feel it’s overkill. However, it is such an important aspect of a business that it needs repeating.
Why is it so important?
BusinessDictionary defines a market niche as “a small but profitable segment of a market suitable for focused attention by a marketer. Market niches do not exist by themselves, but are created by identifying needs or wants that are not being addressed by competitors, and by offering products that satisfy them.”
The key phrase in that definition is “identifying needs or wants that are not being addressed by competitors,” which is a breath of fresh air for business owners dealing with stiff competition in the global market. Focusing on just a portion of the market makes it easier to make your mark on a limited budget, and thus significantly increase your return on investment.
Niche marketing, then, is focusing most, if not all, marketing efforts to a group of people that have already expressed an interest in a particular product or service. This makes perfect sense from a return on investment (ROI) perspective because you are likely to convert more when you market to an already interested market. Before you get to that point, though, you do need to do a bit of work for maximizing the return on marketing investment in your niche.
Isolate your niche
Specialty niches are often much easier to define than general ones. For example, a dentist will target people looking for well-defined keywords such as “toothache,” “dental veneers,” or “crooked teeth.” However, if you are in home electronics or other household products and services, defining your target market may not be so easy. Many confounding factors may affect your market demographics, so you have to find out the most important ones before you can isolate your niche.
The best way to do this is to identify a specific product or service that you may consider your “core” offering. If you offer home electronics, but your bestsellers are Bluetooth speakers, then you can reverse analyze it to define your target. What are the demographics of people that buy your speakers? Are they male or female? What is the age range? Where is their location? When do they make a purchase, and from what device? The answers to these questions are readily available from your sales data.
The same applies if you own a YouTube channel or a website, and you want to monetize it. Identify what types of content garner the most views and check the profiles of your subscribers or readers to create a buyer persona.
In some cases, it may make sense to develop a separate site or channel for a particular niche, if it is distinct and profitable enough from the general population. For example, you may have DIY channel that has a good following, and you add a set of videos focusing on the Marvel Comics Universe that also get a lot of new subscribers. However, those viewers are very different from the rest of your viewers for your other videos. You can then make a separate channel for your MCU videos so you can market it directly to the MCU niche while maintaining a more general strategy for your DIY video channel.
Simplify your site
A niche marketing strategy has one distinct advantage: you can simplify your site significantly. Because you are targeting a specific set of people, you can safely reduce the number of categories and options to just the most relevant ones for your market. Feature the articles that get the most hits, and keep adding similar high-quality content to keep the ball rolling.
However, this does not mean that you should scrap your site completely, or that you should remove secondary content entirely. You can simply hide some categories and archive low-priority content, which may still have value for some of your visitors.
Develop the process
Anything you do should follow a process, and that includes marketing. You can use one of the different types of marketing processes developed by other professionals, or you can develop your own. It all depends on your particular niche.
Using an established process has its advantages. Other people have tried it, and you can learn from their experience in avoiding what does not work. The downside is, each business has different pain points. What may achieve excellent results in one niche may not work so well for another.
The trick, then, is to tweak an established process to fit your own peculiar needs. You can do this quite easily if you already isolated your target market.
You can use these established processes as a springboard for your own strategy. For example, you can use this process defined for using SEO to get new dental patients to develop your own strategy to get more customers for your home electronics business. Try different tactics in turn, do an analysis of the results, and identify what seems to work for your niche market while eliminating those that do not.
Niche marketing is not as complicated as it seems. In fact, it goes a long way to making it simpler as marketing strategies go because you can devote all your efforts into marketing to the people who are most likely to respond positively. Maximizing the return on marketing investment in your niche therefore becomes a given, provided you follow the basic steps properly.
Author´s Bio: This is a guest post by Laura Buckler, a freelance writer and social media expert. She takes a comprehensive approach in all of her articles. Follow Laura on twitter.