Niche marketing is a marketing strategy that is aimed at satisfying specific needs to specific clients. For example,
if you are selling clothes, there is a wide range of clothes so you narrow down your target market to children’s clothes and you put all your focus on the same line. By doing so, you would have majored your concentration on a more specific market that would be so easy to identify their needs and to satisfy them.
What is a niche market?
A niche market is a smaller market segment that is more specific. A specific need is identified and a specific product is identified to satisfy the need. And in so doing, the following aspects are captured.
- Product features that are more specific to address the needs of the market are identified
- Demographics that is intended to be reached or targeted
- The quality of the products being produced to satisfy the needs. Customers would want high-quality products that make them stay loyal to you.
- Pricing is also an aspect that is critical when considering a niche market. when pricing your products, you will have to consider the prices of the competitors and the quality of the products you offer.
Identifying a market niche
Narrowing down your market segment into a more specific market segment is a process that you need to handle with care. In business, you cannot serve every need that exists in the market and that is the reason why you need to be so specific in what you want to handle and major into it as your core business. So, narrowing down your business will require you to do it step by step.
Here are some steps that will guide you in narrowing your market:
1. Identify the list of customers you would want to work with.
List down all customers that you would wish to do business with, you can’t do business will everyone the market is so big. Narrow down the group into a specific group and identify their specific need. For example, you choose to do business with men, in the category of men we have; old men, adults, youths, teenagers and young boys. Narrow down your market maybe by using the age parameter. And in this case now, choose to do business with men aged 10 years to 18 years. By doing so you would have become a bit more specific in your segmentation.
2. Identify a specific product you want to sell to this niche market.
There is a wide range of products you can sell to the market segment you may choose. You need be clear on the products you want to sell to your market niche. based on the example above of young boys aged between 10 years and 18 years you may choose to sell to them shoes.in line with shoes, you may choose to be specific again. You may choose to sell sports shoes.
3. Identify the customer’s main concerns.
After identifying the specific product you want to sell, it is good to carry out research to find out the major concern for the customers. Listen to what they say and seek to find a product that will satisfy their need and make them feel happy and catered for.
4. Actualize your idea.
After considering your idea and narrowing it down to suit the needs of your customers, you start taking direction. You come up with something that is suitable for the market you are targeting. This new product should be able to take wherever you want, people need it, it is so unique in the market, and it is carefully planned and executed.
5. Evaluate your idea
At this stage now, evaluate your product to see whether it meets your requirements. Both in terms of generating profits and satisfying the customer’s needs, If it doesn’t meet your requirements, drop it down and find a new idea that will be able to meet the requirements. If it meets the requirements move on to the next step of testing.
After you have matched your product with the market niche, it is appropriate to do market testing and collect the views of the customers. Give out free samples or sell at lower price and request the customers to give you the feedback on the quality of the product. If the feedback is good, then you are good to go. But if the feedback is not good, identify the weak points and make changes immediately.
7. Implement your idea.
Once your products have been well received by your niche market, it is time to implement or get into the market and do business. But this is not the end. Don’t go and sit, do constant research to find out on the frequent changes you need to make to stay relevant in the mark
8. niche marketing strategy
After identifying your niche market and the product to offer, you need to find a strategy on how to push your products into the market. Here are some of the simple strategies you can use
9. Use word of mouth campaigns or door to door campaign
This is whereby you appoint sells people to go directly to the target customers and introduce your products to them.
10. Carry out targeted campaigns
Design and execute campaigns that are directly targeted to your market. Use newsletters, social media, road show trips and others. Explore every method that will help your campaign get to them directly.
11. Know your customers and listen to their problems.
Interact with your customers to know them inside out and listen to their complaints. Act very fast to their complaints.
12. Create room for new thoughts.
Don’t limit yourself to the product you are offering, create room for new ideas and expansion. This will always build a good relationship with customers and your business will grow in the right direction.
Finally, try to do any niche marketing because the market is so big and you cannot handle it by yourself. Be specific on what you want to do and leave the rest to other. Do your best in what you are doing.