Niche Marketing Is Possible

Niche marketing is a form of marketing that is geared toward a very specific population, or niche. Every business has a target audience, but within that target audience are smaller subgroups of people. They share certain characteristics, and have specific wants, needs, and preferences. These smaller subgroups are called niches, and are a rich source of marketing opportunities. Niche marketing is possible when a business specializes in a particular service, or serves a particular demographic within its target audience. If the business forms its marketing endeavors around this subgroup, this business would be in the practice of niche marketing.

Benefits

It is important to understand that niche marketing isn’t for every business, but if you have the opportunity to cater your business toward a niche, there are many benefits to be had.

Sharpened Expertise

• The benefit of niche marketing is that it enables you to become an expert or thought leader in your niche.
• When you are an expert at something, not only do you obtain more customer trust, you also gain more brand recognition.
• Niche marketing requires more concentrated practice in one area, so it can really fine tune your expertise in a shorter time period.
• When it comes to legal, financial, or health services, people want the business that has the most knowledge and experience in their area of concern.
• A small law firm that specializes in immigration may be chosen over a larger law firm with a familiar name.
• For most customers, expertise is more important than size or brand name. The key here is that you become known.
• If you do everything, you’re going to be average at everything, and you will blend in with the crowd.
• If you do a lot of things but are really good at one specific thing, you will stand out; you may be even become known for that specific thing.
• This won’t detract from other services you provide. People may learn about your business because of a specialty you provide, even if they’re looking for a different service you provide.

Reduced Competition

• While it’s important for companies to have competitors, reduced competition is not necessarily a bad thing.
• The less competitors you have, the less you have to worry about monitoring prices and keeping tabs on what they’re up to.
• When you have a highly specific product or service, there will be less companies out there with the exact same offering.
• The more specific your product or service, the less companies there will be to compete with you for customers, and the harder it is for them to duplicate your strategies.
• For example, there are millions of companies out there that sell knives. There are fewer companies that sell knives with handmade wooden handles, and yet fewer that offer customized knives with your initials on them.
• The more specific a product is, the less people there will be that are looking for it.
• If your competitors aren’t targeting a niche because they can’t meet their needs, then that’s great news for you.
• Reduced competition is only a benefit of niche marketing when there is a significant audience to compete for.
• If your competitors aren’t targeting that market because it’s not lucrative, then you may not be at an advantage.

More Visibility

• Businesses with a unique product or service tend to stand out, and often get featured in media outlets such as talk shows, radio stations, or newspapers.
• Businesses that serve a niche market tend to be unique, such as a gluten-free bakery, a cleaning company that uses all-natural cleaning products, or landscaper that creates interesting mowing patterns.
• Increased visibility is a benefit of niche marketing that not only leads to more customers but can also improve your online presence.
• With niche marketing especially, getting in front of the right people is more important than getting in front of a lot of people.
• However, getting in front of a lot of people such as through these media outlets also has its benefits.
• The more people who know about your business, the more people there are to recommend your business to a friend who fits your niche market.

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