"Customer is the king" - this is the first teaching and marketing tip given to any new sales or marketing person in an organization. Today, all companies make efforts to please their customers as much as they can. After sales services, slashed prices, discounts, freebies are nothing but ways to pull the customers towards themselves, away from the competitors. All these measures by the companies have led to immense competition in the market. In such a scenario, what can an organization do differently to make profits? Here enters niche marketing. Niche marketing simply means, instead of targeting all the customers, cater to a particular segment amongst them. Preferably a segment which has been overlooked or ignored by all the other competitors.
Niche Marketing Strategy
As mentioned above, niche marketing is a smart business strategy of targeting only some of the customers who have common needs and buying habits, instead of all the customers. Following this strategy has many benefits for the business. The competition greatly reduces, marketing costs come down as only a few customers need to be targeted and thirdly, there are high chances to become a business leader in a small segment rather than the entire market. An example which will further help understand niche marketing is when the cosmetic companies come out with products especially meant for older women. They are not targeting all the women, only those who fall in a particular age group.
Effective Niche Marketing Ideas
Looking at the benefits of niche marketing, many businesses today follow this business and marketing strategy. To be successful with niche marketing, the companies should invest a lot of time and effort in researching the common needs of their niche. Only if they can come up with a product that fully meets the needs of the niche segment, can businesses be successful.
Another very important thing to come up with the best strategy is to test the market i.e. know about the competitors. If there are already some competitors present, before deciding about the product positioning and other strategies, businessmen should analyze what the competitors are offering to the customers. The price of their product, their services, delivery systems, advertisements, everything should be assessed properly.
Once the product is there and information about the competitors is in hand, the next step is to plan the advertising and marketing campaign. Here again, since only a segment of the customers is being targeted, what the campaigns will say, which language will be used, where will the advertisements be put up, etc. should be decided keeping the advertisements of the competitors as well as the customer segment in mind. For example, if a business's niche market is young teen boys, Internet is the best medium to be used for advertising, especially if the competitor is doing the same. To have an edge over competitors, placing advertisements in local schools and colleges will be a unique strategy pertaining to this example.
Although, having a niche market is no guarantee for success in itself. Sometimes, a marketer might not be able to identify the needs of his niche properly. Or he may be unable to put the right message across through his campaigns. Many a time, niche marketers decide upon the pricing of the product without doing enough research or test marketing as to how much the people in the niche are willing to spend for such a product. So, it can be said that only if businesses are aware of these errors in niche marketing, they can look forward to make money in these small markets.
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