What is Niche Marketing? Why You Should Focus on One Small Market?
The logic in business is to find customers. Determining these clients is one of the most vital and essential element for any venture as these are the people that will consume the products or services. In other words, finding the right group of people that believes in what you make and do is the key in making a business successful. This is how to find your target market.
That huge population of a certain group of individuals that can and will be potential clients. However, there is also a type of market that is more focused. They are likewise part of that vast target market and they can similarly be explored as possible clientele as well. This is your niche market wherein a specific product or service that are particularly needed by this group of individuals are being made available because the mainstream market just does not provide it for them. Hence, a niche is that specific service or product that you would like to offer to that particular target market. Most small and medium enterprise believes in this kind of business strategy.
That is why we have come up with a list of reasons below why a small market is beneficial and helpful.
Reasons Why Niche Marketing is Great
Focus and concentrated on a specific market
If you have clearly identified your niche market, marketing efforts are much easier to implement as these group of people have the same needs, are in the same circle and with somehow the same expectations.
Not spreading yourself too thinly
This means not exposing yourself to too many things all at the same time as you will not have enough attention to determine details. In business, the more particular you are with the small things, the better opportunity for success especially if you are starting up and learning the curves of the industry. Thus, focusing on an identified small market is the way to start. Besides, there are a lot of rooms to grow anyway.
Becoming an expert is easy
Since the market that you are serving is relatively specialized and small, the services or products you are providing will also be easy to manipulate. Addressing their needs and concerns will be straightforward and uncomplicated because of its small scope. Hence, becoming an expert and be identified in the industry is easy to achieve.
The market is unique
This also tantamount to less competition and being the first in the industry makes you a pioneer in this segment. Offering a particular product or service to answer a need of that niche market makes it one of a kind in its way. In this way, you will become the go-to contact if this need arises and eventually you will become popular.
Referrals are more personal. If quality and customer service are also at the top of your business priority list, then you have no other way to go but up. People who like your products or services will be repeat customers and their experience is a better way to get more referrals to check and try your service. Remember, the powerful and the cheapest way to market your business is through word of mouth. So, if there are referrals pouring in, you are on the right direction.
Niche market is cost-effective
This will happen if you clearly understand your specific market. Since your niche is a selected demographic, advertising costs will not be too high as you will not launch it in a grandiose way. Positioning your products or services will be just be easy then. You can also utilize a comprehensive media mix to reach your niche market and is a way cheaper compared with the popular tools such as television, radio and print.
Since it is a highly specialized segment of the market, capturing it will be relatively easy as the population is also small. Establishing brand loyalty to your base customers will then be uncomplicated. In addition, products and services you offer are considered unique and rare. So, finding it in the mainstream market will be challenging for a lot of them.
More fun and personal
Engaging in a business that interests you is fun. Sharing this same interest with others makes it more enjoyable. This is how a business should look like – fun and more personal. It’s like spending the day with your friends yet you are working and earning at the same time. And all of this can be done if you know your niche.
Therefore, whether you have a niche or is serving and producing products for a niche in the market, this is still niche marketing, its goals and objectives are the same. Find a small pond where you can be a big fish. Know your market well and surely you will become big.