"Customer is the king" - this is the first teaching and marketing tip given to any new sales or marketing person in an organization. Most companies make efforts to please their clients as much as they can. They're constantly looking for ways to pull to clients towards themselves and away from competitors. These measures have lead 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 put is catering to a particular segment of the market instead of targeting the entire market. This should preferably a segment which has been overlooked or ignored by other competitors. Let 's try to understand the niche marketing strategy.
What is Niche Marketing Strategy?
As mentioned above, niche marketing is 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 savvy designer. The competition greatly reduces. Marketing costs come down as only a few potential client's need to be targeted. Moreover, thereis a higher chance of becoming a leader in a small segment rather than the entire market.
A great example of niche marketing would be a designer specializing in kid's rooms. The designer is not targeting the entire residential design market; only clients whose needs fall in a particular category.
Effective Niche Marketing Ideas
When endeavoring upon niche marketing, many businesses today follow a simple strategy. To be successful with niche marketing, designers should invest time and effort into researching the common needs of their niche. Based upon this research, designers should come up with a service that fully meets the needs of the niche segment. This sets the foundation for future success.
Another important factor in developing a great niche market strategy is to test the market. This includes knowing your competitors. Before deciding on your design firm's positioning and other strategies, analyze what competitors are offering. The price point of their services, their delivery systems, advertisements, and everything possible should be assessed properly.
Once the niche is defined and information about the competitors is in hand, the next step is to plan the advertising and marketing campaign. Since only a segment of the customers is being targeted, factors such as what the campaigns will say, the language that will be used, where will the advertisements be posted, etc. should be decided upon with the advertisements of the competitors, as well as the customer segment, in mind. For example, if a firm's niche market is real estate staging, the internet is a great medium for advertising, especially if the competitor is doing the same. To have an edge over competitors, placing advertisements in local real estate magazines and real estate offices will be a unique niche marketing strategy specifically for this demographic.
This is the short story on niche marketing: Identify the needs of your niche properly. Put the right message across through your campaigns. Base the pricing of your service on research or test marketing that shows how much people your niche are willing to spend for such a service. Follow these tips and look forward to gaining clients and making money in your niche market.
By Aastha Dogra
Photography by Phil Date