According to the U.S. Census Bureau, over 804,390 businesses are less than a year old as of March 2020. the niche competition is even fiercer when you factor in the 31.7 million small businesses competing for customers. In that case, how can you possibly come up with a marketing strategy that stands out? Your business will stand out if you specialize in a certain niche.
Niche marketing strategies: what are they?
A niche marketing strategy considers the narrow category within which your business falls to attract a specific subset of customers. An individualized approach is used instead of addressing the broader market. By using a niche strategy, you can differentiate yourself from the competition, attract customers who can’t resist buying, and boost profitability.
In order to help you create your own growth-generating strategy, let’s look at how niche marketing works for a few companies.
Here are five examples of niche marketing strategies
1. Flightlow Gear
There are 9.2 million skiers and snowboarders in the U.S., so the pool of potential customers is large enough to satisfy everyone. Most sports shops carry popular brands like Patagonia and The North Face, making it difficult to attract customers to smaller, less well-known brands.
It took Flylow Gear a while to figure out how to stop the noise. They do not target all customers interested in winter gear, but rather those looking for quality gear in the backcountry. Powder magazine is a great place for their products to be featured, reaching their target audience. Even their confirmation emails indicate that they are a small group of skiers dedicated to the mountains.
2. The jewelry of Octavia Elizabeth
When looking for jewelry, ethical consumers want to know about raw materials sourcing and product creation. Due to the fact that this $300 billion dollar industry has been criticized for using child labor and destroying the environment.
Octavia Elizabeth is aware of the importance of responsibly made jewelry. Its website clearly states that the company is committed to fair working conditions, a living wage, and ethical production.
In addition to serving customers who are looking for sustainably sourced, handmade jewelry and are willing to pay more, Octavia Elizabeth has elevated its niche offering by associating itself with celebrities.
3. By nature, dogs are pack animals
American pet owners are expected to spend $99 billion on their pets alone by 2020, according to research. There are thousands of memory foam beds, custom carry-on bags, and dog-friendly ice creams in the market, how can a business that caters to pets stand out?
A very specific segment of the pet owner market is served by Natural Dog Company: eco-conscious dog owners who pamper their dogs. By naming organic and all-natural skin care products PAWdicure Pack and offering discount codes for free dog treats, they are putting pups first – which is exactly what their customers do.
There are many options for learning a new language, and they can be overwhelming. After spending $1,000 on a program will you really be speaking French like a Parisian?
Pimsleur focuses more on encouraging learners to improve their listening and speaking skills than the perfection of grammar and accents. Every day, the program includes an audio lesson of 30 minutes that builds on the previous one. This language-learning app is definitely not the most innovative, but its audio-first approach is great for customers looking to improve their conversational skills.
5. PHOTOS WITHOUT BOUNDARIES
Getting people to buy a product is one thing, but getting people to donate to a nonprofit is quite another. This type of organization may not appear to be the most attractive option. In addition to producing high-quality work that addresses the UN Sustainable Development Goals and UNDRIP, the organization prioritizes ethical storytelling, whether through social media posts, email newsletters, or online webinars. In addition, their Code of Ethics explains what kind of community members and partners they are looking for.
Creating a niche marketing strategy
Now that you understand how brands from diverse industries create growth strategies, it’s time to create your own.
Step 1: Take a competitive analysis.
Niche marketing strategies cannot be developed without understanding your competition. The reason is that you must understand your unique selling proposition – what makes your company different from others.
You might develop a tool that simplifies marketing emails or design ceramic dishware that’s not available anywhere else. No matter what you specialize in, find a way to tell stories about it.
Second Step: Identify your niche market.
Airbnb’s co-founder Brian Chesky famously said, “Build something 100 people love, not something 1 million people kind of like.” In other words, it’s better to reach a small group of people who are raving about your business, and not a large group of people who are just okay with it.
You can accomplish this by focusing on the right niche market for your business. Finding loyal customers who would gladly choose you over your competitors takes effort and time.
Thirdlove, for instance, was the first underwear manufacturer to offer half-size bras. Over 327,000 Instagram followers have been built through their inclusivity in sizing options and attention to body diversity.
Step 3: Your buyers are where you are.
Developing a niche marketing strategy around email campaigns would not make sense if your ideal customer spends all of their time scrolling through Facebook. This is where market research comes in.
Research helps you understand your buyers better by learning where they shop, how they find products, and what influences their purchasing decisions. Your marketing dollars will be most effective once you have this information.
Step 4: Listen to what people are saying.
There are problems that everyone faces. When you listen to people’s opinions about a product or service, you can identify where there are gaps that can be filled.
In order to solve the problem of constantly tangled headphones, David Barnett created a solutJust seven years after its founding, Popsockets went from two buttons glued to the back of a phone case to earning $169 million in revenue.ding.
Creating a distinctive brand is the fifth step.
Your brand identity is built after you have defined your unique selling point, outlined your buyer persona, identified how to reach them, and listened to their problems. Develop a niche marketing strategy that’s authentic to you and attracts your ideal customer with a well-defined brand.
Etsy, for example, has attracted more than 138 million buyers thanks to its status as a marketplace for independent artists. To encourage support for small businesses selling through the platform, the brand used emotional marketing techniques in a 2020 TV commercial.
You need to develop a niche marketing strategy that is more than just a Facebook ad or a weekly email blast to drive growth for your business. You can develop a strategy that helps you attract the right buyers and reach your growth goals if you learn about your customers and differentiate your brand.
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Niche Marketing Strategy: How to Grow Your Business
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