When the internet became a very viable place to build and transact a business, millions became marketing entrepreneurs, taking advantage of the tools that were only available for use online. However, as most of these people reached a level of success in internet marketing, millions more followed suit. The result? A nearly-saturated market where goods and services competed tightly for a consumer base whose needs slowly became ignored.
This is a threat not only to consumers, but to internet marketers as well. The solution? Niche marketing. It is a tried and tested method to veer away from the crowd and meet the unique needs of a market that has been largely ignored because of the popularity of going for the big crowd.
Far from nitpicking
Niche marketing means focusing promotion and business transactions with a group of individuals or companies that have a unique need or interest. Some disgruntled unbelievers might try to tell you that niche marketing is like picking at the crumbs. On the contrary, it is a highly targeted marketing effort geared towards providing a service or product to people who otherwise won’t be able to find it elsewhere.
Take for example, children’s clothes. We all know how parents like to dress up their kids and there are thousands of clothing companies who specialize in providing clothes and accessories to young kids. However, not everyone will provide a service for the highly specialized needs for children’s custom party dresses. If you are a children’s wear maker who wants to provide a specialized service, there’s your niche.
Too wide a market
There is nothing wrong with trying to market to everyone, however, there is a danger of building an expectation that is too high. After all, not everyone may want to enter into a transaction with you for one reason or another. There is also the problem of not being able to properly address the need of certain groups of individuals who actually want to do business. Talk about a wasted market.
Finding your niche
- Observe what people want and need. Often the details of what your clients really want get lost when internet marketers focus too much on the big picture. Niche marketing is about the small details. Ask around, do a survey, read the papers, do some research. See if there’s enough demand for it and find out about the frequency and amount that the product will actually be used.
- Love it before you do it. No matter how good your idea is, you will not enjoy implementing it if you don’t feel passionate about it. If you feel strongly about it, you will truly believe in it and will give it enough time and effort to actually build and develop a product that has quality, appeal and longevity.
- Learn as much as you can. Find out what skills or specialized knowledge you need to have to build the product. Is it part of your hobbies or a totally different ballgame? If you know very little, then take the time to learn about it.
- Study your intended product, get resources, ask for the opinions of experts, find out everything you can before you even start. Niche marketing is about standing out from the crowd and you will not be noticed if you know nothing about your product.
- Use your own uniqueness. For comparison, look to your nearest competitor (if there’s any) and observe their product and ways of promotion. Find out how they differ, what makes their product sell, what’s in their product that is found nowhere else and how much people actually pay for it.
- By comparing your competitors and how their consumers respond to their campaign, you will be better able to design and produce a product that is at par with, or even better than what’s currently available.
- Build your own niche marketing website. If you must attract enough attention for your product, then at least have a place to promote it from. Use the internet to open your doors to opportunity. Promote your product not just on your website but through email campaigns and mailing lists, articles and links.
- Be aware of how people react to your products. Learn from what they have to say. If you must succeed in niche marketing, your product must be of better quality and value from the rest. This is what niche marketing is about: providing a unique product that is only available from you.
Niche marketing is the emerging solution to providing better quality goods and services to the millions of consumers online. Once you find your niche, be sure to shine in it. It is your very own place within the limitless possibilities of the world wide web.