How to use niche marketing to grow your business

Marketing Podcast

"Marketing Guide To Grow Your Business"

#16 How to use niche marketing to grow your business

Niche marketing is an advertising strategy that focuses on a unique target market. Instead of marketing to everyone who could benefit from a product or service, this strategy focuses exclusively on one group—a niche market—or demographic of potential customers who would most benefit from the offerings. This episode will go over how to get started building your niche marketing, including buying personas and ideal customer avatars. Just press play below. And don't forget to download your Ideal Customer Avatar example and template.

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How to use niche marketing to grow your business

 

 

So, first of all, when you look the pronunciation you are not wrong or right if you say nitch or neesh. I want to get that out of the way.

 

The word is originally from the French language so it’s pronounced niche. But then it’s been changed for Canadian English and American English to nitch. I’m from Germany, so I will call it a neesh. Cool?

 

Niche marketing is an advertising strategy that focuses on a unique target market. Instead of marketing to everyone who could benefit from a product or service, this strategy focuses exclusively on one group—a niche market—or demographic of potential customers who would most benefit from the offerings.

A niche market could stand apart from others because of:

  • Geographic area
  • Lifestyle
  • Occasion
  • Profession
  • Style
  • Culture
  • Activity or habits
  • Behavior
  • Demographic

 

There are a number of benefits to targeting a niche market, including:

  • Reduced competition - other small businesses may not be aware of your particular niche market, and large businesses won't want to bother with it. (Be aware that this is usually not a long-term condition; once one business has established a profitable niche, others are normally quick to move in and if it's profitable enough bigger businesses will take notice.)
  • Focusing your efforts - targeting a narrower client base allows you to focus your efforts on fine-tuning your product and service offerings to cater to more specific needs and enhancing your customer relationships
  • Gaining expertise - becoming known as the specialist in a particular product or service makes your business more likely to be recommended to others by customers (and even other businesses). Customers are always looking for businesses that excel in their area of need.
  • Reducing resources - trying to appeal to a broader customer audience takes more time and effort in product/service development, marketing, and customer service
  • Establishing a toehold - solidifying a position in a particular market can enable a business to expand its wares into the larger market

 

Identify your strengths and interests

Do industry research

Get to know your ideal customer avatar

            Make a wish list

 

Choose, test, adjust, repeat

 

Then once you have customers, you can split them up into buying personas.

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