Unlike mass marketing, niche marketing is all about focusing on a small group of people or a market segment. You need to narrow your focus in niche marketing. Your target will be a small segment of consumers with unique and similar needs. Thus, you can define a niche market as a focused and targetable portion of a market. This means, you business must address the need for product or service, which other mainstream providers failed to address. Now that you know what niche marketing is all about, it’s time to choose your niche. And for that, you need to opt for something you are knowledgeable about as well as something you enjoy doing. The following are 3 elements that are essential for choosing your niche area:
Make sure it is an area capable of delivering high profit
Make sure the area has low risk
Make sure you know your brand
When it comes to high profit, opt for an area which is a ready market ‘just waiting for your’ product or services. Your customers must be ready (to pay) to purchase your products or leverage upon your services. Regarding the area having low risks, this will eliminate the necessity to make large investments in your business. It must be an area where you can start with whatever you have at hand and get more tools as you move ahead.
Personal branding is extremely important in niche marketing. It plays an important role in positioning your business strategically in the market. The main focus would be on the exclusivity you are offering. This alone has the potential to attract your audience to your products or services. Also, you need to be aware of what other people are talking about you, including your customers and target groups. For a successful personal branding you must stand out in the crowd, rather than being one amongst the many. You need to develop your mark, the same one that you have created around your name and career, into your business (products and services). This will express and communicate your skills and values, making you unique for your customers and targeted audience. In fact, personal branding also helps when it comes to market yourself and your business to the world. This helps to create an impact and let you know what other people, including your customers, potential target and competitors, think about you. Unfortunately, you will hardly have much control over this. The good news is you can influence over it, provided you ability and required knowledge to persuade your customers and target groups on social media.