Niche market breakdown
There is a lot of marketing jargon and I am as guilty as the next when it comes to using it. In the industry, we speak a lot about Niche Markets, but in reality, what does it mean to you and why is it important.All businesses need to know who their target market is. Whether this is based what type of customer has formed the majority of work, orders or profit in the past, or whether you are proactively profiling your ideal customer, this is a marketing fundamental. A niche market is a specific subset of the target market. In real terms, a niche market can save you time, effort and money. But even more than that, a niche market can be your biggest profit earner.Once you have your niche market identified, you can use more targeted marketing methods. This results in less time, cost and expense, but, bigger and better results too.
So, how do you find your niche market?
Here are some tips to help you:
- Specialise: Is there an area you specialise in which sets you apart from your competition? It could be a unique product or service, or some specialist knowledge only you or your business has. Make use of this and use this to target a niche.
- Segment: Do you work with a lot of similar people or businesses? If so, what is it that makes them similar? Use this to niche your target market and use existing customers in this niche to find out why they use you so you can create very targeted marketing messages highlighting all of the key points you are given.
- Passion: What are you passionate about? Use this to create a niche market of those who have a similar passion or interest.
- Ideal Customer: Profile your ideal customer: age, sex, occupation, favourite food … as much information as possible. Identify why they are your ideal customer and whether they have a need, want or desire for your product or service.
- Demand: Identify where specifically demand is for your product and why demand is so great. Don’t forget to check out the marketplace too and see who else is in competition with you. Are there any niche markets which aren’t being serviced?
This image is a great way to visualise how this works and the information you need to consider:
If you take nothing else from this blog, please understand the importance of a niche market to your overall marketing strategy. Check us out onFacebook
too – if you have any questions, send them our way using #GreenJellyMarketing.