Niche Marketing
Kathy Boyd… ta dah
Niche Marketing
A niche market is a focused, targetable portion of a broader market in which specialized products or services can be sold. Establishing a niche market helps businesses gain competitive advantages.
Examples….Aircraft, yachts, elevators, range hoods, theater, motion pictures, commercial, hospitality.
Guess what? Liquid metal products have been around a long time. You probably haven’t heard of them because they have typically been sold to shop fitters, architectural and other equipment manufacturers such as kitchen and furniture companies.
Marketing to the decorative finishing industry is new and something I have been trying to bring to the forefront for several years. It has been a battle for two reasons. 1. Most think the product is really cool, but they look at the price tag of the training which is typically $1800+ and product which starts at $160 and they repel without doing their research to find out all the possibilities of using the product, who much work is put into it and what you can sell it for. 2. Once people take a class they don’t know how to market it.
Benefits of Niche Markets
There are several benefits to targeting a niche market:
Reduced competition
Focused business efforts
Providing expertise
Establishing brand loyalty
The more specialized the products or services you offer, the less competition there will be, which gives businesses a chance to take advantage of a larger market share and less price competition. Targeting a narrower audience also allows businesses to focus their efforts on catering to specific customer needs.
This concentrated effort offers a chance to become known as the specialist in a particular product or service and makes a business more likely to be recommended by its customers. Solidifying a niche market position can help a business confidently expand its offering into new, broader markets. If you're known to offer high-quality hiking backpacks, your brand will make consumers more likely to trust your products if you decide to expand and begin offering school backpacks.
Rethink How You Spread the Word About Your Business…
Niche marketing isn’t like “regular” marketing, only smaller – it requires an entirely new approach to how you spread the word about what you’re offering. It’s crucial that you assess the strengths of any marketing channel in relation to your business.