Even though your small business cannot compete for the same reason as big business, it can certainly be profitable and as successful, at least in terms of ratio and percentage. However, niche marketing is probably the most effective way for your small business to succeed. With limited resources from your company, your only way is the focus on the small market segment, especially those who have not been utilized.
Meet Niche Market Needs
Niche marketing is about utilizing certain demographic needs that are not fulfilled. This is not a very difficult or complicated strategy. In fact, you only need to determine one need or some of the needs related to certain groups of customers. For example, mom stays at home that requires arts and craft supplies for their hobbies, which may include baking, knitting, sewing, painting, and the like.
Niche Marketing is a differentiation focus strategy sub-engineering, where this business focuses on customer’s specific needs and desires. If certain products or services need to be adjusted to meet these specific needs, do it. The market may be a group of certain people with different or exclusive preferences such as ethnic groups, single parents, antique collectors, and the like.
The basic challenge with this type of marketing is to find the available niche market. Understand that you are targeting a small group of people, and it becomes very easy for the market to be saturated. You need to find a market with unmet needs, and if there is a business that serves these needs, see if there is room for your business to compete. However, if you are effective to come up with a really interesting offer, then you can be the first choice for your target niche market.
The main concept of niche marketing
Before you decide to use this strategy, make sure you understand the requirements for planning and implementing niche marketing. First, you need to have unique products or services that are tailored to meet your target market needs. It takes a good understanding of your market to determine what your customers really need, although sometimes the need is quite clear. You then have to make a product or service that distinguishes from the competition, something that is not commonly available or has a different feature.
It’s not enough to only produce a unique product. Your offer must be interesting. That’s why the strategy is called niche marketing because unless you have a product that can be marketed, no one will buy it. There are many unique products out there, but they don’t sell, why? They are not practical to use. Again, everything comes down to meet your niche market needs. So, make it with a unique and marketed product.
Now you have a unique and marketed product, the next consideration is to advertise it. Most niche markets have their own way of doing something. In other words, they have their own culture. When marketing your product to them, make sure you say the right things. This means you customize your ads and promotions with consideration for your exclusive market preferences.
Finally, test-market your product. This is especially a must if you are a new participant. You need to position yourself effectively on existing business or rivals. This helps to review your competitor’s marketing strategy for your reference. Don’t worry about some competitors, because this only means the market is healthy and profitable. But do your product test to see how well received by your target niche market. This is to make sure you don’t waste a lot of money marketing products that don’t sell.