Establishing a target audience in business is one of the essential ways to bring about success, scale a business, and establish expertise in any industry. We talk about niching in marketing and niche market all the time, so why is it important and how can you use it to leverage the growth of your business?
I’ve got the insight and answers for you, and a special announcement for a live event coming up in March so be sure to read to the bottom.
What is Niche Marketing?
Niche Marketing is tactic that focuses on and is geared toward a very specific target market. That could be an industry, a capability, or price point. This enhances the company’s ability to better serve that target market, effectively scaling the business and building a reputation as an expert in that category.
3 Niche Market Marketing Strategies To Uplevel Your Business
By developing a niche market strategy that best fits your business, you will stand out from competition and distinguish your business as an experienced expert in that category.
Niche Market: Industry
Focus on one industry and go deep, rather than shallow and wide by trying to cater to everyone. For example, if you are an advertising or branding agency who only caters to car dealerships, you are more likely to win accounts within that industry as the dealerships will see you as a proven and trusted expert.
Benefits of Niche Marketing by Industry
- Appear as the least risky option when competing for business
- Easier strategies to execute because the work is similar
- Easier to market to one specific industry rather than every type of business
- Gain a better understanding of customer needs and delivering proven solutions
Niche Market: Capabilities
Find your strength and focus on that. Logo design, printing only business cards and brochures, only doing copywriting. This allows your company to drill down on a capability and hone it to be an expert and seen as a valued and extremely capable.
Benefits of Niche Marketing by Capabilities
- Do what you do best, and get even better at it
- Streamline your execution for scalability
- Create a more predictable business model
- Project financial growth with more certainty
Niche Market: Price
This underutilized but highly effective strategy focuses on the price of the product or service. For example, 99 Designs offers design options to choose from for a set price, Fiverr does something similar for only $5. While freelancers and agencies aren’t fond of these companies (and for good reason), it is undeniable that they have found a niche market and are killing the game.
Benefits of Niche Marketing by Price
- Creates a more financially predictable business model
- Gives you a competitive advantage
- Opportunities for passive income
- Customer loyalty and repeat business
Combine and Customize Strategies
You don’t have to just pick one way to niche, you can have combinations of these three and so on. Some business niche in all three categories. Ultimately, the main motivation for niching down is to look like the “least risky option” in your potential customer’s eyes.
Workshop: Niche Market Strategies
Are you ready to take your design business to the next level? I’ll be facilitating a 90 minute workshop in London at The Future is Coming to focus on niche marketing by industry on March 3, 2018. In this whole day event, I’ll be joined by Chris Do, Jose Caballer, and Sarah Hyndman.
The Future is Coming brings to you a limited seat event with exclusive new content from highly acclaimed speakers and influencers within the business of design. We invite you to join us in developing your business mindset by bringing to you industry leaders, who will provide you with actionable content that you can implement in your business and team so that you can be part of the few that are causing positive disruption within industries.
Date: March 3, 2018
Live in the heart of London: P21 Gallery
21 Chalton St, Kings Cross, London NW1 1JD
Time: 8:45 am – 8:00 pm
The Future Is Coming … will you be there?