The term “niche marketing” sometimes throws people off. They get the part about marketing, but they don’t immediately understand how they’re supposed to hone in on a niche. They think that “niche” must be synonymous with “obscure,” assume they lack the required expertise, and give up altogether. In reality, you actually don’t have to be a seasoned expert on the fine-point, nitty-gritty nuts and bolts of a given industry or product to make a niche pop and succeed. You just have to know how to approach the task at hand. Even with limited knowledge of niche markets, you can find yours by working backwards.
1. Who Do You Want to Work With?
You’ve probably heard this saying before: “You don’t marry an individual, you marry the family.” While the phrase is meant as a warning against committing yourself to overbearing in-laws, it’s also useful from a niche marketing perspective. You aren’t selling a product or service to thin air, after all: unless your business is strictly digital, you’re selling your wares to flesh and blood customers.
So what type of customer do you want to work with? Which demographics appeal to you? Maybe you want to work exclusively with upscale clients. Maybe you want to gear yourself toward a social cause, like helping at-risk youth. Maybe you want to work with financial professionals, or it could be that you prefer an artsier crowd.
Whatever the case may be, remember that your product or service needs to match the type of consumer you want to work with.
2. What Do You Want to Sell?
This approaches the same issue from the opposite direction. Just as you have to think about the type of person you want to be working with on a daily basis, you also have to think about the type of service or product you want to dedicate yourself to. The consumer and the product typically go hand-in-hand, so it makes sense to consider these questions as a pair.
To continue with our example from above, let’s say you’ve decided you prefer to work with a more upscale clientele. From there, the next question becomes, “What does that demographic want and/or need?” Luxury items, like expensive watches? Utilitarian items, like appliances? Novelty items, just for entertainment purposes? You need to do your research. Use tools like Google Analytics and UberSuggest to see what real people in your chosen demographic are interested in.
Yes, you really have to. Research is important, simply because making assumptions is never a good idea. While it makes sense to guess that high-end clients want high-end products, there will always be particular markets that are already over-saturated… and other markets that are on the rise. The problem with assumptions is that they are general, and the nature of the niche is specificity.
If you would like to find out more about how to boost your niche I invite you to contact me. I have been helping professional service providers such as CPAs, attorneys, and financial services providers focus their business development efforts on profitable micro-niches for over 10 years. Email me at email@example.com.