Successful marketers have always leveraged a niche marketing strategy. They appreciate the fact that there is a need to segment the ‘market’ into groups, that makes it easy for them to be targeted. Prospect and clients vary in terms of what they want/need, lumping widely disparate groups together is a recipe for failure.
And, in a world increasingly sensitive to the issue of diversity. While equality is a given, it is a fact of life that people are different. The strategy appreciates this truth and really tries to engage on a deeper level with members of the niche(s) under consideration.
The attempt to satisfy the large market at once, can, be a bit difficult. But, in niche marketing, unmet needs are clearly defined, and products and services can be easily developed to meet them. The marketer is very close to his target audience, because the size of the segment makes it relatively more manageable.
In terms of returns and cost effectiveness, the strategy makes a lot of sense. Some people misconstrue it as meaning that the marketer would be short-changed. This is not true. At the end of the day, it is not the size of one’s list that counts, but, the percentage that are actually buyers.
Niche marketing makes it easy to actually target those who are really ready to spend money. To tailor-make products and services for them. It is easier to be successful as a niche marketer than to follow the crowd by employing mass marketing strategies.
Main Benefits of Niche Marketing
One of the main benefits of niche marketing is efficiency. Because you’re concentrating on a relatively smaller segment of the market. You can put in your best. Your offerings can be a lot better and your cost lower.
You’ll earn more money
The aura of expertise that comes with being a specialist that is focused on a niche or a couple of niches will allow you to have a close connection with the niches. You’ll know them inside out, you’ll almost become a part of the segment… this intimate knowledge will be reflected in your offerings…
Your solutions will command the respect and admiration of your audience and they’ll reward you with lots of money. Thus embedded in this benefit are related ones like market leadership, ease of product development and focus.
It’s a wise move to employ a niche marketing strategy in order to achieve optimal returns from your Investments.