GO SMALL OR GO HOME: 3 STEPS FOR WINNING AT NICHE MARKETING
America has always prided itself on being big. We are the inventors of the Big Mac, creators of the Big Bang Theory (the TV show, not the actual theory), and home to the Big Apple. The phrase “Go Big or Go Home” might as well be our national motto.
Advertising campaigns used to be no different. Huge nationwide advertisements blanketed the country. Bigger was always better, right?
Think again. Niche marketing is a popular choice in the field of advertising where it is easy to get swallowed up by bigger brands. Below are three tips on how to succeed in niche marketing.
1. Target Wisely
a. Let’s pretend that advertising campaigns are like a dartboard. For a mass advertising campaign, you hit anywhere on the target and everyone buys you a drink for a job well done. But for niche marketing, you hit the bull’s eye in dead center or else you lose in front of all your friends. In niche marketing, you need to narrow your audience into what fits for your product. It is important to find a place in the markets where no offerings exist, not just slightly alter an option that is already on the market. Hit that bull’s eye.
2. Listen, Listen, Listen
a. Just because you might think you did a swell job, doesn’t mean your customers think so. Niche marketing is already targeting a smaller audience so it is more important than ever to listen to what people are saying about your product. Harsh online reviews can wreak havoc if not properly addressed in a timely manner. Listening to people’s opinions or reviews about your product and to them in a constructive way shows customers you care which leads to a higher level of trust between you two.
3. Always be evolving
a. “Only the strongest survive”. You’ve heard that at least once before in your life, whether it be in middle school science or in P.E. on dodgeball day. Niche marketing calls for this constant need of evolving as well. After you target your audience effectively and after you listen to what they are saying about your product, you have to determine what is working for you and what is not. Products or services that do not contribute to profitability need to be cut. Some products, no matter the success in targeting and listening, just won’t work and it’s time to say farewell.