Are you a business owner? Does your product compete with similar ones? Are your business opportunities growing? Or has your audience remained the same size for as long as you can remember?
If you answered “yes” to the last question, you might want to consider breaking into a niche market. Aiming your product at a specific group of people could help you increase your profits. And it could also help you gain loyal customers for life.
What is niche marketing and why should you care?
A niche market is a sub-segment of a larger market.
For example, take the market of health and fitness. It is certainly large. And a market for health and fitness for women would also be a large market itself. Now, a niche market within the market for women would be more specific, like one geared toward women over 60 years old.
Niche markets allow your business to offer better products. As Omri Erel writes for Product2Market, a company that focuses on a niche is “able to identify the unique needs of [their] potential audience.” Being able to identify a specific audience’s needs can increase your profits.
How do you create business opportunities through niche marketing?
Before choosing a niche market, do your research! Confirm that the market you want to target actually exists. Your product won’t do well unless people buy it. When deciding to create niche-marketed energy supplements, Kristopher Trust of Energems says they “found that the key to breaking into a niche market was to truly understand the consumer.”
Companies want to gain brand loyalty. Customers choose to stay loyal to a product when they know what they’re getting. When businesses focus on producing a niche item, they can easily build up customer loyalty if their product isn’t offered elsewhere. This is done in part by ensuring the quality of your product.
And if your company is facing competition, make your product better! Take advantage of any business opportunities to increase your bottom line and customer base. Continue to make your product the best on the market.
Are there good business opportunities in micro-niche marketing?
Maybe you think you’ve already tapped all your possible business opportunities with niche marketing. Well, why not take the next step?
Consider the example from earlier: health and fitness for women over 60. That would be a niche market within overall health and fitness (and women’s health). A micro-niche market would delve even deeper into the needs of women over 60.
Our founder and CEO, Super Julie Braun, offers an example: divorced or widowed women over 60. Your business plan might “hit on the pain points, fears …” that women over 60 may have. The may “have lost their loved ones either through divorce or death.” They might also have fewer friends due to deaths around them. As a result, ladies over 60 might feel lonely and isolated, etc.
This type of marketing ensures even lower competition for companies because the markets are so specialized and unique. Less competition means both higher profit and more business opportunities. You might consider enhancing your micro-niche market with products similar to the one(s) your company already offers.
Think you might be interested in breaking into a niche market? Consider hiring virtual interns through SuperInterns.com to help you do the necessary research for your potential market!