Some products attract a huge audience, so your only real problem is making the customer understand what makes your service better than a competitor is offering. Niche products, however, are different.
Say, for example, you sell used generators. Your market is likely to be fairly niche, as the average man on the street doesn’t need a backup generator. The only way to grow a successful business is to target the right customer.
With niche marketing, it is very important that you target the right customer. In the above example, your target customer might be the oil and gas industry, construction contractors, or even events’ organizers who need short-term power generators. However, unless you carry out extensive market research, you won’t have the key information to hand. You could end up wasting money trying to target the wrong customer, whilst missing the right ones.
Your target customers may be a diverse bunch, but they are likely to have a few things in common. Find out what their shopping habits are and how best you can reach them. For example, the younger generation spends most of their time online, using social media, browsing YouTube, and chatting on messaging apps. The older generation, however, might not spend much time online, so offline marketing is more likely to capture their attention.
Use the right platform for your marketing messages. Social media works best for the younger generation. PPC advertising on Facebook and Twitter is relatively inexpensive and perfect for a smaller business looking to reach a wider audience. For older customers, it may be worth using traditional marketing strategies such as leaflets and radio ads. In addition, for B2B marketing, trade shows and targeted email marketing could work wonders.
Once you have a target customer in mind, try to solve their problems. Using the example of generators, we can probably assume that many customers won’t be looking to buy a used generator. Instead, they will want a generator to provide short-term power, perhaps for a construction project or on a movie set. You could take advantage of this by marketing generators as a short-term rental service, including a delivery service. Customers looking for a short-term rental will turn to your business rather than buy a brand new generator direct from the manufacturer. You are solving their problem.
Niche products and services really benefit from a storytelling approach. Use storytelling to educate your customers on why your products and services are different. The right story sets you apart from your competitors and helps people understand why they should buy from you. This is your unique selling proposition. Without a USP, you are no different to a million other businesses out there.
Carving out a niche in an existing market or creating a new one is the key to building a successful business. Target a select group of customers, solve their problem, and once you have a core customer base, you can diversify your products and services, and build the business.