The ability to succeed in a niche market can be tricky and requires a unique marketing strategy that is tailored to the target audience. But success is achievable; V Formation’s guest blogger, José González, highlights some key areas to focus on.
Often small start-up companies offer products and services that are oriented to very specific sectors. For some marketers this might be a risky strategy, but by accurately focusing your marketing efforts, success is possible, and we must keep in mind that not every company can be an Apple or a Microsoft. The greatest asset of these types of companies is knowledge. Gathering the right information and putting it to good use for marketing and business development activities is vital.
Below is our checklist for succeeding in a niche market:
- Find the gap and know the market: Finding the niche won’t automatically translate into commercial success. The characteristics and dynamics of the market will allow you to carry out further segmentation so you can tailor the key messages to the different audiences in the niche. Focusing carefully on a realistic business plan and objectives, which place importance and emphasis on strategic and tactical marketing to help reach these goals, has proven to be a successful strategy for some of V Formation’s clients.
- Solve problems by using your expertise: You just developed something that others couldn’t spot before; you understand a problem that is common among all the people in this niche – don’t let them guess what you can do for them! With all the knowledge that you have gathered, you have a really good idea of the problems your target customers have so make them aware of your existence. Be proactive, highlight your strengths and you’re half way there.
- Spread the word: Marketing in a niche is not “regular marketing made smaller.” It is important to use that network you built up while developing this innovative product/service; ask your peers to introduce you to relevant gatekeepers. Achieving word of mouth in a niche market will highlight the quality of your organisation and will give confidence to your potential customers. Building up relevant networks and ensuring ongoing and close contact with clients will encourage word of mouth recommendations and referrals, build loyalty and help to differentiate yourself further.
- Take baby steps: Despite having all the information you need, and knowing the people that might make the way easier for you, don’t rush! Secure a segment of the market and then move forwards. By reducing the risk on every step you take you are more likely to grow your business at a steady pace, and your customers will appreciate that you can actually deliver what you promised, when promised. V Formation works with businesses to help them grow in a steady and realistic manner, by taking small steps. For some clients this begins with existing networks and personal contacts, then slowly reaching out into new markets. This strategy has achieved growth ahead of projections for one client in particular.
- Keep your clients close: Don’t forget that your business is solving a problem for a very specific group of people so don’t ever lose the personal touch. Keep your customers close to your heart and build relationships based on trust and excellent results. A loyal client base is your way to the top of any niche market.