A niche marketing strategy is one that targets a specific subset of a market and is not a strategy that is ideal for every business. However, if you have determined that a niche marketing strategy is right for your business, here are some things for you to consider to distinguish yourself from the rest.
Knowing and serving your customer: In a niche market, it is not only enough to just know your customers’ demographics but also their beliefs, behaviours and desires. In doing so, you can better cater to their needs in your products or services and add more value to what you are selling. Customer service is especially essential for online businesses as there are no physical spaces to produce an instore experience. Serving your customer digitally can involve the customisation of a product or service, promptly responding to queries, or packaging the product in a way that aligns with your brand.
Storytelling: An emotional connection with a product or service can influence a customer’s purchasing decision - storytelling is one of the most powerful methods to draw an audience in. Changing the ‘About Us’ section to ‘Our Story’ on a niche family business website may be effective, but it’s just as important for the story to reflect the brand. Some business stories are told through their employees’ or customers’ testimonials and successes. Niche retail businesses may tell the story of their product’s symbolism, unique features, designer, artist, or maker.
Be selective with your advertising platforms: Using social media is one way to gain visibility and to have a digital presence, but social media channels are often saturated with competitors and other distractions. Depending on your product or service, some customers may prefer to visit industry-related websites or use a search engine directly, rather than clicking on an advertisement on Facebook. Other customers would prefer to trust their friends and to gain knowledge through word of mouth. These businesses may gift an item to a circle they want visibility in. Ensure your marketing channels are cost-effective for your business.