A niche market is a small market segment of a larger targeted market. A great example of a successful niche market is the hybrid car market in which Toyota cornered the market early on with the Prius. The reason businesses choose to focus on niche market is that it allows them to be more targeted in their advertising which often leads to greater success. If you can be the “go-to” person in a field or have a product that a strong niche audience wants you will end up with higher profits. However, there are some things a business should consider before going after a Niche Market to avoid making mistakes.
3 Big mistakes made with Niche Marketing:
1.) Not really researching your target market enough to know where and how to engage with them.
2.) Not digging deep enough to find your niche. Often companies choose too broad a niche and really need a sub-set of that niche so the field is less crowded. It also helps to be passionate about the niche you select.
3.) Not keeping the niche strong by keeping up with the current needs of your niche and offering solutions. You must focus on what their needs, challenges and problems are so that you are staying relevant and gearing your product/service and marketing message to reach and sell to them.
*Tonight Purple Diamond will be giving a 2 hour workshop at Northern Essex Community College in Lawrence for the Small Business Development Center. The topic of the workshop is Marketing Knowing Your Niche. If your business is struggling and not getting the success it needs to take it to the next level, consider hiring Purple Diamond!