Daren Givoque, Financial Advisor
O’Farrell Wealth & Estate Planning | Assante Capital Management Ltd.
Any successful business person will know what their target market is. Knowing your customer is one of the most important things when it comes to creating effective marketing plans. These days however many businesses are taking it one step further. Niche marketing is being used by business people to hone in on their specialty and ensure that they are delivering a targeted, quality product to the right people. Here are some of the reasons you should think about finding your own niche and some useful strategies on how to do so.
How does niche marketing differ from your target market?
Finding your target market is an important first step to take before you settle into your niche. Your target market is the specific group of people you work for i.e. mothers with small children, middle aged business people, dog owners. Your niche is the service you specialize in offering to your target market. If your target market is dog owners a niche might be dog booties for dogs who have sensitive feet. You can see how specific this is and how, with this lens you would be able to develop a quality product that solves a specific problem for the people in your niche.
You can become an expert in your field
When you develop a niche, it is easier for you to become an expert in your field. With your specific focus you can build your knowledge base and use it to gain leverage over your competitors. Becoming the expert is a valuable marketing tool. Let’s take the dog bootie example again for a moment. Wouldn’t you rather buy dog boots off a company who has proven knowledge about canine paws and materials that will make the boots warm and withstand the cold, ice and snow? Sounds like a more quality product and something that you can put your trust into doesn’t it. That’s the power of being the expert and niche marketing allows you to be that without spreading yourself too thin.
Lets you work with your ideal client or customer
Niche marketing allows you to be so targeted in your marketing that you reach the people that will really appreciate and benefit from your product or service. Rather than having to convince people that they need what you are offering you will be one step ahead of the game, solving a problem that you know they already have. At the end of the day working with people that are grateful for the product or service you offer is a lot more pleasant than having to fight tooth and nail to close a sale.
Happy customers equal quality referrals
Many business owners fear becoming too specific in what they do because limits them in who they can attract as clients. While casting a wide net is one strategy being more targeted will ensure your work with people who appreciate what you are doing and will pass you name on to other people in their network who may be looking for a similar product or service. Referrals are a great way to get your name out there because it enhances your credibility when you have a network of satisfied customers backing you up. It also costs next to nothing in your marketing budget.
Focus on your why
In todays market people are looking for the stories behind the products or services they are consuming. The “Why”. As well-known marketing consultant Simon Sinek says, “People don’t buy what you do they buy why you do it.” Figuring out your “why” is a great step in identifying your niche market. Once you figure out why you are providing your product or service and how it benefits your ideal customer it will be easy to figure out a marketing plan that reflects these values. Getting people to buy into your why will ensure you have lifelong clients rather than one-off customers. You will also feel good about doing business because you are living and working in accordance to your own core values.
Niche marketing really comes down to this: Would you rather be a small fish in a big pond or a big fish in a small pond? Homing in on what you do best, why you do it and who you would like to work with will not only enhance the customer experience but also make your job more enjoyable and profitable in the long run.