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Make Huge Strides Using Niche Marketing
Marketing can be seen as a dichotomy consisting of niche and mass marketing. To which side will your company pledge? Actually, you can utilize both to your company’s advantage. First, you must understand when each is applicable and beneficial.
A refreshing outlookOftentimes, your product will dictate when niche or mass marketing will be most effective. Let’s use soft drinks as an example. Huge companies like Cocoa Cola and Pepsi do a good job of marketing to the masses. They run T.V. ads on major networks, sponsor all kinds of events, and their vending machines can be found everywhere. They have dabbled in niche marketing as well, attempting to target specific markets, but mostly all people fit the mold of their potential consumers.
Now, let’s consider Gatorade. Sure, Gatorade would not mind if everyone in the world drank their product, but they engage in niche marketing. They pledge their refreshment to the athletes of the world. Their product’s location, spokes models, and advertising content all perseverate on Gatorade being the right choice for those engaged in sports.
As aforementioned, your product will help dictate the breadth of its appeal.
Why go niche?Some marketing services will encourage you to employ niche marketing? You may ask, “Why would I want to sell to a smaller market?” Well, it is immediately more effective, costs less, and produces results.
Yes, there are advantages to niche marketing, yet it takes equal the amount of planning. Before selling to your niche, you must define your niche market.
Some brave and adventurous souls will endeavor creating their own niche market. This is not discouraged, but it is much easier to adopt one that is already established.
How do I choose my niche market?Analyze your product/service. What subsets of the population would use your product/service? What activities, areas of life, social circles, etc. could you align with your product/service?
When you begin to narrow your decision, get information from the population. Go where they go, do what they do, and experience life through their shoes. If your decision is enforced by your experiences, then you are on the right path.
Your niche may work, but the opportunity for an astronomical amount of wealth may not be immediately available. Assess whether you have the time and patience to invest in this slow and steady market.
Establish your brand as a sourceThere are many ways you can brand your product to implement it into your niche market. Begin the process of being recognized as a reputable source of information and involvement in your niche market. This means writing articles, sponsoring events, advertising in media experienced by your market, etc. You want to make your product/service synonymous with all things germane to your niche market.