Top 4 Niche Marketing Rules of Thumb
– Niche Marketing is a highly effective strategy as you target your audience, you reduce your risk and you grow your business.
Here are 4 rules of Niche Marketing that it is important to follow to succeed with this strategy. They should work as your rules of thumb and be determined to never deviate from them.
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- Define your Targeted Niche
You have to first define your niche clearly to be able to market to it more effectively. Rather than targeting high net work individuals, it will be more effective to target people from specific income group who are located within a specific geographic location and have a specific type of business. Defining your niche market more precisely will help you create the right promotional strategies to reach it.
- Meet the Needs of your Niche
When targeting a niche market, you must know their needs and provide solutions to them. Your products and/or services should answer their needs. An effective solution is going to be something new that the existing competition is not offering currently.
So make sure to find the needs of your targeted niche market and customize your products and/or services to meet them.
Conversely, many businesses start with their product offerings and think of ways their products can be customized to meet the specific needs.
- Promote Yourself as a Subject Matter Expert
Once you have defined your niche market and created the custom product and/or service solution to meet their specific needs, it is important to promote yourself as an expert on this subject matter who will meet their needs.
There are many ways you can achieve this:
- You can spread the word out through your own digital and/or offline publications
- You can speak at seminars targeted at your niche market
- You can make appearances in media that is regularly monitored by your niche
The goal is to draw the attention of your targeted audience at the right time and at the right place.
- Test your Marketing Strategies
This is a crucial rule in Niche Marketing which is usually and mostly ignored by marketers and businesses.
If you are not testing your ad campaigns, your sales figures are the only way to judge their success.
You can test your products and/or services on the group even before you start running a full-fledged campaign, a beta test, if you will. This can help you get a clear idea of how your marketing strategy will work and you could make adjustments for improving your success rate before you launch your campaign.
Additional benefits of testing your marketing efforts:
- You will be able to help customize your products and/or services so that they stand out in the eyes of your niche market and
- It will also give you a big edge compared to the competition.
When targeting a niche market, you may or may not find that you have a competitor. The reason could be that there may not be an existing competitor or that someone may have already tried but were unable to reach that group.
To have a better opportunity for success, make the decision to follow these 4 rules when targeting a niche market.