How to discover your niche and Grow your business

Before we discuss the marketing techniques for niche marketing to boost your business growth it is very important to understand what is a niche market. To understand niche market, first we need to understand the term target market.

Target Market, is a specific set or a group of people you direct your marketing efforts, whereas Niche Market is a small market segment, usually the subset of the target market on which your marketing efforts are focused. The market niche is defined as the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that are intended to impact.

Here, let’s assume you are marketing a face massage cream, by simple logic we can say that one of the target markets for your product are all the beauty parlours in the city. Because of the high quality ingredients you use for the preparation of your product, due to which it has been priced on the higher side. So your niche market here is the set of parlours catering to the clientele with high spending ability.  

Target marketing is one of the most effective and cost efficient techniques to acquire and retain customers, especially for a highly competitive product or service.

In today’s post we are going to discuss steps for creating and executing an effective Niche Marketing plan for the growth of your business.

Phase 1: Identification of niche target market and the approach for targeting the market with a specific product

• Identify Your Target Market. Understand Challenges / Needs of the target market

• Identify the challenges and needs of the market, that you can serve better than your competitors

• Identify the product/service for the identified niche market,

• Identify feedback mechanisms, like survey or feedback forms

Phase 2: Product Distribution and customer feedback analysis mechanism

• Identification of appropriate distribution channels in order to reach the defined niche market

• As decided in phase one, curating customer feedback using various marketing channels is a vital step. Customer feedback acts as a valuable source of ideas and insight for your product.

Phase 3: Next step would be identifying the right marketing channels to reach out to your defined niche market. As the defined niche market is a small market segment. Identifying the right marketing channel helps you with better ROIs.

• Selecting right marketing channels appropriate for the defined marketing channel in order to create brand awareness and increase brand visibility

• Generating unique & relevant content

• Using both organic and inorganic channels of marketing to share the content amongst the defined target market.

Phase 4: Customer Retention and keeping an eye on the market for future product and market expansion.

• Analyse your marketing efforts based on predefined measurement parameters and improvise your marketing strategy by incorporating stakeholder and customer feedbacks

• Keep Tab on Your Competitors

• Be Open to New Opportunities and Ideas for business growth

Most Important: Listen to your customer feedback. REALLY LISTEN!!!!

Niche markets help the overall business by providing a positive image of the brand and the product. Once executed well, the strategy can provide very high returns on your investments.