If the rules of the game are diligently followed, this strategy can reap more revenues for the manufacturer or service provider than any other strategy, as here, the efforts and promotional costs are focused towards just a particular niche segment. This translates into reduced waste in promotional activities and often results in cost-effectiveness of campaigns, resulting in more customer conversions than mass marketing strategies. Here are three basic rules which, if meticulously followed, would reap rich benefits from niche marketing activities:-
Identify and meet the unique needs of your target niche. Such niches have very specific requirements and failure to meet such requirements to the T may spell disaster for the marketer.
The way of approaching your niche target is very important. Your message should make your niche audience feel that the utility you offer is tailor-made for them. This would give them a feeling that someone is concerned for their specific needs and have come up with such a product which is closest to fulfilling such needs.
Test market your product/ service before plunging into a full-fledged marketing plan. Although you may have researched your niche audience extensively and have put in much efforts in coming up with a product that you feel is most suited for such a niche, it never hurts to make sure.
While looking at these examples, you'll notice that the products, utilities and their corresponding marketing promotion ideas and advertising catch phrases are extremely specific to a particular need. These needs and utilities are such that the niche audience would not mind spending some extra bucks to fulfill. Examples of some products, services and utilities that come under the purview of niche marketing are:-
- Products that are meant for tackling specific physical conditions, such as dermatitis, dandruff, acne, melasma, wrinkles, etc.;
- Environment friendly products, such as zero emission cars, non-aerosolized perfumes and deodorants, etc.;
- Fitness products targeting specific areas such as abdomen, thighs, etc.;
- Fashionable clothes line for overweight, broad structured or pregnant women;
- Budget wedding planner services;
- Kosher Milk
- Timothy Hay
- Organic Food
- Commuter Airlines