Would you like to help someone with the wisdom of your life experience? To help them avoid the same mistakes that you made? To pay it forward and get paid for it? This is the pearl of niche marketing in small business…
Whether you’re selling a physical product, or a personal service, niche marketing is all about improving the lives of other people like you.
Niche marketing is extremely powerful when executed effectively. The expansion of the internet has allowed niche marketing to take off because it enables businesses to reach a narrow group of people globally.
In a service-based business, there are 2 areas that you need to master to do it well:
1. Marketing Online – Using technical know-how to reach and appeal to a specific group of people via social media, search engines and other websites
2. Marketing Yourself – Selling your unique qualities to relate to your audience and meet their needs
I will touch on both in this article, but they each warrant a separate blog!
All Niches Were Not Created Equal (of course)…
Many sole-trader business owners *think* they are operating in a niche market, but they are not really. They are simply not specific enough. Here’s an example to show you what I mean:
Market Segment – Business owners who want to start making $100K+ per year
Niche – Spiritual business owners who want to start making $100K+ per year
Super Niche – Spiritual business owners who are want to leave their jobs and run their business full-time to make $100K+ per year
A super niche market is one of the most powerful, but underutilized strategy in small business. Usually it’s out of fear of being ‘exclusive’, the perception that in narrowing your market, you’ll make less money. In actual fact, it’s possible to make more money faster, just through carving out your own niche and having the right strategies in place.
The Benefits of Niche Marketing
Super niche marketing is not for everyone, but here’s why it’s worth exploring:
- Brand Loyalty – When there are fewer ‘competitors’ and targeted offers, it’s easier for people to make repeat purchases and referrals.
- Increased Pricing – You can increase your prices as you are serving less people than non-niche businesses.
- More Cost-Effective Marketing – When you are targeted a specific type of person, you can save money on ‘open-slather’ advertising that is non-specific like newspaper, TV or general websites.
- Greater Impact – Specialising in serving a particular need allows you to make a bigger impact on the lives of those people.
10 Super Niche Marketing Strategies
Niche marketing strategies change with the times, but what doesn’t change is people. If you can understand the psyche of the people you want to reach, you are half way there. Here are the gems that I have learned:
1. ‘Narrower’ The Better – True niche marketing means that you serve a particular slice of the population exclusively. This immediately positions you as an expert in your particular field because people know that you are solely focused on them and doing what you do best.
2. Get Inside Their Heads AND Hearts – People make decisions based on intellectual reasoning AND emotional appeal. If you cater to both you will increase your chances of them choosing to buy from you over someone who doesn’t.
3. Customise Your Solution – Niche groups will choose to buy from you particularly if you tailor your solution to their unique needs. In other words, they are getting a product or service they can’t get anywhere else that gets them their ideal outcome faster.
4. Become A Specialist – What I mean by this is to focus your energy on servicing ONE niche audience so you can really hone your offer and deliver excellent value to your clients.
5. Treat Your Clients Like Royalty – A niche market deserves special attention, and often they will expect it. You need to have a high level of respect for their time and money and reward them for their loyalty to you. For example, offer a thank you payment for referrals or give them bulk discounts for repeat purchases.
6. Ask For Feedback – There is nothing more important to your future business than getting feedback from your clients to continually improving your offer based on their wants and needs.
7. Keep Your Offer ‘Fresh’ – Make sure your offers don’t become stale and that you keep adding your knowledge and experience. Your clients know when you have lost interest in your product. They key to a fresh offer is to incorporate things that you are just learning yourself and you can immediately pass onto your clients.
8. Super Target Your Advertising – When marketing to a niche, you need to use what you know about their habits and hang-outs to get them to ‘eyeball’ your offer. Advertising via social media and websites can yield a high ROI because it is easy to target people based on their specific interests.
9. Find Their Cause – When people are spending their money on something that is beyond ‘just for convenience’, they are actually purchasing based on a deeper emotional driver – and you need to find out what it is. Deep down every human wants to do good in the world and if you can tap into that aspect in your niche followers, they will prefer to buy from you than someone offering the same or similar product.
10. Share Your Experience – If you are serving a niche market, you primarily need to educate them on what they don’t know that is preventing them from getting what they want. This increases their confidence in themselves and in you and again builds your reputation as an expert in your field.
Know your niche market better than they know themselves and be authentic in how you market to them. In other words…
Be yourself with clarity and confidence, sprinkle in a few clever marketing strategies and your niche will love you.
It helps to have help…
I specialise in helping people articulate their unique soul gifts and monetize them through business.
Find out more about my Sacred Business Blueprint program here.