Why your business should target a niche market...
There has been many challenges for business owners this year and it's been difficult for most businesses to thrive in uncertainty alongside 'stop and start' lockdown procedures. Two major factors that have helped businesses get heard and generate sales is the ability to sell through E-commerce websites and communicate with customers via social media platforms.
Having an online digital presence was always essential and now even more so. However, since Covid and working with companies in all different industry sectors, Gem Media have realised the importance of narrowing your target markets and marketing to a niche audience. Particularly for businesses in financial hardship.
Niche Markets are beneficial because:
Less Competition
Better CRM
Less Marketing Budgets
When targeting a niche audience there is less competition. Your business can have a larger share in a smaller market, which gives you the opportunity to stand out more as a trusted expert within your field.
Being an expert within a niche market enables you to socially listen to what this market are asking for and give you the opportunity to solve their problems through your products or services.
Your business can build better customer relationships as you can tailor your communications to be more relevant & relatable to your potential customers. When building relationships you can count on repeat sales from regular buyers, so you can spend less time and money trying to find more customers.
For Example:
One of my clients was facing bankruptcy due to Covid. They had a lot of unpaid invoices from customers who had to close their business. Their market was broad and catered for 'everyone'. The director could not see the light at the end of the tunnel and was struggling to stay motivated to bounce back. Who was going to purchase their products if businesses were closed? I stepped in to provide PR & Marketing crisis management.
We restructured the business in terms of who we were targeting and the product that would suit this market. This gave us a strong story to share, and enabled us to build an ongoing marketing campaign that this specific niche market could resonate with.
After month 1, my clients social media had increased their following and engagement and more customers within this market were tuning in 'listening' to what my client (the expert) had to say.
TIP: Realign your product or services to fit with one customer. Restrategise your marketing. Everyone is not your customer.
By segmenting your marketing it will be far more effective, saving you time and money on exploring different avenues, as you'll know how to reach your niche audience. If running paid ads is part of your strategy, segmenting your customers will make your ads cheaper and easier to scale too.
If you are in need of Marketing Crisis Management or help in restrategising to target a niche market, get in touch hi@gemmediamk.com to see how we can help your business grow, get heard and drive sales.
