Targeting with Niche Products
It is quite obvious that when a company has a product or service to offer, it is very unlikely that every consumer in the society would purchase that product or service. In the domain of niche market, your entire marketing efforts are focused on a specific segment in the society. This is the segment that reflects promising demand for your product. Hence, before targeting that particular segment of the society, it is always better to implement niche research which will assist you in exploring the different characteristics of your segment. With this knowledge at hand, you will find your product in strong selling position.
There are various things that need to be considered while analyzing the niche market. First and foremost is the identification of the important demographic variables that may include gender, age, income level, ethnic groups of the market. The next step is to focus on the 3 Ws which are outlined below:
- Who you are marketing your product?
- Where are they located?
- Why are they considered “very likely” in purchasing your product?
As far as the advertising is concerned, the accumulated information on the market can give you the right direction and assistance in carving out the strategies for your niche products. If the products are offered online, it demands thorough research on the keywords that will be used for the niche goods. It may include words as well as the phrases that will play a vital role in promoting your niche products. Targeting will niche products would be beneficial in two ways. First, it will increase the revenue for the firm. Secondly, it can give you the option of being selective in the advertising program you want to pursue. This becomes easy and achievable when you are aware of your target segment. In addition, you can also make use of the affiliate marketing. With the support of the affiliates, it becomes easy to pull more users to the website. At the same time, the content on the website has to original and interesting for the users. Apart from this, you can also implement the interactive approach whereby you use social networking sites such as LinkedIn, Facebook and Orkut. These websites enables you to create associations which have the potential to convert into future customers. Another important platform for the niche products is the various discussion forums on the internet which can provide you valuable information on the potential niches and the targeting strategies.
Once the niche market has been identified or the niche products have been developed, it is imperative to attract them with the medium of advertising. In this way, they will become aware that you have the product that they are looking for. On top of this, once there is healthy and strong interaction with the target market, they will know more about you and your niche product. This will increase your customer base due to the exposure of your niche products in the market place and in the minds of the targeted niche.