Typical mass marketing and traditional advertising doesn’t work for every product, service, or business. Modern marketing tools make it easier and cheaper to spread your message farther and wider than before, but this can be a double edged sword. Sometimes its best to avoid mass marketing, and to target one group exceptionally well. Focusing on one element of the market with all your effort is a great way to find the niche your product, business, or brand fills by existing. Niche marketing is the process of undertaking specific strategies to speak to your niche audience. This can offer many advantageous. But to take advantage of niche branding, you need ton understand it first.
Niche marketing is the strategy of targeting specific segments of overall markets and speak directly to them through offers, messages, and deals. A niche market can be found by browsing your business analytics for things such as age, gender, martial status, hobbies, income, jobs, life stage, their geography; or any other relevant data which can be used for marketing. These marketing campaigns are hyper focused and highly personalized, and often hyper effective as personalization of advertising is a great way to reach customers.
Another great thing is niche marketing can be used at any stage of your company, whether you’re launching, reinventing your brand, or launching a new product or service. Niche marketing can also be used in any form or platform of marketing, whether it be online, in person, by word of mouth, or by mail. Often times, niche marketing is so effective because its identified a market which is not being served by the current general market. Here are some business examples who have used niche marketing to build themselves success in the markets.
When someone says Pabst Blue Ribbon, it likely conjures mental images of flannel wearing, vinyl listening hipsters. PBR had been a brand on a bit of a downtrend, but when hipsters in Portland, Oregon began drinking the cheap beer; it quickly grew in popularity through word of mouth and focused advertising with things like bike races, handing out key chains and pins, and visiting local bars to supply them with PBR. As word continued to spread, the revenue PBR achieved through this word of mouth campaign was enough to stabilize their profits and boost business.
TaskRabbit began as a service targeting women living at home and busy mothers in the Boston area who needed assistance with tasks, errands, and odd jobs. The businesses core was simple: to offer a forum for those who need help with tasks, and to pair them with those who could provide that help. These ranged from assembling furniture, grocery shopping, helping with moves, or any other service the customer needed. Word of mouth about the variety of services, ease of use, and overall quality caused the user base for TaskRabbit to explode. The company slowly expanded out of the Boston area in order to work in other cities; but only after they had ironed out the kinks of their app.
Under Armour was started by a founder and former football player who had a simple idea: to create a shirt with won’t get soaked from sweat during sports or exercise. From there, he developed a compression shirt out of a waterproof material and invested his savings to produce 500 prototype copies of these shirts. They were given to former teammates, who tried and loved the product. From there, word spread and it was apparent that people wanted more. The company was formed and has since become a multi million dollar empire. Under Armour is now the king of active ware, and has expanded into many
more markets and countries since its inception.
The Casper Mattress is one of the leading online mattress brands. They sell directly to consumers as opposed to mattress stores, helping their business cut out the middle man. Caspers success came to fruition through an odd synthesis of online marketing, word of mouth advertising, and personalized
coupons and discounts. Casper sought the assistance of podcasters, social media influencers, and other online entities for free advertising and coupon offers. This led to a boost in popularity, and secured them a spot as a top mattress retailer. Casper also sought the use of bloggers and online advertisements, which helped their brand grow over time. Casper also personalized their product specifically to each individual customer, letting them design their mattress based on comfort preferences.
As you can see, niche marketing can become a highly effective and lucrative way for your business to market yourself. Catering to individual needs and services is one of the fastest ways for any business to find itself owning a large share of the market.