Let us remember that the market niche is the term used in marketing to refer to a segment of potential consumers of a product or service within the total market. The components of this segment have common characteristics and needs.
He niche marketing recognizes in market segmentation a new business opportunity, arising from unsatisfied needs of consumers with specific needs, to then be economically exploited. The current challenge of digital marketing is the hypersegmentation, that is, offer personalized products suitable for each specific sector. Data shows that targeted ads are twice as effective as non-targeted ads.
It’s extremely important narrow down our market niche, since if it is too broad, it will encompass a group of people that is too heterogeneous, making it difficult to find common needs that we can solve with our offer. The smaller the market niche, the better your marketing strategy and, consequently, your business will work. Do you want to know how to achieve all this? Keep reading this article and don’t miss our training in digital marketing!
Benefits of niche marketing
Specializing in a specific market niche will allow you to:
- loyalty to your consumers, who will appreciate your efforts to solve their most specific needs.
- Can charge a premium price for a personalized product, higher than if you offered a generic service.
- Explain your product to your customers, with which your marketing campaign will be more effective because the message will be clearer, you will generate more empathy with your public and it will allow you to differentiate yourself from the rest.
- not compete with large businesses or brands that are only interested in large markets.
- Reach a wider audience Thanks to the Internet, it is able to overcome geographical barriers. The Internet will allow you to turn an apparently small niche into a large niche.
- Reach a specific audience who is usually more prepared to buy a specific product, than people who are looking for generic things who are not very clear about what they want or need.
How to exploit niche marketing?
- Find your specific audience: What interests does the audience you want to target have? Who is this public? What do they like and what don’t they like? Where do they meet on the internet? Clearly identifying what motivates the purchase of a product will help you locate communities that share the same values, and will also help you determine how they relate to each other and what other brands are doing to attract them.
- Identify their problems and solve them: The digital environment allows you to easily discover the audience’s perception of a product or service. To find out the problems that companies have with their users, it is enough to investigate the existing platforms: forums, communities, social networks, blogs. Analyze the testimonials and reviews of products and services to identify which of them are needed and which are not being offered by other companies at the present time.
- Calculate the demand of your niche: The demand for a product or service in the market will help you determine the profitability of your niche. To calculate the demand you can use two different tools:
- Google trends: a free tool Google that allows you to know the level of searches for a certain keyword in a specific period, and allows you to know the variations in said level of searches over time. This information will allow us to know if there is a growing interest in a specific term, if that interest has varied over the years, etc.
- Google correlate: It is a complement to Google trends that provides you with information about keywords related to the keywords that you enter, and indicates the number of searches they have in a certain period of time.
- Study the competition: Knowing who serves our same market niche reduces the possibility of making mistakes similar to those made by other companies when seducing new audiences. Analyze their weaknesses and strengths, and differentiate yourself from the first moment so that clients see that you offer new things. To do this, use Google Adwords, a Google keyword tool that will allow you to know the number of monthly searches that a word has, the competition there is to position itself for that term among Google ad users and the suggested bid for the keywords. advertisers. This information will allow you to know the interest there is on a specific topic, the level of competition and profitability (the higher the suggested bid, the more profitable the product will be).
You can also use Amazon or eBay to find out if the products you’re interested in offering are currently selling. Look for products with at least 100 reviews.
Be unique: put yourself in the shoes of consumers, be empathetic and find some differential element that distinguishes you from the competition. Find your own sub-niche that makes you even more specific. Find a traffic source that consumers are not taking advantage of. To get visits you can use SEO, adwords, social networks, forums, blogs…
Plan a digital marketing strategy and put it to the test: once the objective target has been specified and you are aware of how the competition acts, it is time to develop a digital marketing strategy that enhances the information collected and allows you to monetize the online public . That is to say: it is about designing a project that is aligned with the needs of the users, proposes new products or services that respond to their demands, and presents them in a differentiating way. Then it will be a matter of analyzing whether the messages, frequency and channels used in this plan are correct, and go on correcting and perfecting the strategy according to the needs of consumers.
You see, it is better to be the main supplier of a specific product in a small market, than to be a small competitor in a large market with a lot of competition. In niche marketing, the important thing is that you can offer a differential value, improve the offer that exists in the market and differentiate yourself by offering a specific, higher quality product.
And you, have you thought about what you can offer that makes you different?
Related course: Advanced Online Marketing Course