The truth is that most businesses do amazing things when they start with a laser sharp focus. The more specialized your organization is, the more exclusive you become. Over all, while there may be many branding and advertisement firms out there, there's just a handful of businesses specialized in naming, building identities, and producing assets with value. No large retailer can be all things to all consumers. Thus, there will always be segments of the population whose needs for a particular service or product are unmet.
This space is where a small business can penetrate a market. Whenever an entrepreneur starts a new venture, the first question they need to ask themselves is, "What makes my idea unique?"
Focus is at the core of a fully profitable and scalable enterprise and calls for a well charted out niche marketing strategy.
The path to the success of start-ups is long, but the start is fairly obvious. To achieve success, you must first find a business niche in an unresolved area of the issue, an underexplored need, or an untapped desire with potential value. Many reputable and successful companies have gained traction from focussing on a niche market - which eventually grew to target broader markets as their products and services evolved.
A land of milk and honey is unrealistic, as tech visionary Jaron Lanier asserts, which implies that new innovators, developers, and companies looking to prove their mettle will always have vulnerabilities to be profitably exploited by start-ups looking to provide value.
Humans are complex creatures, and so are the structures they make. Whether gradual or abrupt, each new innovation causes disruption that ripples through industries and economies in unanticipated ways, creating new challenges to overcome for innovators.
The industrial revolution ushered the world into the modern century, but now the world's ecosystem is being compromised by the fossil fuels used to power it. The internet links the world, but hackers and foreign powers that want to cause trouble will misuse the link.
It is easier said than done to discover niches with potential value before anyone else, but the startup that gets to the breakthrough first will have an amazing advantage. A niche market could stand apart from others because of:
Benefits of Niche Marketing
1. Focus on the channel: It's easier to zero in on the right channels to get your brand identity in front of the right crowd. Odds are, your chosen niche will have its own discussion boards or communities on larger networking sites that you can use to target more efficiently. Not only does this boost your odds of resonating, but it also enables you to cut spending on other platforms that people aren't used to.
2. Your message will strike a chord with more impact: Since you're going to be able to use niche specific words, phrases, or even memes, your message will actually click with your readers. This is how you turn them into deeply devoted brand influencers in their social groups.
3. It's simpler for young businesses to gain momentum: By directing your marketing efforts on a smaller audience, you will have substantial influence with less time and less cost. By establishing yourself as an authority in your field that knows this audience and takes care of their unique needs, you can have a loyal fan base in no time.
4. Targeting a niche industry is your company’s opportunity to reach new growth strategies and success: At the same time, niche industries will allow you to assess consumer market analysis that will engage your audience and strengthen your brand.
5. Less competition: This indicates that your niche demographic is going to be easier to influence. If you discover a community that is genuinely underrepresented by your business, and you make any strides in winning their trust, you're going to have a loyal consumer and an equally loyal fan-base. Now, even if a rival is looking to step in, they'll find a crowd still devoted to your company.
In fact, many entrepreneurs start out by identifying an unexplored market segment of potential value by sheer luck, but business niches are still waiting to be discovered by smart entrepreneurs following these five methods:
1. Track patterns and challenges on a regular basis
Beyond merely looking for solutions in life for unanswered issues, wishes, and expectations, extend your quest outside of your own little bubble to see what other people are talking about. The world is full of challenges that require solutions, and the internet makes people express their concerns and their unmet needs.
Make sure that you have your finger on the pulse of the market and your ultimate target audience. Pay heed to what people are talking about in the mainstream, both by using trend analysis tools, such as Google Trends and also by looking at similarities in media reports. As with so many things in marketing, niche marketing begins with research, studying, and analysis. Research, and then research some more, if needed. You need to know your target audience better than they know themselves before you can winnow down to a niche group.
Remember to read more than just technical news. There's a whole universe out there, and even popular books and movies might carry the seed of revolutionary ideas. While fiction may sound like a bizarre place to look at, it's also where people go to voice their displeasure with the status quo. For instance, in a world obsessed with techno-dystopian fantasies, maybe what people actually need is more social interaction, which smart start-ups might offer.
2. Identify your strengths and attributes that set you apart
Begin by understanding what you're selling and what you're good at. Best niche marketing tactics are a part of the brand's special attributes and perspectives. So think of the unique and outstanding qualities of your brand, team and offerings. The right niche marketing tactics are part of the brand's distinct attributes and viewpoints.
Often consider the places you love living in and the people you prefer working with. Niche marketing is a chance to dig down and concentrate on the sector of customers you most want to relate to, so determine who you are most willing to represent.
You might come up with all kinds of innovative and original services or products, but if no one wants what you’ve produced, they’re of little use. Also, although you are targeting a niche market, there must be adequate demand for your product for you to cut out a profit. To determine demand, you must understand your market and conduct extensive market research. If you want to know if there’s market for your service or product, the best way to find out is to reach out to your target market, go to the streets, and ask.
3. Apply innovations from one industry to the next
Following the line in technological changes is a good way to find innovations across industries, but be careful not to get swept up in play-out patterns and bubbles.
Uber popularized gig jobs with productivity and reduced cost to customers, and inspired many startups seeking to be the "Uber of X Industry." Unfortunately, most of them struggled, mostly because they did not have actual value like the way Uber did with taxis and delivery services.
Not all concepts succeed in every market. The dot-com craze of the late 1990s faced a similar fate, as did the computer game bubble of the early 1980s. Applying innovative ideas from one sector to another is always a wonderful way to look for creativity, and surely someone is going to do it. Try to resort to out-of-the-box methods to find the maximum potential value, such as implementing innovative solutions from one sector to an entirely different industry to see if they work better. But at the same time being realistic and pragmatic on whether or not you missed the boat is also key, or you risk having another buzzword-friendly, dead-end start-up.
Ideally, you desire to be the only one selling what you’re selling. The trick to coming up with a unique product or service is to search for unmet needs.
4. Focus on the needs and aspirations of people
Regrettably, innovation doesn't take place exactly where people know they want it. Many of the people of the 1980s had no idea that in two decades, nearly all would be exposed to a sea of information and knowledge on the internet.
The internet has created new technology, as people have noted, which could help address the inherent human desire for communication and information seeking. To discover a business niche beyond the challenges that people already feel they have, search for new approaches to satisfy basic human needs such as thirst and hunger, as well as more esoteric needs such as connection and a sense of community and belonging.
Identified problems are often still obstacles and they're difficult to overcome, so by leveraging the opportunities of an evolving market, you can stay abreast of new ways to address and satisfy needs.
There's a lot of space in the world for new ways to fulfill human needs and wishes. For example, Meetup and Facebook both meet the need for a connection, but in somewhat different ways. The sheer functionality of Facebook does not eliminate the more organic human interaction of in-person meetings arranged by Meetup members.
5. Find revolutionary innovations in bottlenecks and loopholes
Instead of simply pursuing current trends, think past what's normal right now to what could be popular in the future. Although this approach entails the greatest risks, it can prove to be highly rewarding to a select few.
Incremental innovations, such as the application of innovations from one industry to another, already have a great deal of work behind them. And start-ups focusing on genuinely disruptive technologies, such as the phone or the Internet, are much less likely to be successful when they start out, but as they flourish, they drastically change the economy and also make their pioneering innovators and founders wildly successful.
This room for radical innovation is why some Silicon Valley entrepreneurs and investors are looking past the digital-tech bubble for more revolutionary innovation opportunities. For eg, former Facebook VP Chamath Palihapitiya oriented his investment focus to long-term, complex issues in high-value areas such as science, energy, and healthcare, telling Fast Company that he is scouting for start-ups that resolve the most challenging issues.
6. There are niche markets waiting for you in every industry if you think creatively
Niche markets tend to be small, and there is only space for so many players. Before you begin yourself, research your competitors, the market size, and how much of that market might be free and available to you. If you have zero competitors, and demand seems high, your business concept has the required potential.
It is extremely rare, if not difficult, to find every sector or market where any niche has been permanently filled. In one instance of the unexpected issue that is now being addressed, humanity is so connected that merely getting away from that connection has appeal for many individuals, and recent start-ups offer consumers digital detox retreats for people who are heavily addicted to their technology. As people are increasingly aware of the potential for digital addiction, there is scope for several entrepreneurs to copy this simple model with different variants.
Despite the limited intent of digital detox withdrawals at first glance, even within the market, there are many smaller domains. For example, many retreats center on highly structured and planned schedules. But not everyone wishes to go to a resort only to be moved from activity to activity. And as far as the events themselves are concerned, while some people would choose to go to digital detox retreats centered around mindful meditation, others may choose retreats focused on comprehensive professional skills improvement.
Since society is continually evolving, even the most impermeable markets are never entirely inaccessible. There are potential value niches out there just waiting for the right start-up solution, and there are potential value niches that have yet to be identified. Also, inside established markets, there are many unexplored niches waiting for a new innovative solution. Don't just mirror anyone else for start-up results. Instead, pursue a different business niche that brings meaning to customers.
7. Join the community
Once you've got the pulse of the community, it's time to bring your game face on. Keep it clear and straightforward, hone your sales pitch down to one statement that you can casually integrate into conversations. You may also expect to use this one-sentence pitch for email topics, blog headlines, etc.
8. Dive in
Marketing is essential for niche businesses than for any other type of business because client awareness of your service or product is low. Your success or failure depends on making the connection with exactly the right type of consumer or client and making them realize that they require your product. When you're a well-known organization inside your niche communities and have some shared followers, likes, etc., it's time to unleash the body of your campaign. Instagram posts, Facebook Infographics, and all other forms of media that you have successfully used in other promotions can be used here—only with more precise wording and branding for your niche.
Through marketing, you can reach and educate your potential clients. Once you establish leads, build a relationship by making contact on a daily basis. If you apply all the above-mentioned concepts, your small business will enjoy the powerful competitive advantage that mastering a niche market offers.
And just like that, you now have niche targeting! Like every other aspect of content marketing, niche marketing is a long game and you have to give it time and cultivate your budding connections with your niche fans, and, like any crowd, they're going to repay you when the time is apt. And guess what? Socinova can help you with that!
We are a social media management agency with 6 years of experience and a good client base around the world. Our content creation process is innovative, so we have a flexible team that integrates seamlessly with your existing resources. For your convenience and in order to make sure that you get exactly what you desire, we have tailored many packages that will suit you in your endeavor to make a social media presence for yourself. Work together with our expert team to develop content that is high-quality, on-brand, and that your audience is going to adore.
With our expert team behind you, there’s nowhere to go but up. Contact us today if you’re ready to take your social media marketing to the next phase!