Niche Targeting empowers customer acquisition, by pinpointing the key audience that guarantees enduring success.
New to the concept? Read on.
Let’s face it: Nothing on the marketplace is meant for everyone.
You’re going to please no one if you’re selling to random people. To run a business-boosting campaign, addressing the correct audience is fundamental. Or else, you risk screwing it up completely.
Look into — Niche Targeting.
Simply put, niche targeting aims to connect you with a very specific audience, very well. It is an effective, if not essential, way to win in today's increasingly competitive world.
So, What is Niche Targeting?
Niche Targeting is defined as a practice of directing marketing effort towards a unique population subset (aka, a niche). Of which, people in each distinctive niche have their own needs and wants.
By no means does “a niche” represent a small segment; it just focalizes around a group of hyper-targeted individuals who matter most. In order to go after the future customers a lot more aggressively than we did in the past.
Why Niche Targeting is Useful?
Companies that identify their core audiences properly enjoy significant advantages. According to a recent study in Asia-Pacific, 86% of marketing leaders found that it was crucial for sustainable business growth. In addition, companies with niche-centric audience plans in place reaped 3-5x higher profits than those that didn't, over a 24-month period.
By niching, you’ll take in three proven benefits, including:
1. Little Competition
Using standard targeting methods, you ought to battle for attention against numerous rivals within a particular category. Instead, advanced niche targeting lets you lock on a target niche effortlessly and turn it as an asset.
2. Strong ROI
Presenting relevant offers to a narrow audience, you get higher conversion rates, improved sales, and boosted revenue as a whole. Thus, you obtain far rock-solid financial return than appealing to a broader audience.
3. Rapid Result
Earning genuine connections usually takes time. For instance, it requires at least 9 months for content marketing to really gain traction. Yet, adding a niche-powered approach could drive an uptick on KPIs in days, if not hours.
Now, perhaps, you understand why less can often lead to more when it comes to marketing.
How to Develop a Niche Strategy
Niche Targeting enables brands to carve out an important piece of the entire market for themselves. When done right, marketers can build up a valuable customer base in no time.
Check out how you can do this.
STEP 1
Define the ideal customer profile for your brand.
STEP 2
Be selective with audience you take on. Focus on the niches that promise profitability.
STEP 3
Tailor your offer and messaging to each of the selected ones.
STEP 4
Decide on which channel works best to capture them.
STEP 5
Analyse the outcomes and adjust accordingly.
In this precision-led strategy, the marketer concentrates on multiple niche segments at a time. Besides, the brand also offers a differentiated outreach initiatives per single segment — and access them regularly via an efficient medium for extended impact.
Now It's Your Turn
Remember, the wrong audience is a very expensive — and often unnecessary — cost in business. And if you choose not to niche, your business might suffer from retarded growth.
Great companies like American Express, Lululemon, and Under Armour have all relied on well-targeted campaigns to bring in more customers who buy more, more often.
And so should you.