One of the best ways to get your product or service into the hands of consumers is to aim for a niche market. Niche markets are great for newbie entrepreneurs working their way into the marketplace. Even profitable corporations know how to segment their goods and services into niche markets.
But where do you start?
You probably have a good idea of which niche market best fits your product. However, you’ll want to take some time getting to know that market…
Step 1: Understand your customer.
Before you can even consider turning a profit, you must understand your niche market. Start with the demographics – the basics. Age, gender, education, and income – they will all be important factors when creating your product messaging (see Step 4 below). Figure out WHO they are before trying to determine what they want.
Step 2: Determine their unique needs.
Once you know your customer, you can now determine what they need and want. And one of the best ways to figure this out is simple: Ask them. Create surveys and plan small focus groups and ask them what they want. (You’ll want to tailor your product to their needs.) Ask them about your closest competitors’ products and/or services. What do they like about the competition? What do they think could be improved? What would they like to see in the future?
Step 3: Give them what they want.
When creating or revising your products and/or services, be sure to tailor your creative vision to your niche market and their needs. (Give them what they want.) However, few marketers and developers forget one key point that will not only grab new business, but also sustain it: Innovation.
Innovation is the key to success with your market segment. Be innovative in your approach. Take what you’ve learned and give your niche market what they want…but with a twist! Something new. Something fresh. Continually challenge yourself to stay on the cutting-edge of your industry. If you continually produce innovative and quality products and services, you’ll keep your market segment coming back for more.
Step 4: Create and deliver the right message.
To properly target your niche market, you must craft your product messaging in such a way that it attracts the attention of your specific market segment. Start with your demographics. Think about the tone, style, and language that best fit your demographic market. Your tone and language will be different if targeting a 20-something group vs. 50-somethings.
Next, focus on their needs, and how you plan on meeting (and exceeding!) those needs. Use this in your messaging. State the problem (their needs) then present the solution (your product).
Finally, delivery of your message is just as important as the creation of your messaging. Choose the right mix of outlets for your message. If your demographics are more apt to listen to country music over hip hop, be sure to advertise on a country radio station otherwise your message may be lost on your audience.
Step 5: Stay engaged.
Engage your niche market by continually reaching out to them. Ask them questions. Provide answers to their problems. Use social media to stay in touch with your market segment. Be sure you are also staying on top of your competition and what they are creating – and how they are marketing their products and services.
By continually having a voice and presence in the marketplace you will always stay on the forefront of your customers’ minds.
One final note: As your company grows, think about your employees. Most successful niche market companies provide a high-level of service to their employees as well as their customers. Be sure to truly care about your employees. Hire, train, and retain a committed workforce that shares your vision and seeks to create quality products and provide superior customer service.
A happy company is a successful company.