What is a Market Niche Strategy and Its Importance?
Niche Marketing is defined as channelizing all advertising efforts towards a well-defined niche of the consumer population. Now, there’s nothing necessarily wrong with that. After all, no business goes into business without knowing the exact purpose of their being in business. And while many marketers have “niche” marketing ideas that they swear by, defining a niche isn’t as easy as it sounds. There’s one very important thing to realize, however, which is that niche doesn’t truly exist, but exists only by cleverly identifying what the consumer wants and doing marketing methods that target this audience.
Let me give you an example. Imagine you’re trying to attract sales from a very specific sector. Let’s say that your business is in the travel industry, and you’re selling travel-tour guides. What would be the ideal customer? The ideal customer for your travel tour operator’s company would be someone who already owns a couple of travel tours, someone who’s actively looking to save time, energy, and money on traveling, and someone who is looking for an alternative way to get to their dream vacation location.
So, what do you do to create a niche market? You take your current products, services, and sales techniques and streamline them into a package that will appeal to this ideal customer. By doing this, you will become one of many companies that offer a travel tour company, rather than the competitors that your target market will flock to when they are ready to travel. One way you can make your new company stand out above your competitors is to focus on one particular aspect of travel or tours.
Another way to build a niche market is to determine what segments of the general population that you will focus on. For instance, if you were operating a tour company, you may want to concentrate on families. Another idea would be to target retired professionals. Your marketing strategy should be geared towards your target audience.
When you have a niche market decided on, the next step is to create detailed research about your target audience. Conduct online research using keyword terms that are relative to your niche market. It’s important to include these terms in all of your website content. You should also find out what kinds of websites are ranking well for these terms. Once you’ve learned what kind of sites are being ranked well for these terms, you can begin tailoring your website and your offerings to fit their needs.
While these niches may not provide the highest returns immediately, they are a great place to start. Helen Schifter explains how if done correctly, niche marketing can help your company to slowly climb to the top of the search engine listings. These niches are some of the best ways to build a strong foundation for your business.
Helen Schifter explains the components of a niche market which include search engine optimization, copywriting, design, and most importantly your website’s capability to deliver on your niche’s specific needs and requirements. Although there are other components, these are the most important ones.
Search Engine Optimization (SEO) is all about making sure that your website appears at the top of the search results when a searcher types in a specific term or phrase. That is to say, your site should be optimized for your target market. There are many ways of optimizing your website. However, the way your site appears in the SERPs will give you an idea as to how well you are doing. To ensure that your SEO efforts are successful, you must determine which keywords are working for your niche market and use them liberally to make your site more visible. Copywriting is also an essential component of a good SEO campaign.
It is through these components that you can tell if your niche market is receptive to your marketing messages or not. As such, you must conduct market research to know what the prevailing thoughts and feelings of your targeted clients are. This way, you will be able to better cater to their needs as far as marketing is concerned. With proper market research, you will be able to establish your niche as a viable venture and be able to fully exploit its potential.