February 28, 2017
How do you pronounce the word “niche”?
By Maureen McCabe
If you are a business owner and want to expand your client base, you already know about your competition in certain areas of the market. Your goal is to build a reputation that speaks to specific needs in one of those targeted markets, and reach those who can put your solution to use. In order to manage the process, it helps to learn a little about niche marketing.
What is Niche Marketing?
Sometimes confused with targeted marketing, this approach actually digs a little deeper. Finding a niche does not mean approaching an area of the market where the competition is thin and then trying to sell those consumers on all of your goods or services. With a niche, you are looking for a specific type of customer in that market who will make use of one or more of your products and services.
In addition to asking the question of “what is niche marketing?” you may wonder why any business owner would spend the time and effort on such a specialized course of action. There are several reasons.
One of the main benefits of niche marketing is that you are going after customers which others are overlooking. As few firms make the effort to reach these lower-volume customers, you can come in, offer an affordable solution and establish a relationship that others will find hard to break. In terms of longevity, those niche customers are more likely to remain with you for the long term.
An Example of Niche Marketing
Now that you have an answer to the question of “what is niche marketing?” consider an example of how the process works. Think about a salesperson who works for a company that offers conference call solutions. There are dozens, perhaps thousands of competitors for customers in the retail, manufacturing, and legal industries. After some investigation, you decide that a good target market is the healthcare industry.
Within that target, your goal is to define a niche by offering a conference call idea that no one else provides. Try narrowing your focus down to local clinics or hospitals, and talk to executives or board members about using conferencing to bring educational sessions to doctors or consultations to patients. Conferencing is used to broadcast those sessions live, and can also be used to record them for access later.
What does this do for you? You company will become known as a business that helps healthcare facilities promote education and increase access to medical knowledge. The cost is reasonable and the benefits that come from your conferencing technology improve and/or enhance the level of care a hospital can provide.
You filled a need that everyone else had overlooked. By word of mouth from your happy healthcare clients, your business volumes will grow. Overtime your reputation will be equated as the “go to” teleconferencing company for healthcare facilities.
Remember that even after you have put niche marketing strategy to use, that does not mean you have to use this method exclusively. Niche marketing strategies can go hand in hand with your efforts to build a presence in wider markets.
What is your marketing strategy and plan to boost your brand? Explore your options by requesting a complimentary consultation with a marketing specialist.
How Do You Pronounce the Word, “Niche”?
- My Americans colleague typically say “nitch” although U.S. dictionaries provide two other options: “neesh” and “nish.”
- Canadians typically say “neesh” or “nitch” while British friends say, “neesh.”
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