What is Niche Marketing?
You often hear the term “niche marketing” but perhaps you are just saying it even if you do not completely understand what it actually means. There is nothing to be embarrassed about this because the truth is… niche marketing can really be misleading and at some point a very confusing term. So if you want to grab any job opportunity as a virtual assistant, and it requires you to have an understanding of niche marketing, then don’t let go anymore. With better grasp at it, you can learn the ropes and soon find yourself experienced at this strategy.
To help you gain better understanding about niche marketing, it would be preferable to evaluate its meaning word per word.
What is Niche Anyway?
Niche is defined as a special area of demand for a product or service. With this definition, you would certainly come to think of it as a specific category within the entirety of the internet market place. It can either be in the broad market or it can point to a very specific area within that category. Take for instance the category y of fishing. The fishing category can be a broad sector for that market and you can market a lot of products or service with that category. However, you can also consider going to a specific area like “How to Fly Fishing”. If you desire so, you can market to that specific niche.
How About Marketing?
Marketing can be simply explained as the opportunity to buy or sell.
What is Niche Marketing Then?
When you combine the two terms which are “niche” and “marketing”, you will end up with a clear definition that states, niche marketing means the opportunity to sell to a special area of demand. This means you have a specifically targeted audience. So when your niche market is about fly fishing, you will be selling products, service or information to people with keen interest in fly fishing and not to every single person online.
In short, niche marketing is all about seeing the possibilities by targeting a specific group of people for the purpose of making your conversion rate higher compared to how you would reach if you target a broad market.
It sounds simple right? But you have to look deeper because it is not. But, it is feasible, provided that you know how to follow the rules for effective niche marketing.
Niche Marketing Rules Every Niche Marketer Should Stick With
1. Identify the unique needs of your targeted audience
Begin by thinking about and listing down all the possibilities that you can offer. You have to think of something unique that can make you stand out among your competitors. Simple modifications that can make your product or service unique to meet the specific need of your chosen market can help you reach and captivate the attention of your chosen niche.
2. Reach out to your niche with the right message
Communications is a key component of your niche marketing strategies. You have to learn the language of your niche because you need to convey to them in the clearest manner that you have the solution for their products. Without sending the correct message, it would not be easy to make your product move. This is why you need to focus more on learning how to get in touch with your customer clearly because sending the wrong message to this segment of the market would ruin your chances to succeed in niche marketing.
3. View and test the market before moving ahead
No matter how eager you are and regardless if you know that you have a very good offering, you should not immediately proceed without viewing and testing the current market. Perform a competitive analysis by finding out what your competitors are doing. Test and look deeper on how well you would fare against them. How to do this? Visit their websites, read their ads and browse over their brochures taking note of their primary selling concerns, pricing, and delivery methods.