Target the right niche
The biggest mistake, most entrepreneurs make is that they assume, it is only the price and the quality of a product that help sell the product.
Tags: Target the right niche, Your marketing efficiency will be enhanced if you target the right niche for your product as trying to promote your product everywhere and to everyone can make your effort go in vain. A company needs to stay focused on its marketin
The biggest mistake, most entrepreneurs make is that they assume, it is only the price and the quality of a product that help sell the product. They give very less or no attention to the product and the ‘niche’ it caters to.
Your marketing efficiency will be enhanced if you target the right niche for your product as trying to promote your product everywhere and to everyone can make your effort go in vain. A company needs to stay focused on its marketing efforts while catering to the niche segment as attracting customers can take some time but make sure that you press the right nerve of the group.
Achin Kansal, Co-Founder, Adrunindia, a marketing and advertising company catering to niche segment, points out, “Some companies associate their products with social welfare in order to reach a larger section of the niche segment”.
Five Points to note
Cost effectiveness- Niche marketing is cost effective as the product or service offered is marketed straight to the right audience i.e., to the people who require it or where ‘demand’ can be created. If you are hosting an event on franchising, you should be marketing it only to people who want to run their own business and not necessarily to all. “Niche marketing targets particular section of people. We first try to segment companies with respect to the amount of money they would spend on marketing and then target those companies that want to spend less for products to get marketed effectively” adds Achin Kansal, Co-Founder, Adrunindia
Meet customer’s unique needs- Once you have identified your potential market for sales and have understood the traits of the customers, you can use this information to meet their unique needs. If you are a car dealer selling SUVs (sports utility vehicles), then you should understand that a person who wants to buy an SUV (a niche product), would prefer to have a LCD (liquid crystal displays) screen and GPRS (General Packet Radio Service) in it.
Lesser competition- A niche market normally has lesser players operating in it. So you can derive the benefit of controlling that market and the price, to some extent. Take for example a niche segment of ‘Fairness cream for men’. How many products can you recall when you think of this segement? There are only a few big names in this segment.
Say the right things, the right way- When you approach a new market, it is essential to speak their language. In other words, you should understand the market jargons and communicate with the people as an aware member of the industry and should not sound like a newcomer.
Research the market- Before and after entering the market make sure that you keep an eye on your competitors and the innovative methods, they adopt to lure customers in the niche segment. Keep note of their key selling points, pricing, and delivery etc.