It is true that there are millions of customers to catch online. However, not all of these online users are your ideal customers. You need to define a certain group of people who are interested to visit your website, browse your content and buy your products. Therefore, you need to identify your niche market.
Niche marketing is an online marketing strategy of targeting a small segment of the market. Here, you can identify a more specific needs and wants of a certain customer group. By defining these specific needs, you can better align your marketing strategies and product features/benefits to greatly satisfy these customers, making them loyal in the process.
Moreover, aligning your strategies to customers whom you can easily manage and serve will allow you to efficiently allocate your budget and resources. Just like in any kind of business, you need to manage your resources properly and get the most of your investment.
DEFINING YOUR TARGET MARKET
To effectively pull off a niche marketing strategy, you need to carefully define who your target customers are. It is important because your other strategies will revolve around this specific group of people. You can better allocate your resources and manage your expense if you are marketing to people who are receptive to your offers and have an immediate need for your products.
What a lot of businesses and entrepreneurs do is the exact opposite of doing marketing the right way. Many of them start with a product in mind. They will create a product without knowing first if there is a profitable group of customers that will buy it. If you approach marketing that way, you are going to have a difficult time selling your products to people online because you have yet to establish a need for it.
Do not start your business with a product in mind. Rather, start your business with a customer in mind. Look for a group of people who have similar needs or problems. Then, try to find out how you can satisfy these needs. Look for a solution to solve their problems. Always define your customer first.
To identify your target market, you need to define the specific demography of your customers such as age, gender, geographical area, social class, nature of work, religious affiliation and number of children. You can be as specific as possible by also identifying their likes and dislikes, point of view in life, hobbies, source of motivation, etc. You just need to do a thorough research about your target customers. The most effective way to do that is by doing a survey (online or offline), observing and conducting interviews.
Once you successfully define your target market, you can now concentrate on the products that you are going sell. Having a better understanding of your target customer will enable you to tailor-fit your offer to their specific needs and wants. Thus, you can effectively market it. Also, when you provide a product that makes customer happy, you can establish loyal following.