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The saying that you can’t please everyone is not only true, but it’s especially true as a business owner. But you can be of service to your perfect customer.
What is a Niche? A niche is a section of a much larger market with shared characteristics, which could be a similar pain point, need, preference, identity, or opportunity, making it different from the larger market. The point of having a niche is that you are crafting a marketing message that significantly shortens the process of building buyer trust.
The process of niching down is to identify the section your business is more likely to resonate with, this means having a clear focus on who your ideal customers are, what their needs are, and being able to position your brand as the go-to guy for that specific need. Niching down is important for creating clear and consistent messaging to avoid confusion. Niche down and find that sub-segment that no one has penetrated but has a specific group of people who remain underserved.
List of Niche Markets
You can niche any industry, really ANY. You just have to take the time to find what will make you stick out.
Examples of Niche market
These are some examples of some niche market just give you an idea of what to do.
For example, let’s look at the Photography Industry, highly competitive, but some have been able to carve out their section, it could be as simple as specializing in family portraits, headshots, weddings, events, etc doing this will help position you for your ideal client who might be looking for the services you offer.
Benefits of having a Niche
“The point of having a niche is that you are crafting a marketing message that significantly shortens the process of building buyer trust.” Because people know what you do and who you’re targeting, thanks to Niching. The other benefit of niching down is, when you position your brand properly, you are open to parallel opportunities and markets as you’ve established trust. “Niching down doesn’t mean you have to give up on your passions. You can incorporate them into your business successfully as long as your messaging and communication plan is clear, cohesive and consistent.” – Robyn Graham
Characteristics of Niche market
A niche market is characterized by:
Unique set of needs: Niche market is represented by specialist needs among the audience, served by a few competitors. Ample size: The size of the niche market should be large enough to earn profits. Sufficient purchasing ability: While selecting a particular niche, the firm must lay emphasis on the purchasing ability of the target customers. No real competitors: Markets that are not recognized by other firms or the competitors have negligible interest in it. Resources, competencies and skills: Firm possesses the needed resources, competencies and skills, to exploit the niche. Need for special treatment: Niches are typified by the customer group whose needs are often ignored by the existing players in the market. Growth prospects: The firm seeking to enter a niche market, should focus on the growth prospects, i.e. the opportunities to grow and expand. Customers Goodwill: In order to excel in a market niche, first of all the firm should understand clearly and thoroughly, ‘what their customers need’. Further, niche customers are so loyal, that they can pay a higher price to get the product. Firm achieve economies through specialization: The primary advantage of pursuing a niche strategy is that the firm seeks dominance in the market and achieve economies through specialization. Provides barriers to entry for competitors: Niche market should be such that which presents barriers to entry for competitors because it is not likely to attract competitors easily. Greater profit margins: A niche marketer knows the customer’s group and their needs so well that it serves them in the best manner. This leads to greater margins due to the premium price for the value addition, and strong brand loyalty. Further, the customers are ready to pay a premium price for the product which exactly satisfies their needs.
You can’t be the go-to guy for everybody, you have to own your area, and that area is your niche. The great benefit of niching down is that it allows you to provide better benefits to those looking for you.
A niche market is a section of a much larger market with shared characteristics, which could be a similar pain point, need, preference, identity, or opportunity, making it different from the larger market.
The point of having a niche is that you are crafting a marketing message that significantly shortens the process of building buyer trust.” Because people know what you do and who you’re targeting, thanks to Niching.
The other benefit of niching down is, when you position your brand properly, you are open to parallel opportunities and markets as you’ve established trust.
Conscious consumers Health and wellness Pet owners The LGBTQ+ community Travelers Gamers Homeowners Remote workers Locals Gaming Laptops cold-pressed oil
Niching down doesn’t mean you have to give up on your passions. You can incorporate them into your business successfully as long as your messaging and communication plan is clear, cohesive and consistent.” – Robyn Graham
Branding transcends way beyond logos, colors and taglines. It is the lasting image or perpetual perception of your product or company that you want to create in the mind of your consumers. Branding influences patronage, customer loyalty and what new product will fit into your long term product train. Once you have created this image, and it has gained wide acceptance, it becomes a promise made to consumers on how your products will serve them, such that, a change in your branding style may be perceived as reneging on a promise, or even worse, breaking a covenant. The traits that are unique to your product or business, were it human, could be considered as the stepping stone into branding. This is called brand personality.
As a start-up, you should pop, as early as you can, the question “if my product was a person, what kind of person would it be? Maybe if P & G’s Ariel was a person, it could pass for a woman, aged 25-65, married, gentle/mild on others and loves squeaky clean, but wants that to happen faster. Now, you want to put your product on the same scale and ask the same question. Were you able to answer the question? This could determine if your business is a only source of livelihood or a legacy.
Whether you have named your product/business already or about to, you should consider these 5 reasons as convincing enough for you to clearly spell out the brand personality for your product or business.
It is meant to inform your choice of name, logo, color and tagline
Your brand personality should be clearly reflected in these identifying features for your business. When designing your logo for example, a graphic designer with knowledge of best practices should ask what your brand personality is. Many businesses bear identifying features that cannot be traced to the attributes portrayed by the brand to the consumer. While this may not affect market share in the short run, it may erase chances of any long term customer loyalty
It reflects the benefits of your brand to the consumer
What do consumers stand to gain from buying your products? How does it meet their needs? What long term satisfaction do they derive from using your product? all these and more are the core benefits that your brand personality can instill in the minds of consumers if clearly defined.
It makes marketing strategies easy and more effective
Creating and executing a marketing communication campaign plan is less tedious with a well specified brand personality as this aids your choice of marketing mix, promotional content and even the personalities portrayed in your adverts. It becomes natural at this point to want to sell your product’s attributes to the public in the most effective way possible as you have a good understanding of its personality.
It forms a core aspect of your brand architecture
Without properly identifying the brand personality of a parent product or business, developing the brand, I.e, adding other products, extending business lines, creating mergers and multiband structures may be fatal to either the already existing brand, the newly acquired brand or worse of all, the entire company. If you sell more than one product, your want to ensure that the personalities of your products encourage synergistic arrangement of these products in a way that connects with your first or parent brand. But how do you make sure to get this right without clearly defined brand personalities for each product.
It protects your brand
It is not the name of your business that tells that it has been taken, it is the brand personality that does. A Particular product type can be produced by several organizations but those without a brand personality will be lost in the shadow of the ones that have theirs clearly spelt out.
There are probably a thousand and one businesses with your type of product so, Branding your product or business is no longer an option if it once was. And you would want to start right by clearly identifying your brand personality because even when a product is easy to forget due to many available options, its personality in the consumer’s mind never goes away.