If you are a small business, niche marketing can allow you to succeed without having to compete with the big corporates.
Being a niche player involves four things:
1. Finding out what is ‘unique’ to the business. That means understanding what your customers really want when they buy the product or service and why they buy it from you rather than a competitor. Uniqueness can be product – or market-based.
2. Specialising in customers and/or products rather than methods of production. This is important when competing on price. You must understand your customer thoroughly and ensure that your product or service meets their needs in every way. Ongoing, thorough market research is essential when you specialise.
3. Stressing the inherent strengths of your company and the USP (unique selling point) of your product or service over its competitors, i.e. innovation, flexibility, personalised service etc. through targeted marketing efforts aimed at the niche market.
4. Emphasising in your marketing the non-price elements that differentiate you from the competition. Niche players should be able to charge a premium price and sustain a high profit margin, something that is clearly a very attractive option for smaller firms.
Click on the following link to enjoy an inspiring story about niche marketing:
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