What is niche marketing? Businessdictionary.com defines niche marketing as
“a method of concentrating all marketing efforts on a small but specific and well defined segment of the population. Niches do not ‘exist’ but are ‘created’ by identifying needs, wants, and requirements that are being addressed poorly or not at all by other firms, and developing and delivering goods or services to satisfy them. As a strategy, niche marketing is aimed at being a big fish in a small pond instead of being a small fish in a big pond.”
Niche marketing can be a scary path to follow especially for an established company or organization and it is not without some inherent risks. But in a global economy one of the best ways to differentiate yourself is to focus on serving the needs of a particular population.
At 3D, we work extensively with Centers and Institutes within the University setting. It is a hyper-specialized niche but it allows us to focus on solving their needs and addressing their problems. Remember, the goal is to add value. It is much easier to do that, if you are familiar with their pain points and challenges. You can’t be all things to all people. You are destined to fail if you go that route.
So how do you go about establishing your particular niche? Look to your current clients. More often than not, your clients gravitate towards you because you are adept at helping them to solve specific problems. What are they? Ask them why they chose your company and what specific value you provide to them. After a few conversations, patterns will emerge that will help you to identify your unique value proposition.
Although I strongly recommend determining your niche, I caution you not to put all your eggs in one basket. Focusing solely on one vertical will leave you vulnerable if that niche disappears. Instead, make certain to have a few different verticals that are not dependent on identical market forces or income streams. You want to be certain to protect your company as well.
Once you have identified which verticals you want to focus on you can then begin the process of marketing so they can find you. One of the best ways to bring in new clients is to create content that will help them achieve their goals and position you as a thought leader in your field. Content Marketing is a great way to do that.
3 steps to create a solid niche market for your business:
- Evaluate – Interview your current client roster and see what connects them
- Diversify – Create multiple streams of income. Don’t put all your eggs in one basket
- Become invaluable – Make your company or organization a valuable resource for information
If you need some help figuring out where to begin, take advantage of our free 30-minute marketing assessment and let 3D set you on the path to success.
We Can Help
3D Studios helps businesses grow their influence and their brands. As a boutique brand management agency, we begin with a thorough analysis of your needs and partner with you to develop and execute a marketing plan that will help you take your business to the next level. To learn more about how 3D Studios can help you, visit us at www.3Dstudios.net or call 914-304-4229.