In the past, marketing strategy was most heavily focused on finding and making brands recognizable to the widest possible audience.
Now, many small businesses are beginning to understand that this mass marketing approach is not smart for their business. For this reason, targeted marketing and creating niche branding are becoming increasingly favored.
Creating a narrow focus can be incredibly difficult and require more creativity. But once a small business finds its particular niche, the results can be incredibly successful.
Let’s dive into how you can create a successful niche brand.
Niche marketing is a specific area of marketing that aims to focus on a certain subset of the population to maximize results. Within marketing, which is the process of identifying an audience and promoting one’s goods or services, there is branding.
Creating a brand entails being authentic about your company’s purpose and making sure your audience can identify what kind of company you are. It is an intangible yet important part of creating a business marketing strategy. Niche branding, then, means creating a public image that is recognizable and memorable to a niche audience.
This is the most common advice when it comes to niche marketing: look for intersections and combine two different elements together to create something specific. There are plenty of examples of niche groups that you can aim toward, such as food and diet, age, and language groups.
Take food, for example. Say your small business sells fitness products, and you want to cater to a more specific niche. Consider looking at the intersection of your market with people who are vegan or plant-based in their diets.
However, niche branding does not have to include blending elements. Good niche brands simply have to have a narrow focus and be specific about their intent.
Consumers are becoming increasingly distrustful of brands that only want to take their money. They want brands that are authentic and human. For this reason, it is important to have personal touches and communicate clearly why you got into this business in the first place. Authenticity is becoming an extremely valuable asset.
Going along with authenticity, consumers want to know your company’s values. Not only does this mean that they want to know what you bring to the table (nailing down your value proposition), they also want to know what you think. What makes you unique? Decide what your brand identity is and communicate it to build a strong, loyal customer base.
Finding your niche can be time consuming and difficult. Once you have found something that works for you, however, the results may surprise you. Nowadays, there are more niche markets than ever. Consumers are behaving in highly distinct ways, differentiating themselves in what they want and the way they want to be communicated with. This poses a great challenge and opportunity for small businesses.
It is often more cost-effective and simpler to start up niche marketing campaigns. This is because there is no need to appeal to everyone. Your target audience has been studied and there is a higher chance of success and loyalty.
This is one of the most appealing aspects of niche marketing. Customers are more likely to find what they are looking for easily, leading to better conversion rates and customer retention and loyalty. For these reasons, specialists often get paid more.
Once you have solidified your niche, this can be the perfect time to grow your business. The hard part is over if you have amassed a core niche audience. Stakeholders will be more trusting in you. At this point, you have the opportunity to encroach on other adjacent niches and grow more.
Niche brands have the potential to capture big names’ potential or become big names themselves.
Take the luxury but affordable jewelry brand Kendra Scott. This company tapped into a specific niche market (college sororities) and used their specific brand of being the go-to for nice things that did not break the bank. Now, the company has grown from its original niche to something so much larger.
Engage 2 Engage is here to help your small business find its niche audience. We are proud to be success stories in the area of niche marketing. Two of many stories include:
Creating a niche brand message is one of Engage 2 Engage’s sweet spots. We love the creativity and innovative approach that is involved. Learn about our programs today and get us involved to help you create a powerful niche brand that stands out!