Figuring out your business strategy also comes with the key understanding that even the best product lineup cannot please everybody. It’s a fact. In business, as in life, you can’t please everybody. Marketing 101: You can’t be everything to everybody. Don’t even try.
This is an affirmation that takes discipline and getting used to. You are not alone. We’ve been through it too. But there is absolutely nothing wrong with striving to be all-inclusive. There is a difference. So how do you address the niche market that you cannot reach?
Your Target Market is Not ‘Everyone’
Not only is it impossible to structure your business plan around the goal of targeting ‘everyone’, it is ridiculous. It is impossible for a company, no matter its size, to offer something that every single person would want. It is inherent in human nature that we would want to serve everyone’s interests. Which is why some businesses end up exhausting all of their efforts in making something that everyone will like. This is out of the concern that it won’t be maximizing its chances of capturing a wide audience. But this can create problems of its own:
In trying to please everyone, you run the risk of pleasing no one. What you end up having is a lesser, more thinned-out version of your business plan. This is a faltering vision of your brand. With feeble promises, it is all in the endeavor of wanting to be as general as possible.
Define Your Brand Positioning
You will have misdefined your brand positioning and have accomplished nothing because people just won’t get it. No one will understand what it is you are offering. Instead of gaining more consumers, you are, instead, giving them a reason to turn to other options. Their branding is likely more defined and more specific. In the end, you will have missed your targets. And instead of exceeding your goals, you will have met neither of them.
As an entrepreneur, this is exhausting. You and your business deserve to be successful. However, in offering something vague and generalized, you are offering consumers something far less than what you had imagined. The by-product ends up becoming a result of mediocrity, and people deserve better. As a consumer yourself, don’t you think that you do too?
It is easy to understand that as a small business owner you often end up working yourself to the ground. These efforts go towards trying to amplify your outputs. All with a limited amount of resources and in a way, it feels productive. It feels like you’re getting something done. But in the end, the work won’t matter if it’s not producing the results you were working towards. A lack of brand positioning creates outcomes that ultimately feel misguided and unaligned, which the market cannot accommodate.
The Emergence of the Niche Market
The key takeaway here is that having a voice and a unique identity for your brand is not only important by crucial. Much like being human, it’s impossible to please everybody and that’s okay. A niche market is, by definition, “a business that focuses on a niche is addressing a need for a product or service that is not being addressed by mainstream providers.” That is to say that a niche market is a “narrowly defined group of potential customers that have specific needs…”
In other words, the niche market is filling in the gaps that mainstream markets cannot by providing products that serve those consumers. It is not everything to everyone and it’s not even trying. When marketed well, products that fall under this sector can be a game-changer. And these products are slowly rising to prominence.
Recently, we have seen the rise of CBD products including an entire range spanning from essential oils, cosmetics and products for pets. Matcha, which was previously only familiar to very specific set of tea-drinkers, is now a flavor for everything– Starbucks has a green tea frappuccino, KitKats, ice cream, even face masks.
There is also the rise of subscription models, which for the longest time has only been a marketing concept that has been exclusively for cable and print publications. But because the multi-industry landscape is rapidly evolving, as well as the consistent increase in technological innovations, the subscription model has in and of itself, deliberately changed mass consumption. It has been applied to everything from online streaming platforms like Netflix, HBO Go and Spotify, to computer software, coffee, and custom-made vitamins.
The Strength of the Niche Market
It is important to even ask, why bother launching something when the chances of consumers paying attention to it are a long-shot? There are 2 reasons to fear that the market isn’t going to respond to your product: One is that you haven’t done your market research. And two, is that you do not have the backing of an efficient marketing strategy.
With the previous examples, we have seen that niche products can go mainstream, and marketing to narrow audience does have some advantages:
- Less competition – You can approach the market with an assurance that it is not over saturated with products like yours. Because you are targeting a more narrow and specific demographic, you can be confident that the market does not have a lot of options. With less competition, there are larger chances of standing out.
- Ease in building a loyal consumer base – Remember when we talked about brand positioning? With niche markets, you can take the wildest turns you need to, but do it right. Have a voice, talk about your vision, your dreams, your promises and fulfill them. Take a stance, plot out your direction, and as you venture forward, you would have built a loyal and devoted consumer-base who will look forward to seeing your brand grow.
- Increased visibility – Not only does niche marketing lead to a larger set of consumers, it can also lead to increased visibility. By having a small but devoted market, you are serving the right people, instead of creating products for a lot of people. Quality over quantity.
Save Marketing Costs With SeeBiz
Niche market marketing is a great example of an instance in which bigger is not always better. As you set out to find your market, you’re going to need the convenience of spreading the word and letting people know what you’re all about. That means having an online presence, creating marketing campaigns, and having the means for your target market to view your product lineup.
With SeeBiz, you can do all that and more while cutting costs along the way. With the “Discover Businesses You May Know Feature” you are saving overhead costs on networking by getting an all-access pass on a global network of wholesalers, suppliers and distributors. By simply uploading your products and creating online catalogs, you can cut expenses on websites and print materials.
Quality Over Quantity
In the end, niche marketing is about honing quality, and focusing your efforts in creating outstanding products for your market, instead of worrying about the odds. When you put your energies in achieving excellence, your brand voice will resonate with the markets you already have and then, strengthen those bonds. So just when you thought there couldn’t possibly be a market for essenced sparkling water. Think again.