Niche Audience Pays Off: Marketing Monogamy
Being everything to everyone makes you nothing at all.
One of the most common misconceptions in marketing is that you can sell anything to anyone. Sure, some people have a natural ability to sell. These people are gifted and could sell sand in the Sahara, but businesses need to take a more targeted and focused approach. That’s why focusing on a niche audience pays off.
When starting a project, we always ask our clients who their niche market is.
Sometimes, they answer by saying “everyone” or “people in the ‘X’ industry”.
Wrong answer! This target market is too broad, but when we ask our clients to narrow their target market, they often go blank. You might think it does not make sense to narrow your possible client pool, but evidence shows you will actually sell MORE with less effort.
What is a “niche”? According to Merriam Webster, a niche is:
“The situation in which a business’s products or services can succeed by being sold to a particular kind or group of people.”
Dating metaphor time. Imagine you’re a young urban professional who loves sushi, the Yankees, and Philip Roth. Do you want to spend your valuable time going to a million random singles events? Or would you rather meet someone who shares YOUR interests at a Singles-Only Yankees Game, a Singles-Only Sushi Bar Event or a “You Could Marry Philip Roth” game show?
It’s much more likely that going to events where you have something in common with other attendees is going to find you the significant other you’re looking for (especially if you will only date Philip Roth.) Marketing is no different!
Find a common bond with a person, and you’ll earn their trust.
Unfortunately, there are a number of common misconceptions about marketing to your niche audience that can hinder your success.
We’re here to dispel these 4 common misconceptions and make your marketing more effective.
1.) I Don’t Need to Know my Niche Audience
“My company sells to everyone!”
Actually, you don’t! Unless you’re giving away money, then your product is not right for everyone.
Niche marketing has proven to be more effective AND more cost-effective than trying to target a wider group of consumers.
Why? If you know your customer as well as you know your best friend, you’ll know what their problems are and you’ll how you can solve them. Not everyone needs space in a data center, or a video production company. Find their needs, solve their problems, and you will make a sale — with less effort.
That’s right – by appealing to a unique audience, you’ll see better results for less money. Why spend $20,000 for a single ad that only appeals to 2% of the population, when you could spend that $20,000 creating content specifically to reach, educate and impress your niche market? Ultimately, your ROI will be much higher.
2.) Target Markets Will Cost Me Revenue
“But if I only market to certain people, other people won’t know about me and I’ll lose business.”
It is true that if you narrow down your market, there are certain individuals that may not find you. But guess what? It doesn’t matter! More often than not, those people who won’t find you were probably never going to buy from you in the first place.
What you are after is a certain TYPE of person. Consider this: Once you get really good at marketing to your specific niche audience, your sales process will be considerably more streamlined and yield greater results. Reaching people whose problems you can actually solve is a way more effective method!
Become an expert to a specifically defined target market. Prove yourself with them, earn their trust — even their affection — and when they are ready to buy from you, they will buy. It will take less work, and in return, you’ll see better results and more loyalty!
Not only that, but they will tell all their like-minded friends about you too.
3.) Demographic Information Isn’t Important to Target Markets
“Who cares how old my niche audience is? Who cares where they live, what they watch or what they eat? I’m looking for someone to sell to, not someone to date.”
If you are going to successfully connect with your market, you must get personal. Identifying someone’s concerns, goals and challenges is the key to developing a truly unique and effective marketing strategy. Knowing your prospect, what they read, what interests they have, what they worry about, what they care about, is a little like falling in love. And, the feeling can become mutual.
For instance, if you are selling expensive designer suits for women, your target demographic might be women over 40, in a high-level executive role, who drives a Mercedes, watches Madame Secretary, and travels frequently. You’ll speak differently to her than if she were a college student. Language, visuals and presentation matters. How can you market to someone if you don’t have a clear picture of who they are?
4.) Target Markets Don’t Apply to B2B Companies
“I don’t sell shoes, nail polish or fancy knives – I’m B2B company. This Target Market jargon doesn’t apply to me.”
Oh really?
Just because you’re B2B doesn’t mean that you’re not B2H (Business to Human). Human beings run companies, and human beings have identifiable concerns, challenges, and interests. If you want to sell to a business owner, a marketing manager or an IT specialist, you need to know who they are and what they need.
Would you try to sell IT services to the head of Marketing? A good campaign focuses on the pain points, fears and desires of PEOPLE. Show them how you solve their problems and ease their pain, and they will buy what you are selling.
Understanding and identifying with your niche audience is essential to effective Marketing. Go narrow and deep, and get specific! Then sit back (not literally of course) and watch (the love for) your business grow.
