These days we aren’t just swimming in a sea of information; we’re drowning in a tsunami of content. Tidal waves of advertising messages rush and pour into every area of our lives. From a business perspective, competition is fierce, and it can feel harder and harder to stay afloat. If you’re looking for a life vest (we’re on a roll with these water references), we have some ideas for you.
While you might think we’d suggest casting out the largest net of product offerings and messaging to reel in the highest volume of people, we’re not. Instead, we’re going to explore the opposing strategy—how to think small to grow bigger.
Take it down a notch & find your niche
Have you heard of niching down? It’s a targeted form of connecting with audiences that narrows your focus for better results. Instead of diluting your offerings to touch as many people as possible (which can feel impersonal and insincere), you concentrate your efforts on the audience group that would most benefit from your products or services (which feels authentic and offers greater resonance). Though it might sound counterintuitive, going smaller has the potential for more potent results.
Still hesitant? Let us explain why niching can be super nifty:
- Niching can help you stand out in the crowd with a stronger and more memorable brand identity
- When you focus on a defined market segment, you’ll be able to communicate with them more effectively and build a stronger, more personal relationship
- Search Engine Optimization becomes easier and online visibility improves when you target a specific group of people
- ROI! By optimising your marketing plan for a defined demographic, you’ll concentrate your efforts where you’ll get the most success (aka you’ll get the biggest bang for your buck). Who doesn’t love that?!
If you’re still on the fence, here are some real world (and really successful) examples of companies that’ve niched down:
- DryBar is a single-service hair salon that gives fresh salon looks without the hours and cost of a cut and colour. Popular in the United States, this company identified an untapped customer demand
- Whole Foods is a niche business that focuses on conscious consumers and puts a premium on health and wellness
- Flair Airlines started out as a cargo and charter airline, but has now carved out a niche as Canada’s first independent ultra-low-cost carrier
We could go on, but we think you get the idea.
Ask yourself these nice & niche questions
This all sounds great in theory, but you might be wondering how it can work for YOU. While every business is unique and every scenario is different, there are some questions you can ask yourself to assess if it’s feasible and profitable for you to focus on a more defined niche. Let’s break it down.
Question One: Who is your ideal target customer? Think about what they want, their pains and what moves them. The better you understand who you want to target, the more impactful your strategy and marketing will become. Take into account:
- Where they live, their profession, household income, age, education and marital status, etc.
- Their online shopping behaviours, interests and values
- Their reach, range and potential for profitability. Can’t forget these!
You don’t need to be a PI to gather this info. You can look at your existing customer database, analyze your social media followers, assess past online interactions and review external industry research. Facebook Audience Insights is a super handy tool too!
Question Two: How do your current offerings dial-in to the ideal customer profile you’ve identified? How can you align your efforts to better match their wants and needs? These questions will help you identify areas of improvement and examine your existing advertising tools to make sure you’re hitting the right marks.
Question Three: What untapped opportunities are available to better serve your target customer? Here you can you look at your industry, review your competitive advantages and evaluate if you can focus your offerings for a more tailored (aka niche) approach.
Is New & Niche Right for You?
Brian Chesky, the Co-founder and CEO of Airbnb, once said, “Build something 100 people love, not something one million people kind of like”. This is the core concept behind niche marketing—a powerful strategy that has the potential to build better brands.
Is it right for you? Start investigating. Use these questions to evaluate your target consumers, audit your current offerings and assess the feasibility of narrowing your scope.
Wondering where you go from here? We can help with that. Our creative and strategic experts can help you decipher if niching down is the right route for you. Feel free to explore our marketing services or reach out to us today.