What is Niche Marketing Strategy?
Learn what is niche marketing strategy and how to develop a niche marketing strategy that drives growth to any business and being a part of the overall marketing strategy
Designed to attract a specific subset of customers, a niche marketing strategy considers the narrow category into which your business falls. It focuses on a small group of buyers, instead of the broader market. A niche strategy helps you stand out from the competition, attract the people who can’t resist buying, and boost profitability.
As of March 2020, over 800K businesses in the United States were less than one year old. Combine that with the 31.7 million small businesses vying for customers, and the competition seems even more fierce. So how can you possibly create a marketing strategy that stands out? Diving into a specific niche is the way to set your business apart.
Let us look at how a handful of businesses use niche marketing to their advantage, before walking through the steps to create your own growth-generating strategy.
5 Examples of a Niche Marketing Strategy (Niche Market Examples):
- Flylow Gear
- Octavia Elizabeth Jewelry
- Natural Dog Company
- Photographers Without Borders
Developing a Niche Marketing Strategy
Now that you have a better grasp on how brands from all types of industries create strategies that drive growth, it’s time to shape your own.
Step 1: Know your competition.
Step 2: Narrow down your niche market.
Step 3: Go where your buyers are.
Step 4: Listen to the word on the street.
Step 5: Create a unique brand.
Read more here.