Jun 24

Niche Marketing

Posted by BMT Micro

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   Niche Marketing - BMT Micro

Carving out a unique niche for your business is key to growing your customer base. In order to be successful, you will need to understand who your customers are and how your business can better serve them. You will need to connect with them on a personal level and focus on turning them into a team of dedicated followers that will push your business forward. Once you have discovered your niche, you will be able to redirect your efforts towards reaching a larger audience and growing your business.

What is Niche Marketing?
BusinessDictionary.com defines niche marketing as “concentrating all marketing efforts on a small but specific and well-defined segment of the population. Niches do not ‘exist’ but are ‘created’ by identifying needs, wants, and requirements that are being addressed poorly or not at all by other firms, and developing and delivering goods or services to satisfy them.”

Many businesses view the idea of niche marketing as a strategy that will cut profit margin or limit sales. This is a common myth; however, niche marketing is not all about finding a small audience and creating a strategy to only serve them. Having a well-defined niche can give your business more power and a serious edge over the competition. The key is to uncover an underserved niche market and create a strategy that makes everyone want to be a part of it. Your marketing messages will also resonate better with your audience and turn them into dedicated fans that buy and rave about your product or service.

Cliff Harris, founder of Positech Games, is a great example of how a business can benefit from niche marketing. In a recent interview with gameindustry.biz Harris discusses the struggle to stand out and survive in the indie community: “what I’m saying is you want to be the only game that does what you do. I don’t think I’m the best in the world at making a complex political strategy game, but I am the only one. I kind of own that space.” Harris also points out one major key to his success: “Market it, nobody markets anything.” For Harris, the importance of marketing is huge and “prosperity is a matter of finding your niche and investing in marketing.”

Businesses that try to target everyone have significantly higher costs, which is why it is important to recognize that you can’t do business with everyone. Otherwise, you risk wasting a great amount of money and exhausting your resources. No one can afford to target everyone, but with a clearly defined niche, you can make sure to stay focused on selling to customers that are the most profitable. Plus, the smaller your target market is, the less competition there will be for the same audience and connecting with them will be even easier.

Think about it this way: would you rather be a small fish in a big pond or a big fish in a small pond?

If you narrow your focus and market you will be able to serve your customers much better. Niche marketing will help with your positioning and branding as you attract and connect with the right people. As you gain experience in your specific niche, you will also start to develop a reputation as an expert in the field. Once you are known for a certain niche and are seen as an expert, it’s easier to get more of the same type of customers so your business can grow from there.

Jun 17

IRCE 2016 Recap

Posted by BMT Micro

Reading Time: 2 minutes

  IRCE 2016 Recap - BMT Micro

Last week, BMT Micro attended the Internet Retailer Conference + Exhibition in Chicago, IL. IRCE is the largest e-commerce trade show in the industry that includes a 2 Day Conference & 2 Workshops with a variety of sessions and tracks. The IRCE agenda is curated by the expert editorial staff at Internet Retailer magazine. The tracks focused on new e-commerce technologies, e-retail success strategies and marketing must-haves. The exhibit hall featured 600 vendors in nearly every category and covered over 250,000 square feet of space.

We gained key insight from top industry leaders on various strategies and what has worked for their companies. Our main objective was to ensure that we are up to date on all things happening in e-commerce and to grow our knowledge. A few key takeaways and common themes from the sessions and the conference were:

  • Ecommerce is evolving faster than ever.
  • Data and Automation Drive the Future of All Marketing Communications – Data should drive your decisions.
  • Content Strategy – Stop being random with your content.
  • Sneak Peek: What’s Next at Facebook – You need to be mobile optimized & explore video (100,000,000 hours of video are watched every day on Facebook).
  • CRM Data Can Supercharge Paid Search and Social Targeting – Google vs. Facebook (again, data should drive your decisions).
  • The Hidden Gold in Post-Purchase Marketing – Drives long-term business and sales growth, higher ROI & ROAS, higher margin, and lower marketing costs with more predictable revenue.
  • Personalization – Personalized carts & personalized products see better ROI. Make your message authentic.
  • Responsive – If you don’t have a responsive site already, this is the first thing that should be on your company’s to-do list.

Overall, IRCE offered a vast amount of learning experiences, insights in e-commerce, and great networking opportunities. Check out our video below for some more highlights and if you have any questions please feel free to contact our Marketing Specialist via email at leah@bmtmicro!

Jun 10
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   How To Find & Attract The Right Audience - Part 2 - BMT Micro

In our previous blog post [part 1], we discussed the importance of understanding who your existing customers are and how to identify your target audience. Once you have accomplished this, the next task to tackle is creating content that converts and engages your audience.

Many businesses make the mistake of wasting a great amount of money and resources marketing on various platforms their target audience is not active on. This is why it is important to find out where your audience is and how they are communicating. Do they use search engines? Are they active on Facebook, Twitter, LinkedIn? No matter which channel you choose to engage your audience through, you need to pick the ones that work best with promoting your business. You should also utilize the data and information available through admin panels and analytics reports on the platforms you use. These can help your business learn more about who your audience is, what they care about, and how to best interact with them.

Find the best channels

What content is driving traffic?
There are a few different ways a business can find out what content is performing well on their site and driving traffic. You can start by looking at which pages have the highest pageviews on your site. You will also want to look at the content that is driving traffic to your site. Once you have done this, the last thing to look at is what content is performing best on each main acquisition channel (direct, organic, referral, social, paid, and email). By examining this, a business will have a better understanding of what type of content they should be investing in and improving.

What content is being shared?
A business’ site’s visibility is amplified when their content is shared on acquisition channels like social media. Not all content will perform the same across every channel so it’s vital to keep track of what is being shared the most and where. For example, some content is better suited to receive “Likes” or “Shares” on social media whereas other content may be better for generating organic search traffic.Tracking and analyzing metrics such as your likes, shares, retweets, and conversion rates is crucial to determining what’s working for your business and what is not.

Businesses must take the time to listen and examine the online activity of their audience to successfully create targeted content and ad campaigns. Now that you have a good understanding of how to find the right audience and how to create content that converts and engages, it’s time to make monitoring your analytics a habit. You will want to consistently check your social media and content analytics to see what is driving traffic and giving your business the best results. By doing this, you will be able to learn from your data, optimize content for better performance, keep your audience engaged and grow your business.

Jun 3
Reading Time: 2 minutes

   How To Find & Attract The Right Audience - Part 1 - BMT Micro

One of the most basic rules of marketing is to know your audience, yet many businesses still struggle to keep existing customers, much less, gain new ones. Today, businesses are putting too much focus on growing lists, fans, and followers instead of building an engaging community. Many attempt to create engaging marketing strategies to build their audience, but end up with a very little return on their investment. This is because crafting the right messages for engagement is a whole new task to tackle once you have identified your target audience.

Identify your target audience
As an online business, knowing your target audience is crucial. You are not going to be able to grow and build an audience if you don’t know the specific type of customers you want to attract. No one can afford to target everyone, but with a clearly defined target audience, it is much easier to determine where and how to market. Plus, it will make your marketing efforts more efficient and increase the potential for successful engagement.

Look at your existing customer base
You can learn a lot just from the data of your existing customers. Analyzing this data can help a business get to know who their customers are on a more personal level. It will also help gain insight into their existing customer’s activities and learn more about their online browsing activity. All of this information can help deliver better, more targeted campaigns and define what a qualified audience looks like.

Who is visiting your site?
One way to get know your existing customer base is by knowing who is currently visiting your site. Google Analytics can provide you with demographic data such as age and gender under the audience category. By analyzing this, a business can compare their current audience to their target.

Where are they located?
Geography is also important. Are your customers in the US or international? To target accordingly, a business will want to know where current site visitors are located. Google Analytics can provide you with this data under the audience category as well.
How are they getting to your site?

A business also needs to understand how their existing audience is getting to their site. You will want to examine which channels are bringing in the most traffic and the highest conversions. A business should focus on 6 main acquisition channels: direct, organic, referral, social, paid, and email. These are also the 6 main channels Google Analytics tracks.

Now that you’ve got a good idea of who your customer is, it’s time to focus on creating content that converts and engages.

This post is a part of a 2 part series. Check back next Friday, June 10th for part 2.