Finding Your Niche
Finding your customer base, especially for newer ecommerce companies, can be intimidating and difficult. With so many competitors out there, finding a target audience to recruit as loyal customers might seem impossible. Targeting a niche market is a great way to help boost your sales and promote your brand. Take a look into what a niche market is and how you can find the best fit for your company.
What Is A Niche Market?
A niche market is a subset of a larger market. Usually, niche markets include characteristics, preferences or needs that are different from the broader market. Some examples of niche markets include budget, demographics, location, or psychographics. The reason that targeting a niche market typically is so successful is because you are able to focus all of your marketing efforts and products at a small subset of customers. For example, Glossier is a company in the beauty and skincare market. They sell skincare and beauty basics that anyone would need or want. Instead of marketing to the general public, they chose to target millennial women. From the packaging to the ingredients to the pricing, they made it as appealing as they could for that audience.
Things To Consider:
Consider your product, your brand, and your current market. If you think the niche market you’re going to target is going to be a fad, rather than a lasting market, consider choosing a different option. Do some research on the market to see if there is enough of a customer base (or potential customer base) to sell to that niche market. A good way to gauge this is to do some research on the competitors who are already in the market. Check to see how many of them there already are, how successful they are, and how many customers they have. If the market is already oversaturated, you will have a harder time converting customers. However, if it is a growing marketing with a solid customer base, that is a great time to focus your efforts on that specific audience! Also be sure to see what barriers you’ll encounter, such as overhead costs or special equipment you might need, as well as if the revenue will be worth the cost.
How To Find A Niche Market:
There are several ways to go about this. First, you can run a quick search to see what niche markets are out there, and which ones might be beneficial to you. There are tons of niche markets, so getting ideas by simply doing a little research is an easy way to get started. You can also conduct keyword research and see what people were also searching related to your key terms. Another effective methods is to survey customers. By going directly to the source, you are able to hear exactly what customers like, don’t like, what options they would like and where they are currently purchasing their products. If you are able to offer what the customers are asking for, they will feel heard and appreciated by you, which is a great way to earn their loyalty.
Niche markets aren’t for everyone, but with the world of ecommerce getting more and more competitive they are defiantly something worth looking into! Have you every tried selling to a niche market? What were your results? Let us know in the comment section!