In Part Five we move onto the fifth of your 9 steps to niche marketing success and cover using niche marketing in your business. This step covers:
- Focus on a specific group
- Easy to add
- Easy to extend
- Easy to replicate
If you’re considering niche marketing as a means of growing your business and we certainly hope you are, it’s important to have a good understanding of why this is the right method to use. Here are the four key reasons why at the Dr Nitch niche Marketing Center we believe niche marketing is the only choice for your business.
Having a well-defined niche market allows you to keep focused in your marketing efforts. Regardless of what niche you choose, your efforts will be concise and specific, appealing to a defined, specific group of people.
One thing that prevents many from achieving success is trying too hard to appeal to everyone. No matter how universal you may think your product is, it’s not going to please everyone.
Rather than wasting time by going down this general route, you will achieve greater success by setting your sights on a small fraction of the available market and talk directly to them.
Let’s break this down a bit further.
A niche market takes several things into consideration including:
So just basing your niche on one of these areas wouldn’t work so well. It would be like trying to market to all dressmakers, rather than dressmakers who are making a wedding dress, for instance.
So once you’ve selected a niche market, you can focus all of your attention on appealing to that specific market. You are saying that people in this niche market are your customers, your focus, so you will tailor all of your messages about your products directly to them.
Remember, whenever possible – Specialize don’t Generalize.
One of the great advantages of niche marketing is the ease with which you can add new product formats onto your range and offer your existing customers more of what you know they already like.
So, if you are selling an information or ‘How to’ product, such as an audio book, you can easily add on additional products over time such as:
- a video series
- a membership based coaching program
- a printed newsletter
- a get together or conference
In fact, adding products in different formats to your existing niche is a great way to boost your profits from that single niche.
It’s what I call ‘the product waterfall’. Once you’ve made one product it’s very easy to re-build it in other formats.
Extending is a neat way to sell new product titles to your existing group of customers based on their interests. Niche Market Extension allows you to add additional related titles to your range knowing they will be of interest to your existing customers.
For example, if you are serving the niche of people interested in cruises and had a product about ‘Choosing the perfect cruise’ you could extend to add related products such as these to your range and still appeal to your existing customers:
- Staying safe on Cruise excursions
- Making the most of cruise ship facilities
- Planning a world cruise
- How to save time and money on your next cruise
- Creating a romantic Cruise vacation
- Important local customs cruise travelers should know
All these examples are different to the original title but are all of interest to the same niche — regular cruise travelers. Extending your product range allows you to sell more to your existing customer base and increase your credibility with them at the same time.
If it’s easy to add onto your current niche, it’s also easy to replicate what you offer to other related niches. In fact, it’s probably even easier to replicate, because you’ve already become so familiar with niche marketing.
For instance, if your current niche is Labrador health tips, you may want to replicate to offer health tips products specific to other breeds. You see the trend?
Building up one niche market enough and replicating your offer to additional niches will not only give you a range of related products where 80% of each is fundamentally the same each time but it will also build your reputation as an expert and authority in this subject area.
To replicate your offer into other niches you need to slightly amend your product to target other specific markets.
Replicating your offer into other related markets with specific offers is powerful in two other ways. Firstly it diversifies your business so if one small niche doesn’t work out you still have others.
Plus, with specific products you can charge higher prices. People who want your solution will always prefer to buy the solution that targets and speaks to them rather than to everyone.
For example, which is better, ‘Putting Tips’ (general) or ‘Putting Tips for Left Handed Golfers’ (specialist)? If you had such a product you could easily amend it to target other related specific markets such as:
- Putting tips for occasional golfers
- Putting tips for scratch handicap golfers
- Putting tips for competition golfers
- Putting tips for over 60 golfers
- Putting tips for kid golfers
A few years back I bought some antique porcelain spoons from the famous Tek Sing cargo, an ancient shipwreck that was rediscovered full of porcelain made in the 1600’s. I didn’t need all the spoons so after a few years I started putting them on eBay.
To begin with they sold well under ‘Antique Chinese Porcelain’ but then I started thinking about who else might want to buy such an item.
After a number of tests I then extended sales of these spoons on eBay to all these groups of customers:
- Antique Chinese Porcelain Collectors
- Spoon Collectors
- Shipwreck Memorabilia Collectors
- Tropical Fish Keepers
- Treasure Hunters
- Christening Gift Buyers
To access each new market all I had to do was change the headline, sub heads and some of the copy to reflect the interests of the new niche. This worked because to each group my product offer was specialized and targeted specifically to their group — it was specialist not general.
There are two key things to remember from this example. Firstly that your original niche may well stretch into others without too much work and secondly — always test a new niche before you do too much work.
Now on to Part Six of your Niche Marketing Course!
In Part Six we’ll move onto the sixth of your 9 steps to niche marketing success and cover what happens if you ignore niche marketing:
- Your efforts won’t pack a punch
- Extending into other markets is difficult
- Promotion and traffic will leak