In order to understand what niche marketing is, its necessary to give it a set of definitions. In general, there are three which, when managed effectively, have a single objective.
- A niche market has little or no competition;
There are very few steps that inhibit the sales process;
Both parties are qualified to act on their own authority to close the sale.
The overall objective of this process is to turn a customer into a long-term client, who buys year after year.
One example of these concepts is buying groceries. As soon as you walk into a store, there is no longer any competition from outside influences. There may be regulations that impact how the store manages its inventory, but they don’t impact you directly. The store has the right to sell the goods, and you have the right to buy them on a cash and carry basis. When all these elements come together you will prefer shopping at a particular store because they have excellent customer service and quality goods.
The key to niche marketing is not the product or service. While they are important, the real key to effective niche marketing is creating a unique, one-on-one relationship that is difficult to impact.
I have a friend who buys only Apple products. Its as though the Apple corporation threw up on his house. He refuses to buy computers, tablets, or accessories from any other company. In a very real sense, the Apple corporation fits the definition of a niche marketing plan that I outlined above.
To explain this concept even further, here is a copywriting formula that demonstrates how the niche marketing process can work:
Start with the promise. What does the product promise to do;
Create a picutre of the customer using and enjoying the product;
Reinforce the picture and the promise with implied or stated testimonials;
Focus their attention on the product as the first, best and only choice;
Close the sale directly and honestly.
The ultimate test of this marketing process is “So What!” As long as a potential customer can say ‘So What!” the customer doesn’t see the value the product will add to the quality of his/her life.
A niche market is a one-on-one relationship based on a strong level of trust between the buyer and seller. While the product or service is important, its the personal relationship that turns a customer into a long-term client.
© 2015, Moody Publishing Co., LLC