niche and target marketing equals higher advertising results.
Here’s why you do not send the same message to every customer. During the heyday of direct mail that was a common occurrence. Getting less than one-percent response rate for a mailing was also a common occurrence. Using the same marketing message sent to everyone is not good advertising. Especially you, the #SmallBiz.
If you want your marketing to work 24/7, or at minimum having your message read, you need to change your approach to advertising. Advertising is a tactic of direct marketing.
Add a direct marketing strategy with a strong focus on customer needs is key.
I’d recommend using both niche and target marketing as a learning tool.
Some people use the words interchangeably. As the promotional noise gets louder and more frequent, it’s wise to look at each one separately. The following two definitions work well for a small business that is beginning, or already using, a customer-centric marketing strategy.
A niche market is the separation of the total market on which a specific product is focused. Every product is defined by its market niche and usually a small grouping. Therefore, your niche market must be specialized, and built to survive among the competition from numerous companies.
For example, the I-Phone has a niche market for smart phones. People who enjoy a dark craft beer such as a stout or a porter, is another niche market.
A target market is a group of customers which adhere to a specific common denominator that a company can label as a specific group or segment.
Some of the more common segments are geographic locations, demographic, such as age or income, behavioral and psychographic, such as values and lifestyles.
For example, if you are selling an electric car, you should target by income and even geographically. If the price is comparable to an introductory auto, that’s another story
Not every contact is the same.
Not every contact in your marketing list is the same. If your firm is already customer-centric, you already know that. However, in 2017, is the time to dig deeper into your data. As your marketing team spends some time studying your customers buying behaviors, they must find a few unique ways to segment your niche market contacts and target market segments.
In a recent article by Tom Ryan, “Seven Marketing Automation Predictions and Best-Practices for 2017” published on January 5, 2017, in Marketing Profs he writes;
“2017 is going to be a huge year for customer retention as companies fight for attention in an increasingly crowded market. Users and prospects are going to have a lot of choice, and they know it.
Companies will need to improve their customer service and tailor their marketing efforts so that they offer personalized experiences. And companies will realize that marketing automation is a fundamental part of their broader marketing strategies.” *
Plan to use more and better data management.
Every contact management system will allow your team to build a profile of each niche market and segment the contacts on how they use your products and services. This procedure lends itself to an easier analysis for determining the best way to segment all contacts.
If you are new to niche and target marketing, the goal at this point is to come up with a few workable segments. Your future attention and time will allow you to make each segment you build a profitable one and add another as needed. And update the older ones. Maybe even uncover a new niche market.
Set goals for the segment process.
As with anything good that comes from great marketing campaigns, it takes time to nurture a contact. The nurturing process may require added relevancy message for some contacts than others.
Using a specific segmenting process for your company helps your message break through the promotional noise, and for each contact, to become better acquainted with your #SmallBiz.
Do you use niche and target marketing?
More information is contained in the following links –
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