Digital Marketing has simply expanded by a billion times what was already a rule in the business world: to sell more, you need to dominate an entire market niche!
So much so that the biggest challenge that companies like yours face today is the difficulty in building an authority on the Internet that survives the passing of time, but that does not fail to take advantage of new trends.
I know this because I have been leading teams of multidisciplinary experts — who help transform businesses into true market giants — for over 16 years!
After so much time attracting more customers to giants like Cresol, Consigaz and Rodojacto, I discovered that, regardless of changes in social media or search engine algorithms, the content of companies that receive the most attention focuses on:
- Specificity of what they want to communicate;
- Segmentation of the audience they want to reach;
- And how willing they are to dominate a niche to secure the number one leadership position!
So here I’m going to show you how your differential can help you make more profit, how to define your market niche and also which channels to use to reach the best audience and not be just another one in the crowd!
What is niche market? [Meaning]
All methodologies that involve selling an offering to a customer use a term similar to or similar to “niche market” to refer to a specific subdivision within a broader market.
This subdivision can be related to similar characteristics among buyers within this market, such as people interested in reading (in the literary sector), but only in science fiction books starring women (a specific and existing market niche in the sector), for example.
The distinction between segment and niche is essential to understand here, because:
- Market segmentation, also known as a sector, is a market category capable of enormous profitability, but from limited types of products, such as the music segment, or the health segment, or the technology segment;
- While a niche market is a portion of subcategories within a segment and used to define the profiles of buyers with specific needs within that sector, such as software development for music producers, or pharmaceutical development aimed at vitamin C deficiency.
Businesses that operate in niche markets tend to encounter less direct competition and can develop a deeper relationship with customers, since demand does not overload the company’s productivity system!
The downside is that demand itself often doesn’t increase enough to facilitate a company’s increased scale and profits, forcing a more strategic, horizontal rather than vertical approach to growth.
Another example would be to expand into other market niches in the sector, or even into other segments, instead of growing indefinitely in a single niche.
Below you can check out my list of examples to make it easier to distinguish!
Examples of niche markets
As I explained before, niches are very specific fractions within a broader market. I’ll show you some examples to help you understand better!
- Segment: personal care;
- Niche: beard care products;
- Segment: camping equipment;
- Niche: ultralight camping;
- Segment: maternal fashion;
- Niche: eco-friendly maternity clothes;
- Segment: technology consultancy;
- Niche: Blockchain consulting for small businesses;
- Segment: healthy eating;
- Niche: Healthy food subscriptions for offices;
- Segment: personal hygiene products;
- Niche: personal hygiene products for vegans;
- Segment: tourism;
- Niche: travel guides to alternative destinations;
- Segment: online education;
- Niche: Online mindfulness courses for healthcare professionals.
Looking at these examples, you can think of equally niche Marketing strategies to better meet the needs of your target audience and stand out from the competition!
Types of market niches on the rise
Niches gain and lose popularity depending on several factors. One of them is the social factor, which directly influences the volume of interest in a given subject according to its publicity on the Internet.
Certain niches are booming lately and can serve as a good starting point for you to expand the horizons of your products and services!
Check it out:
- Food/gastronomy subscriptions: Imagine receiving a box full of gourmet delights delivered to your door every month! Food subscription services are all the rage, with options ranging from healthy snacks to artisanal wines and cheeses;
- Personalized cosmetics: More and more people are looking for beauty products tailored to their specific needs. Brands that offer personalized cosmetics, such as skin care, hair care and makeup, are enjoying great success;
- Pet products: our pets deserve a treat too, right? Pet product subscriptions, such as toys, healthy snacks and care items, are winning the hearts of animal lovers;
- Books: For those who love reading, book subscription services are a true paradise. With personalized curations, these subscriptions ensure that you always have a new story to dive into;
- Clothing and accessories: fashion subscriptions are also on the rise. Imagine renewing your wardrobe every month with pieces chosen especially for you? It’s a growing trend, especially among those looking for practicality and style;
- Fitness and well-being: subscriptions to products and services related to well-being and fitness are also gaining ground! From food supplements to online yoga and meditation classes, the important thing is to take care of your mind and body.
These are just a few examples of the niche markets that are currently booming. The cool thing is that they all meet very specific demands, which makes it easier to win over and retain customers!
How to define your niche market and outperform the competition
Put like this, it may seem like all you need to do to define your niche market and outperform the competition is decide who to sell to!
The hole is a little lower.
There are several things you need to consider before you can identify the right type of areas, interests, or people in a segment. Only then will you be able to sell your products or services with the highest conversion rate and the least waste possible!
The key word here is “identifying” or “defining” a niche, not just “deciding” on it as a mere sales channel.
I will explain the details of this, and other points, below!
Know your target audience
I always say here on the Enjoy Minder blog that one of the main factors for the success of a business is how much it knows the public it is trying to sell to!
When you know your target audience (and the different personas within it), any strategy development becomes easier and more effective because you start to know what the needs, preferences and desires of your potential customers are.
In addition, you also discover which channels on the Internet attract the most people with these profiles and you can use this to adapt your products, services or communication of your offers, to meet these expectations and guarantee much more sales!
Each Digital Marketing strategy aims to make a company’s financial objective a reality.
Even though each goal can vary greatly (from making a business known throughout an entire country, to selling a specific type of product or service to a specific category of people), what connects them all is that you want to sell something, be it an idea, a service or a product!
To get the most out of your sales efforts, focus on solving one specific problem for a particular group of people at a time!
Then, speed up your investment in research, in identifying keywords, and in everything related to mapping the minds of those who buy from you!
Don’t try to define your niche market without first defining your audience , because these are the people who will buy from you. Without them, your business doesn’t exist, and your goals are nothing more than dreams (“delusions” would be a better word…).
Identify gaps in the market
Once you know what type of segment of your target audience would be best served through your company’s expertise, products or services, you will need to identify demands that the competition has not yet met!
Discovering market gaps is essential to selling more, especially in saturated Internet markets, so invest a good dose of attention in the process of:
- Evaluate people’s comments on the profiles of brands that compete with yours, aiming to discover the pain points that have not yet been addressed in the market niche;
- Ask your audience to participate through surveys, participation in sweepstakes after answering a strategic question, and other engagement tactics;
- And evaluate the data already accumulated about your audience through your online presence channels, to design a search for segments with similar or better profiles than those that currently convert the most!
Adopt the pricing strategy
Depending on the gap you try to fill in your market niche, you will have more or less sales exclusivity over the solution or product that your company promotes.
But that shouldn’t be the only factor when pricing your offers!
Competing solely on the basis of the lowest price is not an effective solution to making more profit on the Internet, as is charging an exorbitant price, considering only the rarity or manufacturing process of the product in question — ignoring what has been discovered about the public and the possible strategies to hook them.
Developing a pricing strategy linked to the purchasing journey of each of the different segments of your audience is what makes Digital Marketing so powerful for achieving success in the digital world!
Captured automatically, massively and ethically, audience data is used to feed the business’s next actions , reducing the chances of errors to set up a platform that practically sells itself by attracting leads organically and nurturing them through the right content until the moment of conversion.
Pricing should be used at every point in this journey to increase the chances of converting each type of audience, behavior or interest! Think about:
- The practical value of your offering in people’s daily lives (how much it makes their lives easier);
- The different discount scales for the different segments among your leads;
- And how to closely monitor your rivals’ prices to stay competitive, but without failing to ensure a safe margin for future adaptations or strategies to take their positioning!
Invest in continuous innovation
In addition to using all the elements of the public, products or services, and the company itself as accelerators of Internet sales, Digital Marketing has access to the most powerful technologies on the planet when it comes to making profits like never before!
The challenge lies in the tiny investment that companies typically invest in ways to improve an offering, optimize the manufacturing process of a product, or improve the User Experience when using a service.
The right thing to do is to maintain a lifetime budget dedicated to innovation , seeking new features for a product or service, as well as innovative designs based on the practical use of the offer and improvements in service provided by the sales team.
It is important to invest in your team’s mastery of new Marketing tools as they are launched and ensure that the end consumer will be satisfied with this experience!
Don’t wait for a crisis to invest in innovation: set aside a portion of your profitability to evaluate the performance of your campaigns and reduce your brand’s errors, and then turn that lead into gold!
Focus on customer relationships
Speaking of improvements by your teams through continuous investment in innovation, it is essential that you maintain a relationship between the brand and the public!
Becoming an exemplary company when it comes to customer relations in a niche market is not as difficult as bad service examples make it seem.
You just need to make sure your teams are ready to respond to your buyers’ questions and needs. Also, make sure they stay active on communication channels and interact with users individually.
When the time comes to buy, do you think that person will remember your brand, which has always been there for them, or that other brand that doesn’t respond to messages with questions and even lets negative comments pile up without taking any action to eliminate them?!
Your success on the Internet is a reflection of your customers’ success, so invest in transforming their experience into a positive memory with your brand!
Create quality content
And since public opinion is the issue, the only way to influence it en masse is through valuable content!
As it is the only way to communicate with large segments of the audience at once and from a distance, publishing this type of material on the Internet allows your company to achieve the title of leader.
Achieving this title is a huge privilege in a market that values the audience’s attention: it means that your audience will be loyal and will follow the direction your company points to!
But this dominance over the attention of others can only be controlled by sharing your knowledge and experience through:
- Blog content;
- Video productions;
- Podcast recordings;
- And using other media to offer helpful tips, relevant insights, and practical solutions to real problems!
All communication with your target audience through the creation of quality content will need to be focused on satisfying the audience because, as you have seen so far, it is the most important factor in showing that your brand exists and is the best option among other brands.
By producing quality content that takes these requirements seriously, it will be difficult for you to make mistakes when capturing your niche market!
But the work doesn’t stop here.
Evaluation of niche market strategies
As I mentioned before, adopting a pricing strategy that goes beyond the basics (considering all the nuances of your different potential buyer profiles), you really need to take a proactive stance when it comes to choosing a market niche!
I say this because many companies decide to explore niches in the segments in which they operate only after some serious problem with the profitability of the business. Finding a new demand and being the first brand to meet it brings an absurd flow of sales for an unlimited period of time — at least until the competitors discover it too!
What you should do to ensure your competitive advantage before you even need to choose a niche to invest in is to implement the habit of collecting feedback from your customers regularly!
This simple routine of asking your consumers for their impressions through surveys, emails, forms, or even live chat messages can be automated and can also increase your business’s chances of winning over new customers by understanding the mindset of your ideal audience.
Research also helps you identify the best trends, key tools, and most popular channels to invest your resources in and stay relevant to different segments of your audience. In addition, you can learn about your business’s current successes or consumer dissatisfaction with your market in general!
All of these elements will provide the certainty you need when it comes to developing sales plans capable of generating profit, keeping your company alive, and sustaining its growth in the right direction — instead of wasting your budget trying to expand in all directions!
Data analysis methodology
Data collection can only be done through Digital Marketing tools with data analysis functionality (something that basically all platforms have, delivered with data collection functionality).
This function allows you to view exact numbers and percentages in graphs on:
- The behavior of customers on a platform, such as the average time they spend consuming certain content or the rate at which they leave a page before exploring it;
- The data collected by you and the activities of your competitors;
- The identification of the most relevant key metrics, used to calculate the proximity of some goal towards the company’s objective;
- And clarity about priorities related to what to do in the future to improve performance and sell even more, with increasingly lower costs through the intelligent automation of repetitive actions!
Don’t be just another one in the crowd!
You can’t be passive when presenting your company to the audience most willing to buy what it has to offer! You need to be proactive, bold and innovative!
All of this becomes easier because, in Digital Marketing, you can track every action of your potential customers in a market niche, using tools that have the sole purpose of making your business sell more!
With these platforms, selling one-offs is not the challenge. The hard part is creating a flow of lifelong, organic (non-paid) leads through the Internet, using content creation as the best attraction strategy, aiming to connect with the most qualified people to close a deal.
To create a closed and profitable circuit, it is essential that you know the differentiators of your brand at the executive level and at the level of the products or services you offer, to identify the best audience profile for each of your offers and the best way to present them as a solution to the needs of that audience.
You can cut corners by completing Enjoy Minder’s Digital Marketing Diagnosis + Consulting!
In it, you will find out for free what our team of experts thinks about what you should do to achieve your financial goals. The work is long and hard, but the first step is simple!
