According to research, there are about 28.8 million small businesses in the United States as of 2019. If you are starting a business in a certain market, chances are you are up against dozens of competitive businesses in your market.
That is where the importance of starting a niche business comes in. Sure there will be competition, but if develop a proper niche strategy, you will be offering something to your target audience that no other business can offer.
Once you discover that cannot be something to everyone, but you can be everything to someone, you will narrow in your niche market and skyrocket your business success.
So the problem is, how do you discover your niche, and how do you develop a killer niche business strategy that actually works?
We actually did that research for you, keep reading to learn more about developing a niche business and how to market it effectively.
1. Know Your Target Audience Well
It is well known to know and research the age, sex, marital status, and income of your target audience. However, that is still too broad when it comes to understanding them at a level where they will make a purchase.
You need to know and understand their pains, problems, and dreams as well. This will get you to know them in a more intimate level where they see that you resonate with them and that will encourage a purchase.
2. Engage With Your Audience
In order to engage with your audience, you need to be open, vulnerable and share in a way that will captivate them. The best way to do this is by creating videos.
In fact, 54% of consumers want to see more video content from a brand or business that they support.
Videos will help you to share your energy and the flavor of your brand to your audience in a way that will captivate them and show them that you understand them.
3. Don’t Forget About Word Of Mouth
Americans are 83% more likely to purchase if they have a referral from a friend or family member. Word of mouth is your absolute best way to market your niche business.
In order to receive referrals, you need to ensure that your current customers are fully satisfied. Make sure you have a follow-up system that checks in with your current customers, either by emails or adding them into a group where they can chat amongst other customers and keep each other in the loop.
4. Leverage User-Generated Content
Along with personal referrals, social proof is also a very productive way of promoting your brand or product. In order to do this, start a contest that requires your current customers to post and share their experience. This will boost your brand awareness and start to show potential customers how satisfied your current customers are.
5. Do Not Be Afraid to Be Different
If you are trying to market your niche business, you need to stand out from your competition. The mistake with most business owners is that they follow the lead of their similar competitors, instead of researching them and trying to be different than them.
In order to be above the rest, you need to be different than the rest. A great example of this is cannabis marketing, instead of being a general marketing consultant, they niched towards helping cannabis companies market their brand.
Learn More About Building a Niche Business
Building a niche business can take some time because you will need to constantly make adjustments as you go. However, it is worth it in the end when you are living a life of fulfillment by helping your target audience solve their problems.
If you would like to learn more, check out the business section of our blog.