If you want your marketing to work 24/7, I’d use both niche and target marketing.
Some people use the words niche and target 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 in a small business that needs to know more about their customers.
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. 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.
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 a better lawn mower, you would not target an apartment or condominium dweller.
Not every contact is the same.
Not every contact in your niche market list is the same. As your marketing team spends some time studying your customers buying behaviors, they’ll find a few unique ways to segment your niche market contacts into targeted segments. I refer to this experience as breaking down the ICE. It’s an acronym for Interested Customer Engagement which occurs with relevant marketing messages.
Just about 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’re still looking for your niche contacts, may I suggest determining what companies purchase the most product and services. Using the Pareto Principle (20%-80%), your top customers in the 20%, make a nice niche market.
If this is your first time using both niche and target marketing, the goal at this point is to come up with a few segments. Your future attention and time will allow you to make each segment you build a profitable one and add another as needed.
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 relevant messages more for some contacts than others. Using a specific segmenting process for your company helps to break through the promotional noise, and for each contact to become better acquainted with your business.
Do you use niche and target marketing?
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Mike Deuerling, aka MarketingDoc
Marketing Communications Group, Inc.