Menu

What’s Your Niche? The Vital Role It Plays In Marketing Strategy

Posted by Nolan Wilson

on Thu, May 15, 2014 @ 03:32 PM

Apple resized 600

An effective marketing strategy is essential if you want to hold your own in today's highly competitive landscape.

However, the success or failure of your marketing efforts often comes down to one often overlooked and vital strategy – defining your niche market within your industry.

Successful Companies Have a Well-Defined Niche

You need to know who you are as a company, and fully understand who your customers are. Defining your niche can be the difference between establishing and growing a successful business and struggling out of the gate due to failure to establish a clear and unique identity in the crowded marketplace. A strong foundation is the key to any successful business – it starts with defining your niche - playing to your strengths.

Why Define?

While a niche is a smaller, more focused segment of the market, it can still be very profitable.

Identifying your niche sets the stage for your organization from a marketing perspective. You can no longer enter the market and expect to catch everyone's attention. Very few new organizations or SMBs have the resources to compete with the big boys in their repective industries.  Defining your niche helps you identify core messages about who you are and what your company does.  Once you clearly understand where you fit, it becomes much easier to communicate your strengths and benefits.

Defining your niche(s) allows you to create clarity about:

  • Who your customers are, what they need, what they want, and the products and services you can provide to them
  • How you are differentiated from other vendors in your industry – what is your value proposition?
  • Your brand image – how you are perceived in the industry and by your customers
  • How to market your company, and which marketing, SEO, and social media strategies are the most appropriate
  • Where to focus your marketing budget and allocate resources in order to maximize ROI

For more information about defining your niche and differentiating factors, read Does Your Business Website Communicate Your Unique Value

How to Identify Your Niche

Identifying your niche is an exercise in not only better understanding who you are and what your company represents, it also helps you to identify what you are not and how you are different from competitors.

The first step is to question your existence as a company:

  • What is my target market?
  • What is my area of expertise?
  • What do I enjoy doing? What do I not enjoy? How is this applicable to the products and services offered by my business?
  • What do I offer?
  • What don’t I offer?
  • What are my personal values? How are they reflected in my organization?
  • Who values my products and services?
  • Who are my competitors? What makes me different from them?
  • Why should customers choose me over other companies?
  • How do I want to be perceived?
  • What “extras” does my business offer?

Successful companies create content and craft marketing messages that speak directly to their target customers. Accurately identifying your niche provides you with the information you need.

The end result of this exercise?  You will clearly understand who you are, what you offer, and who your customers are. This information allows you to strategically craft your core messaging, vision, values, and marketing initiatives, creating a focused, clear message to your target audience.

 

Find your Niche and get a FREE Marketing Evaluation with WhiteSpace

Is your business taking advantage of your niche market? Need help identifying your targeted customers? Need assistance defining how you are differentiated from your competitors? Get a FREE Online Marketing Evaluation and find out how to improve your website marketing today!

 photo credit: flazingo_photos via photopin cc

 online marketing assessment

Written by Nolan Wilson

Nolan is an avid writer, go figure! But more specifically, writing inbound online is his passion, and he's really, really good at it. You can follow Nolan on Twitter.
Instagram       

Follow WhiteSpace

Join Our Mailing List