Written by Ari Levenbaum, COO & CMO of the American Association of Motorcycle Lawyers, also known as the Law Tigers.
If you could simultaneously enhance your customer relationships, overshadow your competitors, and increase your bottom line, would you? With niche marketing, you can achieve them all. The solution is in working smarter, not harder. By focusing your efforts on a targeted audience, your business can achieve a higher marketing ROI, capture a large market share, and become recognized as a specialist in the niche.
Niche marketing is defined as channeling all marketing efforts towards one well-defined segment of the population. A niche is not necessarily a group that already exists, but one that is created. But how does one achieve this? The first step is discovering a need or service that is currently not being met. If you can determine that you have the knowledge and resources to satisfy those demands, you have just created your first niche. The next step is utilizing highly focused marketing techniques to reach and engage that audience. While generalized marketing attempts to gain a few customers from every market, niche marketing focuses on gaining a loyal customer base that is narrowly defined. Generalized marketing can be exhausting, expensive, and fruitless when you overextend your efforts to a large amount of people. Niche marketing allows you to focus your time and money where it is most effective. A successful market leader will always cater to their customers' needs while maximizing their time and resources.