The targeted customers can only buy “the best” products from “the perfect” sellers in each transaction in the free market. The target customer can rely on you for purchases rather than others because you offer better products.
But since sellers have the issue of indefinite customers number, they define their way of selling and products under the title “the best.” In contrast, sellers have restricted resources to cater to every customer uniquely.
Thus, you must search out your niche market to convert your targeted customers effectively and turn your business profitable.
It starts with a little marketing; how is the market formed? From the sellers’ point of view, each market is unique since it involves different types of buyers.
For instance, if you work as a footwear retailer, the classification of the footwear market can be done into male and female shoes based on the genders of buyers. So, the market for female shoes can be trimmed down further to shoes based on young females.
The buyer’s number decreases when you target specific customer groups and define a ‘minute’ market for self-business. You can specify your products to fit them into a small market to have the best out of it to give your customers the best products. In terms of marketing, a “niche market” is the small market you can better serve than all others.
Niche market must exhibit:
Niche marketing is more than just finding and targeting your small market. It focuses on building a targeted customer network with close connections with vendors and other customers.
In the network, your targeting customers consume not only your products and are part of the community to share their purchasing information with other customers and are committed to providing product development feedback.
The criteria to build a niche market is that your business should improve its marketing and create easy product identification with your targeted customer to understand you and stick to their needs and demands. To get started, you can focus on:
Tell your customers that you are not just another seller in the market:
1. Find out how your competitors help your customers.
2. Indicate the retreat of other competitors.
3. Provide your customers with your solution.
Your product story may include:
1. About the founding members
2. About the group
3. About your providers (if any)
4. Goals / Objectives
5. Values / objectives / vision
6. Difficulties and solutions
7. Team development
8. Work culture
Lastly, you need to bring diversity to your product to your customers. To improve your USP, you can try answering questions:
• What unique features can you offer your customers those other businesses may not be able to offer?
• Why do your customers buy your goods?
• What value does your business create in customer life?
It is noteworthy that the USP for your business summarizes the properties your customers are directing. It includes your USP and business activities, including marketing, product development, transportation, etc.
To stand out in the competition, you have to emphasize that your products cannot fit all customers. Understand the differences among your customers, create your niche market and bring out your differences.