One of the biggest challenges with niche marketing is getting results. There could be a variety of reasons for this, but most often it is due to approaching the market the wrong way. There are a few ingredients that need to happen to find success with niche marketing, not just in the short-term, but for a long-term sustainable approach for your business.
Niche Marketing is NOT Just Demographics
A niche market is a defined group of people who network and communicate. Networking and communicating is a key ingredient most businesses miss. If you simply look at a market as a demographic, you still have to find where that demographic networks and communicates to access the market. If you identify the digital networks, groups, organizations, or associations where members network and communicate, you can get inside the group, build relationships, and become the go-to resource.
Ask J.A.M.E.S.
To help determine if a market truly qualifies as a niche market, you can call on my friend J.A.M.E.S. J.A.M.E.S. is an acronym that will tell you if the market you’re considering qualifies as a niche market.
J – JOIN. Does an organization or association exist for the market that you can join or access? This could be digital or in-person.
A – AFFINITY. Do you have long-term interest in this market? If it’s not something you’re interested in long-term, you’re probably not going to stick with it.
M – MEETS. Does the organization or group meet at least 6 to 12 times a year? If the organization only meets once a year, what will you do for the other 11 months? You’ll have to look for other prospecting activities.
E – ECONOMICALLY VIABLE. Are the members of the organization willing to engage with the services you provide? Is the only association multiple states away? Is it economically viable for you to travel to meetings? And what about the dues or sponsorship required to be part of this group? If it’s thousands upon thousands of dollars, is that going to be economically viable?
S – SIZE. Is there at least several hundred members in the market? If not, it may not be big enough for you to sustain your practice.
We recommend researching at least 4 to 6 markets, because if 1 or 2 fall off, you still have others to be involved in.
Once you identify a qualified niche market, be relatable to the members. Discover their needs, preferences, and challenges, and speak in ways they can understand – not product jargon. Articulate how you help solve their problems and advance their opportunities.
Niche marketing can be extraordinarily successful, but you need to approach the market in the right way. Communicate your value, deliver on the client experience, and you will be on your way to sustainable growth in your marketplace.
Tiffany Markarian has been helping businesses, wealth advisors, and insurance professionals advance their marketing momentum since 1995. She is a frequent author for industry journals and has spoken at numerous industry conferences, including FPA, FSP, NAILBA, NAIFA, GAMA, and regional broker/dealers. She is the Founder and Managing Director of Advantus Marketing, LLC and can be reached at (617) 312-0591 tiffany@advantusmarketing.com or on Twitter @AdvantusMktg.