Does your business have a small customer base? How do you capitalize on it? Here are six points to consider when trying to grow your business in a niche market.
Know your customer
It is important to clearly identify your target customer. Not only the basics of the customer -age range, income, marital status – but go deeper. You need to know what makes your customer tick. How many customers exist in your chosen niche market? Identify how much and how often you need your customers to buy to reach your sales target.
Customize your offering
When you know who your customer is, you can customize your offering. Check what your products are. Make sure that you have enough variety in your products and services that you offer to your client. If you need to you can offer complementary services to the product you sell. For example: if you sell leather shoes, you could offer to sell polish and tools which can be used to keep your shoes in tip top shape.
Solve a problem
In a niche market, it is probably more important than in bigger markets to solve the customer’s pain point. What is your unique selling point? Are you taking care of your customer’s needs? It is important to make your customer’s needs fulfilment the cornerstone of your business. Furthermore, it is important to ask your customers what they want from you. You can do this through a simple survey on your website or social media page.
Choose the correct social media channels
Ensure that you are on the correct social media channels. You do not need to be on every social media channel but you should be active on at least one to ensure your products can be easily shared, liked and tweeted. This will also help to grow your customer base as people normally hang out with like-minded people and they will be encouraged to buy your product through the trusted link of their friend.
Consider pay-per-click (PPC) advertising
Because you have a niche product, PPC marketing would be very useful to expose your product to new and existing customers. PPC marketing is when you pay a certain amount for each time a person clicks on your advertisement when it pops up in a search engine. This type of marketing is specific as you put in the keywords which are important for your product. Furthermore, it is cost effective and with more people using the internet to get their information, you could be missing out on a large percentage of your target market.
Keep your product top of mind
Make it easy for your customer to sign on to a newsletter. Ensure the content is useful and adds value to your customer. By giving good advice and informative content to your customer, they will be encouraged to use your product because they will know that you care about the product you are delivering.
Being part of a niche market has many advantages. Go out there and show them that you are the guru in your business field.
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