If there’s anything beautiful (and advantageous) about the digital age and the evolution of online marketing, it’s that there are more spaces than ever for small companies to position themselves. If you can find a need that enough people want solved then you have your business.
Some of the most successful startups simply found a problem in the world that a few people had, and their solution only grew as more people discovered it. So how can you take that crucial first step and capitalize on a niche that suits your business or your idea? Let’s take a look.
Kevin Donnelly of Shopify recently shared his take on how to build a niche marketing strategy for yourself. He believes in the core truth that successful ecommerce companies “start narrow and grow wide”. If you spread yourself too thin, you will have no sense of what your audience is or what they want, and chances are you won’t have much of an audience to begin with.
There are a few other benefits of niche marketing that Kevin lays out as well. First and foremost, it’s less competitive and more affordable. Too many companies try to find spaces that are already saturated and fail to create any room for themselves. Believe it or not, there are so many niches still out there waiting for your business to fill.
Niches benefit most of all from your ability to target and connect with a smaller audience. We talked a bit more on how to do just that last week, but the point is that those ideas work best when you have a small, isolated group of customers and potential customers that understand your company, and that you understand in turn.
Talk to those people, look at their problems, and maybe even ask for feedback on some potential ways to solve those challenges. If you don’t have access to something like that, simply look at a problem you personally face and apply the thought process you have to the people you are trying to sell to.
Once you know what your audience is, and you’ve identified a clearly unique niche then it’s time to begin developing the product that meets those targeted needs. Build directly out of that pain point and fill the gap.
For any new business still lacking a solid identity, the best advice is to prepare to “be different” with the kind of product you create. That may even mean getting a little weird in your search for a new solution. One example that Shopify shared was an online shop called Pet-A-Pawter that was designed to cater to bulldog apparel. That may seem completely bizarre, but they found a niche no one else had and jumped on it. Get weird, get creative, and chances are, you’ll get yourself a business.
Identifying a unique niche is great, but you also need to ensure that it’s scalable before you make that leap. Pet-a-Pawter might not seem to suit that, but there’s a lot of bulldogs in the world that people may want to dress up.
Your solution can be as weird as can be so long as you can be certain that there’s enough people that are going to want it when you begin to broaden your scope.
If you know what your audience wants, and they believe in the solution you’re offering, you’re in a great position to begin those targeted marketing campaigns that are going to turn those 10 diehard fans into 1000. That’s the power of niche marketing, and that’s power you shouldn’t let go to waste.