What is Niche Marketing?
What is Niche Marketing?
Niche Marketing – what it means to your business
Niche marketing is a targeted marketing strategy that concentrates on a market segment with high potential to deeply engage with a product or service. How you measure engagement differs depending on your niche, and your audience. “Customers who are fully engaged represent a 23% premium in terms of share of wallet, profitability, revenue, and relationship growth over the average customer.” Source Gallup.
iAd Media specializes in Niche Marketing. In other words, we provide measurable, customized solutions to match your niche industry requirements, or market segment. Our goal is to empower our clients to dominate an identified segment of their market; a niche, so that they end up virtually “owning it” in terms of the competition. Niche marketing is an extremely powerful concept for generating maximum value from your marketing spend.Through niche marketing your objectives are so well-defined, it is easier than ever to stay focused and committed to your core business.
Executing a niche marketing strategy will empower you to –
- Better serve your existing clients
- Attract new prospects of the same caliber
- Position yourself as a consumer expert
- Make it easier for you to grow your ideal customer base
- Accelerate your business growth
Effective Niche Marketing is focus-driven to increase ROI
At iAd Media we use a variety of techniques to develop a deep insight into how our clients’ product or service offerings influence their target markets. As specialists in niche marketing we are equipped with advanced tools for gathering and analyzing key data that can predict consumer behavior.
We use customized, targeted campaigns to deliver consistent brand exposure within your niche industry. For example, a campaign could center on how we drive an online connection to an in-store connection point, or a purchase.
It is always based on the context of your business and community. In deploying a niche marketing methodology iAd Media can accurately identify the media platforms that offer the highest potential to convert your prospects into customers.
Marketing and the Purchase Funnel 80/20
You have probably heard of the 80/20 rule? Right? (The Pareto Principle). In business, this refers to 20% of your customers producing 80% of your sales. And, 20% of your time produces 80% of your results. By identifying the buyer personas and behaviors of the top 20% of your customers (who represent 80% of your sales), iAd Media will help you to discover more customers like them, to dramatically grow your sales and impact your bottom line.
The traditional customer service model tells us to equally service all of our customers, but why not focus 80% of our customer engagement on the most lucrative 20% of our customers? It makes perfect business sense, wouldn’t you agree? In terms of time management we would also be spending 80% of our time pleasing the top 20% of our customers.
Direct Response Marketing – Examples of how to apply the 80/20 rule
- Apply it to your content/products/ services by analyzing your online leads, engagement, sales and repeat customers
- Qualify your leads so that you can classify them accordingly, and nurture the top 20%
- Use it to increase engagement within your main industry niche/ customer segments
- Apply it to upselling and cross selling by focusing on your top 20% customers
- Analyze your marketing distribution channels and apply the 80/20 rule
Problematic customers can come in the form of difficult customers who you regularly deal with, and who use up a lot of your time and energy draining your resources – to the detriment of the top 20%. Instead it is that top 20% who should receive 80% of your attention, according to the 80/20 rule.
Problematic customers may also include prospects who only ever browse, and are unlikely to ever buy anything from you. They spend a lot of time making enquires, you spend a lot of time answering their enquiries, and they eventually disappear for good. At iAd Media we delve even deeper to discover the top 4% of your customers within your purchase funnel who account for 64% of your sales! (A strategy that was further developed by Perry Marshall) Our goal at iAd Media is to future proof our clients’ direct response marketing campaigns to steadily build more visibility, awareness and credibility.
Perry Marshall, Online Marketing Strategist and Author of 80/20 Sales and Marketing suggests to “paddle away from the 20% of your customers who cause problems and focus on the 20% who buy the most from you”