The Only Legal Monopoly: Niche Marketing
I was recently invited to attend a personal and business development workshop in Los Angeles. And it ended up being a great refresher in marketing, not because of the topics discussed but because of the audience who attended.
This workshop was given all in Spanish. All the advertising and marketing used to fill the conference hall (over 1,000 seats) was aimed at the Spanish-speaking community in Los Angeles.
In other words…
They had a niche product aimed at a niche market
You need to think in the same way.
Carving out a niche is practical and efficient. Besides, it’s the only way I know where you can legally create a monopoly.
A workshop like this is too common and easy to find in the English-speaking market. But for Spanish-speakers, this company may be the only game in town in Los Angeles, and probably all North America.
I did an informal survey with the attendees that sat around me and was surprised to learn that no one I asked knew who Tony Robbins or Brian Tracy were. Robbins and Tracy are giants in the personal development industry, but they’re nobodies in this niche.
Owning a niche is really like having a legal monopoly.
“But I don’t want to leave money on the table”
That’s probably the biggest concern about niche marketing. Many people believe the shotgun approach is best because they have the most chance of success if they go after everyone.
Aiming directly at a small niche feels limiting. And it is, but that’s why it works so well.
The better you connect to your market on an emotional level, a psychological level or on a personal level the better your results will be. Which means more sales.
By focusing on an easily defined market you can cut marketing and advertising costs while getting more sales per dollar or time invested (or both). Which means a better ROI.
You can’t be all things to all people so the shotgun approach is inherently weak. However, you can get intimate with a specific market.
If “leaving money on the table” still concerns you …
You can have more than one niche
For instance, there’s a nutritional company that sells a product that helps strengthen eyesight. With the same product, they’ve created multiple niches.
Strengthen your eyesight – for senior citizens, for students, for pilots, for athletes and for professionals who spend too much time in front of a computer screen.
Each marketing piece is aimed at very different markets with unique needs and concerns. If this company just used a general marketing piece for all these markets, their results wouldn’t be as good. They wouldn’t be able to create a deep and personal bond with each of their markets.
How about you? How have you successfully niched your business or product? What are your challenges in creating a niche? Leave a comment below.