I might be a little behind or slow on the uptake, but the first time I heard the phrase “the riches are in the niches” was about a year ago. When I heard the term, I was a little embarrassed that I hadn’t 1) thought of it first or 2) even heard it before. After building a career in marketing, and being exposed to basically every type of marketing including direct, brand, event, and more, the phrase really makes so much sense. Most of us have heard of niche marketing before. If you have, then “the riches are in the niches” resonates with you. What exactly do I believe it means?
To me, it means this. If you are marketing a product or service, your first instinct may be to attract as many potential buyers of that product or service as possible. Your thought might be that if you cast a wide enough net over as many potential buyers as possible, you increase your chances of the number of people that will buy the product or service and therefore will generate sales or awareness. Niche marketing takes the opposite approach and rather than casting your marketing message over a wide swath of potential buyers, the discipline says to focus on a subset(s) of a wide universe of potential buyers who will be the most passionate, interested and loyal about your product or service, who will engage and influence other like-minded people.
To make the comparison using numbers, one camp believes hypothetically that you should cast your marketing message to, say, 10 million potential buyers, with a goal of getting 1,000 one-time buyers; the “niche marketing” camp believes you should expose that same marketing message to 1 million potential buyers, with a goal of getting 100 avid, repeat buyers – which will ultimately make more money, and create greater sustainability and long-term health than the first camp.
As you might guess, my biases sit in the niche marketing camp. Why? Because I know it works. I see it every day, have seen it for decades, and I’m not alone. I was reminded of this concept while reading a recent piece in Ad Age. The author uses social media as one example, and says (main emphasis for me in bold):
“There’s still an irresistible urge to build an audience at scale. We feel we need to get our message in front of as many people as possible, so we put all of our efforts into generating followers and likes and +1s. Then once we build this mass audience, we communicate with it and many times sell against it. And we keep being confronted by the fact that this audience is still too small, compared with the larger audiences of traditional and digital ad spending.
Yet, there’s real value hiding within the smaller subsets of any aggregate audience – a value we are simply not tapping. Hiding within your 20,000 or 500,000 Facebook friends and fans are always a dozen, two dozen or a hundred true advocates who can sway the rest of the community. They are the ones stirring the pot and continuing the conversation. They are the ones that engage with you the most. Often they are the ones who challenge your actions and cause you trouble as well. These are your loyalists – and traditional advertising methods used in this space treat them exactly like everyone else.”
I believe this premise holds a lot of water, and it speaks to precisely to niche marketing even though the author doesn’t phrase it that way. Niche marketing focuses most intently on the subset of customers or loyalists who truly engage and advocate for your product or service. It focuses on those customers who, quite frankly, will spend the most money with you. It focuses on reaching not the most number of people, but the most number of customers.
After all, not all customers are created equal. So when looking for prospects, before they become customers, you have to think about them differently too in your marketing.
centralmethodist
topcutbullmer
guoding
esmart
tribalfootball
dcweedevents
president
idolsbook
maruzen-publishing
imtex
apanews
marriottbonvoy
slacksite
1b
visittampere
doverspeedway
einsteinathome
johnfdoherty
city
cultura
qhnu
tale-of-tales
danhost
nealsyarddairy
pmindia
cu
vooberlin
patrioticmillionaires
mpdailyfix
electronicpayments
city
openlinks
pccwglobal
fromthegrapevine
orientation
loggi
rosekennedygreenway
nginx
ufa6666
casinosajten
eurobike-show
bpypurwvr
dailyjanakantha
sewa
aquasphereswim
yuja
bcgcertification
projectliberty
bronte
zeroerorzone
u7buy
profitaccumulator
breathe-it
watchhallmarktv
onderwijsraad
educacionsuperior
runningremote
alionscience
iqoptions
dolab
otto
berroco
intra-mart
hevodata
zje
alphawallet
neisd
dspguide
sukeneko
atticuscircle
pdsxww
calipercorp
artenoos
b2b101
primis
airy-youtube-downloader
alandsbanken
haishu
brazencareerist
performancebike
campaignforaction
gzxianglong
rusweld-expo
saic-gm
womenfutureconference
epic
mingtiandi
ciweb
pornoreino
nomonday
horiemon
jtexpress
seilnacht
tmsf
968tv
filmexxx
roughnotes
certsimple
plastimo
chu-grenoble
mambo-bologna
infectiousdiseaseadvisor
economics
pmq
newsletter2go
cirugiaplastica
destinationsante
alexnewman
jiuyihuoyun
masternet
voetbalprimeur
oars
xfm
ntdworld
tobie
twinknaked
help
xjjt
studyadvantage
apaczka
shikyukeigan-yobo
chaturbate
6dg
shrew
theboombox
polyt
lindt
getfirefox
icvdm
lojadomecanico
hoermann-cloud
filmpreservation
okchanger
elitland
cfd-online
shell
lixin
bane
maryellenmark
survivopedia
undertale
yu-nagi
zooplus
goodcv
nieonline
cupraofficial
startash
cguardian
donus
girlstart
mtvstayingalive
santagostino
recuperarportugal
tamura
mixpaper
nskn
vtr
rafayhackingarticles
bakusai
xi-digital
prices
81xs
kalenet
mines-ales
ecis
hpec
top-zeny
785478
filmsdocumentaires
fspincent
cghpdrg
zsyanuo
rosieapp
zuqiubao
placemyad
gabv
nationalvoices
sigma-alimentos
funasa
handichiens
morethandigital
bitmessage
behindthesteelcurtain
innovationquarter
kinoshita-group
cdzfhd
oneclick-cloud
lackawannacounty
yogagirl
utf8everywhere
vetfran
jobbkk
insa-strasbourg
allianz-arena
aigou
yoke
studioquigs
kairos
okmedicalboard
maison-hote
sdinfo
ipma-hr
wrirosscities
jundiai
top-pharmacy-24h
salvationarmynorth
bgfl
voelkeljuice
homewoodhealth
baydin
zhushang360
ceska-justice
landray
nappaawards
zumedia
yourcausegrants
elektrowin
visualdx
metroparks
jlccsn
slotgacor777
sanrikutetsudou
tel
twinkl
prima-karten
performancefoodservice
statesidelegal
vogy
yolknet
compuphase
agropur
zeckoshop
morganharpernichols
m-hikari
psychischegezondheid
sakaimed
tierpark-berlin
themeinthebox
tvpublica
orthobullets
aaa
theatreroyal
nettecs
sokolov
ably
wybieramlaptopa
authors-direct
bonpoint
daveskillerbread
ioer
irtextbook
fahrschulcard
blackdesertonline
jrbustohoku
schweizerfleisch
bonjourpoesie
ox2
gob2b
pcgamingrace
exclusivebooks
wee
sydneymetro
belregion
recrutei
herault-transport
nativebase
iconicontent
shutoko
mobiroller
2create
kayswell
fortunethellas
krispykreme
osherove
policja
laptopstoreindia
posativ
colegium
cofool
tapestry
vispas
65422400
lapalingo
fantasticservices
thecbdguru
bredero-it
Article Source: http://EzineArticles.com/6451759
