Your market research should focus on finding answers to questions like these:
- Is the product new to the world, or are others like it already available?
- How can you differentiate your product from those that are similar?
- How large is the niche, is it growing, and at what pace?
- What’s the most common buying process?
One of the keys of niche marketing is to not only identify who your potential customer is, but who your customer is not.
Targeting a niche market requires a greater understanding of your customer’s unique needs. This understanding will help you clarify who your customers are as well as which people are not going to be your customers. Recognizing both is extremely important when it comes to deciding where to spend your time and marketing dollars.
Create clarity around your customer’s needs and the value your product can bring to their lives by asking yourself these additional questions.
- What are their needs?
- What are their expectations in terms of quality, price, speed of delivery, etc.?
- Where are your customers located (virtually and physically)?
- How do they shop for products and services like yours?
Engaging with your target customer is another challenge with niche products. You’ll need to learn where your potential customers gather to learn and share information relevant to your market. Finding and attracting these customers could include tactics such as:
- Attending industry events and conferences
- Participating on social media platforms
- Interviewing as a guest in an industry trade journal or on a podcast
- Guest blogging on an industry-specific blog
It’s important to test market your product, your unique selling proposition and your customer value to confirm your assumptions and validate your marketing assessment. Although you can never be fully certain about your conclusions, learn what you can to minimize risk and then get started.
Identifying and engaging with your target customer never stops.
Once you get going and understand your customer well enough to begin marketing your niche product, the work isn’t over. Customer engagement is a key part of the entrepreneurial journey.
Marketing your niche product is not easy or straightforward, but it’s easier with an experienced professional by your side, like a SCORE mentor. A SCORE mentor can help you identify your target customer and create a marketing strategy for getting your niche product into their hands. And SCORE services are free.