A niche market is essentially a group of people who share a collective problem. This niche is usually a sub-sector of a larger, more saturated market – and most successful niche marketers target several niches at any given point in time. Can you imagine if you stuck with a single niche and broke it down even further? This would allow yourself to target a specific demographic of people with specific needs and spend all your time focusing entirely on that group of consumers.
Micro niche marketing is exactly that. Identifying your target audience and a specific need, then creating or promoting a product/service that is exactly what they’re looking for. You then dominate this single micro-market rather than spreading out your time and earnings amongst several profitable niche markets.
The following are some advantages to micro niche marketing:
1. Heightened Credibility – Because you are specializing in a single area within a niche, your scope of expertise is more narrow – which puts you in the upper hand position with your business. You are an expert targeting a specific segment within your niche, therefor consumers will be more inclined to trusting your recommendations and resources compared to the generalized information by your niche competitors. Focusing on a specific area of expertise will also position you to build strong relationships with your clients – creating longevity and status for your business.
2. Ditch The Competition – Micro niche marketing means you are focusing all of your business energy on one specific segment within your target audience, and providing them with a single portfolio of specialized products or services. Even though your competition is marketing within the same niche, they are spreading out focus accross the entire niche rather than focusing on one area – and this makes it extremely easy for you to remove them from the equation.
3. Comparably Greater ROI – ROI is an abbreviation for return on investment. What makes micro niche marketing so awesome is that specializing in a specific area allows you to charge considerably higher fees for your products and services. The reason you can do this is because your business provides more targeted information and offers an exact solution – one which you’ve identified and researched.
Once you have reached the point of perfection within your niche, you can claim your throne and sit there without threat – and continue to charge higher fees because you are viewed as the “expert” and are known to specialize with quality information and products. Your consumers will love you and your competition will hate you.
