Well, let’s start by understanding what is focused marketing, the subcategories, how companies can use this strategy with a few examples for marketing themselves on to the digital map. ‘A marketing strategy which a company concentrates its resources on entering or expanding in a narrow market industry segment. A focus marketing strategy is usually employed where the company knows its segment and has products to competitively satisfy its needs. Focus strategy is one of three generic marketing strategies’ (BusinessDictionary.com, 2020). In other words, we can say that focused marketing is a new strategy which has been used by several companies to attract their potential customers through a unique campaign, specific target market and segmentation that are most likely to connect with the businesses. Focused marketing can be subdivided into two parts; niche marketing and dormant mass. They have been described further with a few examples for a better understanding. What is niche marketing?Niche marketing is the business of promoting and selling a product or service to a specialised market. Typically, a niche marketing strategy involves the launch of a product in a selected region or selected market. A company can do an advertising campaign and media mix that is well-understood by a particular audience (see image 1). A niche market is a segment of a larger market that can be defined by its own unique needs, preferences, and/or identity that makes it different from the market at large, and keeping into consideration with limited budgets but focused on a wider scale. (Image 1; Bstrategyhub.com. 2020) The steps for marketing your niche audience are to gather the necessary information about a market before entering it helps to build brand identity.
Creating a niche market will help you increase your profits and establish a stronger customer base. For instance, we could use a few examples to know what we focus on and how to use this strategy for yourself! ‘LUSH promotes for ethical buying and purity of the handmade product. Its core values of honesty and positivity have allowed it to build a loyal following. It also prioritises relationships with customers and features user-generated content on its social media sites. Using hashtags like #lushtime, the brand encourages people to share their LUSH experiences on social media (see image 2)’. (Image 2; Examples, 9. and Carter, E. 2020) As ‘LGBTQ+ community is huge, and these consumers have a unique styling; it could range anywhere from style of the clothing, the design, makeup for different kinds of skin, etc. TomboyX an underwear brand that started in this market. Originally a T-shirt brand, co-founder Fran Dunaway saw the opportunity to hone in on a specific consumer group’s needs to sell underwear “for anybody” (see image 3)’. (Image 3; Examples, 9. and Carter, E. 2020) When, you understand what you and your potential customers require – the work to attract and engage becomes a lot easier. There are a few aspects that you need to keep in mind:
Boutique hotels for example, they have a very niche clientele whom they wish to target as they consider themselves as a niche hotel. A hotel, which serves the best of the best with very minimum amount of rooms and services under their sleeve. They focus on a niche clientele and sends out their marketing message in a very unique manner. Yet another great example for the same is ‘Patricia’s Couture has carved its own niche in this market — they sell personalized kaftans, pillows, pajamas, blankets, and other items you can plaster your beloved pet’s picture on. She targeted the audience that wanted to style their pooches in the cutest way possible and be a part of their owners’ lifestyle in every way possible’ (Blog, S. and You, F. 2020). Upon the niche audience being finalised and selected, there is another phase where businesses should apply the strategy to. The major factors to keep in mind are:
What is dormant mass?Catering to the needs of every individual for a particular product or service could get difficult and this would not lead to any good result, hence catering to them would lead into a social catastrophe. Nonetheless, the most important key is to appeal to the customers and make them feel like their needs are fully being understood and met by you (see image 4). (Image 4; Bstrategyhub.com. 2020) Customers’ these days look for something unique and something that clearly stand-outs in regards to their products and services. This makes the niche marketing an ideal choice for companies to take forward. Furthermore, organisations should keep all aspects in mind to build a strong database for themselves and keep in mind to do a survey of what their customers prefer about a certain topic; through this they can build brand awareness and target the right audience in this competitive market. To conclude, we can say that if you are looking at a small budget but a bigger audience try to use this strategy for yourself and check out the results on how your customers react to the campaign. Like what you read? Be sure to get in touch with us to know more about what Vamos could do for you and be a part of our clientele and team! Follow us!References:
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AsthaDigital Marketing Manager. ArchivesCategories |