The start-ups, micro and small medium enterprise founders, directors, ceo has all the time in the world to build their business, but by end of day you are piled with pending document works, missing follow up calls, delay in responding to RFP”s and ultimately losing track of their goal and gradually losing steam, enthusiasm.
Secondly, though small businesses, micro and small medium enterprises have enough depth to generate value, cater to the section of masses but a major chunk of their finance is spend on establishing the infrastructure, manpower recruitment, training and retaining talents, technology development / raw materials, leaving behind with minimal financial reserves to spend on other important functions like marketing, distribution & promotion, this important function of an establishment is either ignored or is absent, which results in higher inventory, higher cost of management which again results in wiping of their much deserved profit.
The major challenges faced by the small business owners are;
- Lack of structured planning and timely execution
- Lack of time due to focus on different areas of admin & operation
- Delay in decision making due to absence of much required analytics/expertise for quick and informative decision
- Lack of structured operational procedures
- Lack of expertise on board / payroll
- Lack of Marketing plan
- Reliance on single source of marketing or rather implementing a random marketing strategy
The pressure of generating leads, prospecting, converting, servicing and retaining the customers is the major cause of concern, add to it ineffective marketing plan, and due to random marketing efforts the results too are random, the cost per acquired lead escalates, conversion cost shoots up, finally the marketing efforts get hampered and the budget for marketing is either cut off or reduced, which again multiplies the negative impact.
The above challenges are minimized to a larger extent while serving a niche market beginning with a smaller expert empowered team.
Directing your marketing efforts to a particular market, a specific and well defined segment which is catered poorly, ignored or away from the mainstream marketing & distribution channels, catering, developing and delivering product / service to meet the needs of that particular market is niche marketing. Niche marketing is also mentioned as micro marketing with specialized offering.
With Niche Market you have drawn your parameters, making it easier to focus and once they have made their presence felt in the market, they can extend and expand business, Niche business enterprises are also called as “Big fish in Small Pond”. Being a niche player can help you focus, consolidate your strength addressing those pain points of the market, and come out as an expertise and major player in the market.
Marketing & Communication Plan Tips
- Focusing on niche market defines your approach to target audience making it easier to execute and implement your strategy
- Create a compelling content, connecting your niche segment/market and Customize, customize, customize your content
- Be competitive, position your product, highlight the USP which should be the base of your message to the target audience allowing them to analyse and prefer your product.
- Approach through different channels of marketing, consider a manageable plan, giving sufficient time for your team to plan and execute or hiring an expertise would be ideal.
The advantages of niche marketing
- Minimum Competition
- Price Monopoly
- Higher retention of customers due to stronger relationship
- Bonding with the brand is stronger
- The profit margins are higher due to, no competition around.
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