The most conventional way of doing business is to sell to as broad a section of the public (or companies, for B2B-focused businesses) as possible. However, in some circumstances, the exact opposite is true: instead of appealing to all, businesses instead seek to design products or services that appeal to a very niche potential customer base.
On first inspection, such a narrow focus of customer base may seem like an odd choice – but if you’re currently contemplating starting your own company, here are two particular benefits worth focusing on.
Big fish, small pond
As we have discussed, many businesses are designed to offer mass appeal; few specialize to any great degree. This means that all new, appeals-to-all businesses spend a long time as small fish in a very big pond. However, if you create a very niche business that sells to other niche businesses, then it’s safe to assume that your competitors will be few and far between – which helps you to build your company’s reputation and stature within its niche industry.
Researching how to appeal to clients is a major issue that most businesses face, and for businesses who are trying to secure mass appeal, it’s next to impossible to ascertain what every potential customer or company wants. Instead, guesses and estimations have to be made.
If you opt for a niche company, however, then it’s far easier to research what your potential customers want, and how you can appeal to them. The infographic below is a great example of how detailed and comprehensive this kind of research can be; aimed at companies selling eLearning tools and software to eLearning companies, you can see how positive one particular type of marketing (in this case, popup marketing) can be. When you’re selling niche-to-niche, you can really, truly get to know your customer base, and can thus tailor your efforts to ensure you are able to appeal to their every want and need.
Infographic Design By pop up ads infographic 2019 edition for eLearning companies