How To Create The Right Niche Positioning Strategy
Niche marketing is a targeted marketing plan that focuses on one particular section of the market that has high potential to connect with a product or service. Instead of casting a wide net in mass-media and large-event marketing, niche marketing zeroes in on strategically selected venues and media platforms that have high concentrations of these targeted consumers.
Niche Marketing Strategies (according to marketing-schools.org):
- Word-of-Mouth Campaigns: These campaigns rely more on conversations among consumers than advertising or marketing materials touting the product or service. Brand exposure is low key and subtle, such as sponsorship or giveaways at events or establishments frequented by the niche market. As a result, these campaigns take longer to develop and yield results, but the returns can be extremely high, given that word-of-mouth recommendations generally carry a lot of weight with consumers.
- Trusted-Messenger/Endorsement Campaigns: This strategy hinges on finding a few key influencers in the niche market and enlisting them as spokespersons on behalf of a product or service. An example of this strategy would to hire Wilford Brimley (a longtime actor who is known and loved by many senior citizens) as spokesperson for medical products used frequently by the elderly. The success of these campaigns is highly contingent on the credibility of the spokesperson and the sincerity with which the endorsement is delivered.
- Targeted Collateral Campaigns: This strategy relies on consistent brand exposure to the targeted Niche Market. Just about any radio station that plays a niche type of music (alternative, country & western, or classical, for example) that appeals to a certain audience will employ targeted collateral campaigns. They might distribute collateral and attend concerts by artists played frequently on their station, or advertise in local music/entertainment publications.
Choosing your niche positioning is one of the hardest decisions a business can take, as the dimension of the market you are entering on is very important.
Evaluate your target markets under several criteria. First and foremost, define and size the market. If it’s too broad, it’s not really a niche. If it’s too small, you will plateau very quickly. At the same time, examine the barriers to entry. If anyone can enter the market, it will be very hard to sustain a competitive advantage. Select niches that require an investment, both in time and dollars, because that will keep others out. – stickybranding.com
More that than, the niche chosen should take the account the field you are specialized on and have the best expertize to offer to your consumers. Your ability to service your niche and create sustained competitive advantage will come from your operations versus marketing. When customers seek out a specialist they have high expectations. And your business and services must reflect that reality.
Positioning involves also the followings taken steps: identifying the organisation’s or brands possible competitive advantage, deciding on those that are to be emphasized and implementing the positioning concept.
At the same time, don’t forget about the key factors that make you and your brand/company special and different on the market. They must always be in top of your communication and strategy plan.
The best media mix for your brand in 2017
The media market is changing under our eyes, each year bringing something new. It’s more than obvious that, even if you are representing a smaller brand, it’s not enough to rely on a website or social media page alone if you want to be competitive in the marketplace. Moreover, the media channels that used to work very good for you two or three years ago may very well not be the best ones to use anymore.
According to Initiative and their report Media Fact Book 2016, in Romania the TV continued to be in 2015 the rising engine of the media market, having a push of volumes of 7 percent compared to 2014 and reaching the EUR 212 million margin. Other channels that grew were the online (a boost of 12 percent and reaching EUR 57 million) and the radio (a 5 percent boost, until EUR 19 million). The OOH remained stable at EUR 28 million. Moreover, Initiative estimated that the media market would reach in 2016 EUR 351 million this year, following a 6 percent growth. The evolution on each channel is similar to the one in 2015 – the TV market will grow with 6 percent, the online with 12, the radio with 5, while the OOH will remain the same and the print would continue to drop still with 10 percent. In this context, the approaching of the digital next to the TV in the consumers’ preferences are, the amplitude that the mobile took, the influence of the multi-screening or the forever bigger importance of the content’s quality has over the rise of the media budgets.
With a well-chosen media mix, you can build the kind of name recognition and buzz for your company that isn’t possible with single-pronged approach. A mixture of owned, paid and earned media will help ensure your marketing efforts are reaching your target audience.
Consumers want brands that are useful and accessible, and most of all, entertaining. Marketers will continue to pull out all the stops to counter declining ad receptivity. In 2017, we’ll see more branded content and less regular advertising. Get ready for more native content, short and long form video, branded filters, and emoji and PR stunts. But it won’t end here. The specialists forsee that the marketers will forge ahead with new technologies such as 360 video, augmented reality, virtual reality and artificial intelligence (chatbots performing customer service and sales functions), making the landscape ripe for new creativity. Marketers will also closely monitor effectiveness as studies start to show which formats consumers find annoying and intrusive, particularly on mobile.
These advancements create new challenges for marketers. Far from a controlled consumer view of a brand (TV, outdoor, instore), marketers will face multiplatform, multi-device, in and out of walled gardens, all differently experienced by every consumer. Geotargeting will be seen as a commercial opportunity and Snapchat itself is using geofilters to let people know where to find a Snapbot vending booth. Brands will move quickly into customized/personalized creative content, delivered in a targeted way via programmatic buying. We will see more sequential content as marketers consider using retargeting for a more strategic and persuasive catenation of consumer messages.
In a media landscape of ongoing dramatic change, advertisers will more aggressively adopt multiple media alternatives to reach and connect with their audiences throughout 2017. Synergies will become more important than any single channel and the collective weight of all channels put together. Marketers will be focused on understanding the role each media plays within a broader plan and how they rub off to produce synergistic effects. The concept of synergies has been around for some time but what has changed is the planning aspect and the application of a discipline to the selection of channels to maximize its impact. Cross media studies conducted by Kantar Millward Brown show that globally 25% of media effectiveness has been attributed to synergies, and nearly 40% in APAC. These numbers are not only growing but increasingly we are seeing non-TV synergies emerging as advertisers and agencies start to get their heads around this. The two broad parameters needed to leverage synergies are – creative synchronization and media duplication and phasing.
source: Digital Land
„A “big idea” is important for creative synchronization to occur, but it’s also about adapting the message to the medium and following a common theme across a campaign. For example, it’s unlikely that a 30 second TV ad will work as well on YouTube or Facebook because these media have different characteristics. But they offer opportunities for forming different kinds of relationships that meet consumer needs at different times and occasions. Optimising media duplication and phasing can go a long way in driving synergies but as a first step, marketers will need to ensure that every medium has a role to play within the broader media mix. Roles will be in terms of driving ‘reach and or frequency’ or various aspects of how people think, feel and make decisions about the brand,” said Straford Rodrigues, Media & Digital Director, APAC at Kantar Millward Brown.
Therefore, every brand needs to create its media plan accordingly to its target, expectations and business plan. The strategy is more important than ever: setting clear objectives, finding the right opportunities, integrating your message and your true content, exploring, creating, producing and measuring.
Apart from the media planning itself, don’t forget the fact that the content is the KING and it needs to be as powerful, sincere and creative as possible.