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.
Top 10 Tips for Branding Yourself
source: Working Voices
Living in the era of social media power, when the information is the key and in everybody’s reach, finding oneself’s niche and becoming known is getting a more and more difficult task to accomplish. Even at first glance it seems the reality is exactly the opposite, the rapidity in which one can get into the public’s eye, but at the same time fade away, makes it even harder than before to make it last and create a strategic and smart path for one’s good brand positioning.
We’ve prepared some tips that we hope will help you on your road to success:
- Asses the market you are working on
Knowing the past, the competition and the market you are activating on is key in order to create a good positioning for your brand.
- Look deep within yourself and find your best features
According to Robert Half, branding yourself begins with self-reflection. Take stock of your strengths. What are your best attributes? What positive adjectives might a colleague use to describe you? Is there one particular talent or discipline in which you truly shine? What’s your personality? If you’re just beginning your career, choose a discipline or area of focus that truly interests you. Don’t pretend to be something you’re not. Hard-working, focused and reserved people get ahead just as often as social butterflies.
- Work on developing them even more
Go to extra classes / courses, attend workshops and seminars that will help be become even better on your field of expertize and that will enhance your talents. Learning never ends, no matter the time in your career you are at.
- Of all of them find the differentiator, your USP (unique selling point), that makes you unique
The USP is the big idea that brands are always searching for. A USP gives a brand a compelling and unique value proposition with its target audience. “Likewise, you want to represent something special that sets you apart from others and establishes a value equation about your abilities when you are pitching yourself for a job, a promotion or a free-lance assignment,” says Catherine Kaputa in Huffington Post.
- Define your brand and become an expert
Take the time to do some soul searching and determine exactly who you are and what makes up your brand. Whether you’re looking to garner media attention, attract new clients or build your business, you should focus on becoming an expert in your field. Avoid establishing an expertise that’s irrelevant to your mission, goals, and vision. You’ll just be wasting your time.
- Be present in the market and make yourself known
Make sure you are present at the most important events in your industry and start conversations with the right persons, the ones with whom the association with will help your brand and your career. Ask questions, mingle, try and show your expertize as much as you can.
- Generate brand awareness through networking and promotion
You should be connecting with other professionals in the industry by using social networks and commenting on their blogs. Networking is one of the best ways to become known in the industry. By forming relationships with people in your audience, you can grow your business and your brand long-term.
In time, once you have a known and appreciated voice try using the PR tools available to you and get your name out there.
- Be a constant presence on the social media channels that are representative for your work
Depending on the industry you are activating on make sure you know what social media channel suits you the best. Not every industry fits you having a profile on Linkedin and Facebook at the same time, not every industry requires an Instagram or Snapchat account. Also, make sure that the content you are delivering is customized to that specific social media account.
- Always keep on expending your network, strategic partnerships and focus on the game plan
The networks are meant to evolve, not stand by. So is the industry you are activating on. Moreover, you can never know what the future holds. The more people you know, the merrier. The more connected you are, the better. Make sure that at the same time you don’t lose the focus on your “final” game plan.
- Don’t look focus, get rid of your ego and accept criticism
According to the AICPA specialists, the true measure of your brand is the reputation others hold of you in their hearts and minds. Notice how they introduce you to others. Ask them what your top brand attributes and core strengths are. If they can easily tell you, then you’ve succeeded in branding you.
“These days, branding the company you work for isn’t enough. The world wants to hear what you have to say as a professional within a company. The work involved in uncovering your brand may seem daunting, but your efforts can benefit you immeasurably. Your unique brand message differentiates the best you have to offer, gives a good indication of what you’re like to work with, and shows how you make things happen,” says the American Institute of CPAs.
When it comes to being the best the ego shouldn’t be standing in your way. Accept the criticism, as it will only make you better and help you achieve your goals.