Niche Marketing vs Mass Marketing
Mass marketing will burn up your marketing dollars. Visualize the mass marketing person as standing smack in the middle of a major league park. On the ground, in front of this person, is a large pile of various denominations of currency. The mass marketing person just set this pile of currency on fire. He wants to attract the attention of the seated spectators using the smoke from the burning currency. He has put out the word that smoke from burning currency will clear all eight sinus cavities.
Since the ballpark is so huge, by the time the smoke reaches the park's perimeter, it will be severely diluted by the size of the park and the distance from the fire to the spectators. Although the spectators might know about its benefits, the area is so spread out that they’ll hardly smell the smoke. The end result will be minimal unless a tremendous amount of currency is set on fire to produce much more smoke.
On the other hand, we see a niche marketing person as someone who takes the same pile of dollar bills, goes over to a pre-determined section of the bleachers then sets his pile on fire. He knows, from prior market research, that the crowds in that section of the bleachers are interested in clearing their sinuses. Because of the smaller area, they will also be able to strongly smell the burning currency.
The niche marketer will have better results using the same amount of money because they are targeting their message and offering. Whether it’s a baseball field, the printed media or the Internet the results will be the same. That is, it’s much easier to attract the attention of a smaller crowd that you’ve identified as being interested in what you have to offer.
More Effective to Advertise Services to a Niche Market
Why would you want to advertise your services to a niche market over a mass market? In other words, why would you want to target a smaller segment of your community over the entire community? Simple…It’s more effective, less costly and produces better results.
Before you start burning up your cash for marketing efforts that might or might not work for you, it’s imperative you plan your marketing strategy. The first thing that should be listed in your plan is the type and size niche you’ll want to market.
Developing Several Niches
To avoid putting all your hopes into one basket, develop several niches rather than having to depend on one. Keep in mind that it’s too expensive and usually a very difficult task to try and develop your own niche market. It’s better to identify and plan on addressing an existing niche that has good potential for using your unique product or services.
For example, let’s assume you’ve invented a fantastic sports drink and want to develop the market for your product.
Here are the first three steps you must take to find your niche:
- Assess yourself and determine what areas of life you are most interested in and how it will interface with your product.
- Assess your potential market to determine if there is an area that could use your services. An easy way to make this determination is talking to the people in your targeted community. Another is to join groups of people who have similar interests such as health clubs, little league boosters, soccer clubs or at car racing activities.
- Once you find a promising niche, then determine if you can be comfortable with the anticipated income from it.