Last Updated on April 8, 2016
Advertising and marketing is a tandem component of any major consumer product manufacturing company. This is the way a product gets known, bought and patronized. There are several ways to make advertising and marketing work for the product to sell.
Several years ago, most product advertisements tried to reach as wide a target audience as it could. The concept was that while a product had a core target audience, there were secondary and tertiary targets to reach as well.
The main target was to make the product become a household brand, achieve brand/product loyalty and multiply its sales many times over. Good examples of how a brand became a byword are the successes of brands such as Colgate and Frigidaire, which had become synonymous with toothpaste and refrigerator respectively, which are generic products.
Today, most companies and their advertising partners are more concerned about niche marketing and advertising. This is just one of the corporate strategies employed to maximize ad spending that effectively reach a specific market. This is backed by various market researches, demographic studies and consumer statistics.
What is a niche market?
A niche market is just a small section of a wider and larger market. This is specifically defined and pinpointed by thorough studies of brand performance, consumer preferences and spending habits. This form of strategic marketing, just like what brand strategy experts do well – carefully identifies a niche market for a specific brand, as consumers nowadays have much more control of what they want in choosing a specific product or brand among the many that flood the market.
Three rules to follow
While there are many processes involved in the creation of a brand strategy, you could understand how it works with these three rules.
- The product should meet the unique and specific needs of the target consumers. The product’s benefits must be special, irrefutable and new to your niche market. Identify the unique need of the niche market, as this will be the basis of how your product or service should meet that particular need. For example, in general, toothpaste is a product used to clean teeth and gums. When you’ve taken the ordinary toothpaste and revised its formula to whiten teeth within three months of regular use – that is a unique promise for a specific market who wants to have whiter teeth.
- Speak the language of your niche market. Creating brand strategy includes in-depth studies on words that trigger great response from target audiences. Brand strategists combine psychology with facts such as statistical data to formulate slogans that compel consumers to buy.
- Does a market test? After you’ve undergone all the processes in formulating the marketing and advertising strategies, test its effectiveness via focus groups. At the same time, you also must study your competition in this new market to strongly position your product.
These are just the basics of niche marketing and part of the bigger and deeper. Marketing a product to a niche market requires careful study, as you have to find the right combination of steps to maximize your advertising expenses as well as your profits.
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