August 12, 2020
Have you ever heard the phrase, “There’s riches in niches?” If you’re not familiar, a niche marketing strategy is one in which you concentrate your expertise in a very specific area of focus. You’ll find plenty of examples of the benefits of a niche marketing strategy by Googling such search terms. While “having a niche” can be lucrative and help you differentiate your business or personal brand, it may not always be all it’s cracked up to be.
I can look back on countless instances in which I was told by a prospective client that they preferred a firm or company with specific industry experience. Obviously, there’s a great deal to be said for understanding the culture, common pain points, and political landscape associated with a particular vertical market. The ability to provide anecdotal insight and perspective is invaluable when working with those clients. However, a niche marketing strategy could be limiting.
As often as the situation I described has occurred, I have also experienced the polar opposite when courting a new client. We’ve been awarded projects based on the fact that we bring a more well-rounded point of view with our approach. When you work with one specific type of client exclusively, and that’s all you know—you can get tunnel vision. This leads to constantly looking at what the competitors are doing (which isn’t a bad thing) and can lead to a case of following the leader. As a result of your niche marketing strategy, you fail to cut through the static and end up sounding and looking like everyone else.
Diversity is paramount and can yield amazing results. Strategies and tactics that are effective in one industry can translate to another, giving your company a one-of-a-kind presence in the market.
To stand out in a crowd, your marketing strategy might need to think differently. Give it a try sometime.
Check out more from Team Milk Street at www.milkstreetmarketing.com/blog .