As a new business owner with a big idea, it is possible to go too big too fast. Often times, with an unrealized brand but a enthusiastic idea, the focus and targeted audience becomes lost in the mix. While having an experienced public relations firm assist in brand marketing and PR is crucial, coming to the table with a strong focus on a target niche can be exceptionally useful.
Can’t I Advertise To Everyone?
When we sit down with clients for the first time, one of the foremost questions on their mind is “I want everyone to buy my product.” However, as we’ve explained in previous marketing articles, going big with your brand starts by focusing small. Case in point; your target audience and brand niche.
Business owners want to make money, there’s no doubt about that, but the drive to make a profit can sometimes outweigh attention to detail and beneficial marketing tactics. Telling a client that they have to focus on a smaller target audience is like telling them they must limit their expectations. In reality, by supremely focusing your brand on a ‘smaller’ target audience within a smaller niche, you are expanding your horizons and opening your brand up to greater profits.
Won’t I Lose Potential Customers?
This is every client’s fear; the loss of potential customers and clients by not going big enough. When you cast a wide net for Tuna, you usually end up with a lot of other species of fish, as well as Tuna that can’t be used. The same goes for marketing. When you cast a wide net hoping to win the ‘numbers game,’ what you’re really doing is unfocused marketing that is not cost effective and will not bring in high conversions and product sales.
You wouldn’t submit a press release about a new plastic surgery procedure to a mixed martial arts magazine, would you? Of course not. It would be unproductive and not very cost effective.
How Will I Increase My Customer Base with a Small Niche?
Whether you’re in the field of plastic surgery, women’s health, veterinary care, or sports retail, you must establish yourself as an expert in your niche. This is one of the greatest ways to cultivate brand trust and equity. Starbucks, for example, has high brand equity because they have gone to great lengths to establish themselves as experts in the field of coffee. BMW has enormously high brand equity because many consider them to be experts in the field of vehicle luxury.
By focusing on a small niche in the beginning, Starbucks was able to expand its brand reach by incorporating foods, ice cream, even music into their overall brand image. Many brands have gone the same route, starting with a supremely focused niche, starting ‘small’ so that they could ‘go big.’
How Will I Know What My Niche Market Is?
Allow your marketing firm to conduct extensive market research to determine exactly who your initial target audience should be, and what niche you should focus on first. Marketing your brand is a process, which is why patience, dedication, and perseverance to your long-term goals is paramount. Ultimately, you’ll need to answer the question: who will benefit from my product or services the most? As mentioned in previous marketing articles, you must have a superb understanding of not only your own brand, but of the needs of your audience.