More profits in the bank is one of the main reasons to direct your efforts at niche marketing. It's a highly effective method to reap a greater return on your investment.
Here are some of the other advantages and benefits you'd enjoy as a niche marketer:
- You can focus on one specialty and simplify your business.
- Distinguish yourself as an authority in the field - the person or site to turn to. Having this distinction also helps prospective customers to find you.
- Even if you're not an authority on the subject, you'll be advancing your knowledge in the process of researching and marketing your chosen niche. If you're already an expert, then you have the opportunity to perfect your skills and make use of your knowledge. See your abilities expand and gain confidence as a professional!
- Enjoy credibility - you're marketing your web site as a "specialist", not a "generalist". You gain the trust of your customers and build up loyal clientele and customer referrals.
- Far easier to research a specialized target market - find out when to reach them, where to reach them and how to reach your potential customers.
- Serve your customers' needs better within a small focused group, rather than trying to cater to the wider market with a shotgun approach. Avoid the "market to everyone, sell to no one" mistake.
- There is an exclusive "club" mentality which gives you a closer and longer-term relationship with customers, fosters connections between your customers that keeps them coming back (eg. forum participation) and gives you more customer loyalty.
- Higher pricing model - you can charge more as an expert in your field. Limited or specialist products/services means buyers expect to pay more and are willing to go the extra mile to get it. What you're offering is special. Your prospects' price resistance is negligible.
- Considerably reduced competition - better chance of ranking higher naturally and through paid advertising. Additionally, existing competitors within small niches sometimes have only a basic understanding of SEO and marketing their business, which gives you an added advantage over them.
- Significantly cut your marketing costs - you won't be mass producing general ads for a wider audience; you'll be zeroing in on your target market with pin-point precise marketing. You'll be marketing to qualified prospects who have a special interest in your offering.
- Be even more unique and tailor your product/s or build a special package that caters for your target market. You can be more creative and competitive with your offering as a niche marketer.
- It's much easier for you to roll with new trends and change your site to market the latest and greatest to your focus market.
- The more unique your offering means that general competition can ignore you and even turn into sources of referrals that send business your way.
- Long-term future business - catering to a specialized market helps to be more memorable to customers in future, whether they purchase straight away or not. If they don't, make sure you have an opt-in to catch them later and build your email list!
- Lastly, if you pick a niche that you're passionate about - you'll enjoy meaningful work and it'll be far more fulfilling. You'll also attract like-minded people that you'll enjoy dealing with.
As you can see, there are numerous advantages to being a niche marketer, and all of these perks add up to better return for your dollars, and hopefully more fun in doing it!