Marketing in a niche industry is both a blessing and a curse. On the one hand, you have fewer brands to compete with, but on the other hand, the competition there is fiercer in terms of online brand.
Assessing the competition should be one of your first tasks to be the go-to brand in your industry. It would be best to do a full audit of your competitor’s site to know what they excel and lack. Once you have done this, you’ll know what your competitive advantage is.
The next step is building a brand online. How exactly can we do that? Here are a couple of key points to practice:
Use digital marketing to your strengths
Digital advertising uses digital media such as the internet, social media, search engine optimisation, video advertising, affiliating marketing, and more. Digital advertising is unique in that it’s generally cost-effective compared to traditional forms of advertising. It is also truly global in reach, meaning you’ll have a higher number of audiences along with a higher turnaround time along. To fully utilise digital advertising in your market, you can seek out companies that offer digital marketing services, so you don’t need to learn it yourself, and you can get expert help.
Harness the power of new retail
If your business has brick-and-mortar stalls and online shops, new retail could be for you. New retail is an advertising strategy that combines physical and digital stores to the company’s strength. Examples of new retailers are Amazon storefronts and other websites like Alibaba with both online and physical stores. You can see how businesses that take advantage of new retail are booming, with how Alibaba had a 262.1% increase for their 2019 Q2 profits compared to the same quarter in the previous year.
It’s essential to know that in using new retail, your business should market to shoppers by understanding and influencing the buyer’s behaviour once they enter a physical store. Your brick-and-mortar store will become a starting point for consumers who will eventually purchase from you online. To reduce the risk of this strategy, use pop-up stores to save money. Even though they exist for a limited period, they are relatively low-fixed costs that generate substantial attention and traffic to your website.
Advertise and form relationships on social media
Social media platforms are relatively free sites that users willingly participate in. It’s essential to focus on a few select areas involving advertising goals you know you can hit using social media. For instance, if you are interested in creating organic content on your brand’s Facebook page, you need to learn about social media management and using Facebook as a medium of delivery.
Advertising on social media helps sell niche products because they are interactive, target audiences, and track progress. It’s vital to have clear objectives and build relationships in social media. Social media isn’t transactional like other marketing forms; it’s better used to build a long-term relationship with your audience. Social media marketing takes a lot of commitment and resources, but it is vital in boosting your brand awareness.
Use the power of User Generated Content.
Your target buyers’ chances of purchasing the products the influencers they follow are known to promote and use are high. With this, you can hire influencers to post user-generated content (UGC) to your advantage.
User-generated content isn’t limited to influencers either. Your company could create a competition of sorts that would push users to post pictures of your products in exchange for being featured on your page or prizes.
The characteristics that stand out with UGCs are that it is contributed by users rather than the firm for added authenticity. UGCs are creative and are generally accessible.
Know what your consumers want
No product can be the best in its respective market, but improving your product is the closest thing there is. Reading product reviews from Amazon and similar websites will give you an insight into what the consumers in your market want.
Another website to check is Reddit. This popular website has 330 million monthly active users, contributing to the site by posting and commenting on subreddits they partake in. It’s best to find the subreddit your niche resides in and research what they’re looking for and what they want in a product.
Knowing what your market wants through these means will yield a high-ROI strategy. Some of the platforms mentioned need no capital, and the insights you’ll gather will make your product better. Boosting your sales through word-of-mouth advertising just won’t cut it anymore. You need a concrete plan for building your brand online with goals and objectives to emerge victorious in your niche.