5 Genius Ways to Ensure Niche Domination

5 Genius Ways to Ensure Niche Domination

Big Ideas

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September 11 2020
Big Ideas

You have probably heard the saying, “you can’t be everything to everyone.” Well, for companies who not only want to sell a product or service but dominate their niche, they need to hold a special place in the hearts of a small, yet dedicated group of customers.  

In the same way that Starbucks became the coffee super giant beloved by billions worldwide by capitalizing on the needs of gourmet coffee lovers – authentic quality coffee – a company needs to speak to the deepest desires of their target customer base.  

Why be just another company among plenty of other companies fighting to be heard through the noise? In a world filled with distractions, if you stand out, and do it right, you will dominate your niche.  https://sherpa2017.blob.core.windows.net/images/contenthub-posts/08-2020/Starbucks.jpg

Source: Instagram Starbucks

Research – But Do it Better Than the Competition

For the exact reason you will only buy a Ford vehicle, there’s something special about a company that understands their customers so well that they instill complete trust and loyalty. This level of understanding doesn’t come easily though. Niche domination takes research, becoming obsessed with discovering who your customers are and their needs; what really makes them tick.  

Taking over a niche market involves learning everything there is to know about your market, competition and competitive advantages. Out-research your competition – learning more about your target customer is a sure-fire way to rise above your competitors.  

Successful companies who dominate their niche continue to research indefinitely. People, trends and society at large changes over time, and so will your customers.  

Also consider all the external forces that affect your customers, including economic environmental, technological, socio-cultural, demographic and political forces. For example, during and after a recession has a significant impact on a customer’s spending: maybe they won’t be spending five dollars on coffee every day; instead, opting to brew at home. Continuing to understand the factors that affect market trends, and ultimately your customers changing needs will guide your company to serve them in a way that ignites action. 

Build Your Customer Avatar

customer avatar – or buyer persona – is a semi-fictional characterization of your ideal customer (s) based on market research and data gathered directly from your customer base. More than simply a description, your customer avatar helps put your customer’s needs in focus; only from addressing their pain points or needs will you gain their interest and trust.   

Whether you are engaging in product development, marketing, or customer support, referring to your customer avatar should always be your starting point. Doing so ensures all decisions, activities and communications are tailored to and serves your targeted customer’s in a way that satisfies their needs. When you clearly define your target customer's characteristics, it will be easier to present them with products and messages that move them to action.  

A customer avatar should identify general demographic information: 

  • Name 
  • Age 
  • Gender  
  • Residence 
  • Education 
  • Occupation 
  • Annual income 

You will also want to further answer questions about their lifestyle: 

  • Do they have children? How many do they have and what age? 
  • What social groups do they participate in? 
  • Are the environmentally conscious? 
  • What is their financial situation? 
  • Where do they receive their news? 

For example, if you are a coffee company, here’s what your customer avatar may look like: 

Customer Avatar for “Society Coffee Company” 

 https://sherpa2017.blob.core.windows.net/images/contenthub-posts/09-2020/studentheadshot_freestockphoto.jpg

Jessica - Student

Background

  • 20 years old
  • Single
  • Lives in Calgary, Alberta
  • Full-time interior design student, part-time retail worker  

Finances

  • Household income of $35,000 
  • Is conscious about what she spends money on 
  • Prefers to use her credit/debit card 

Online behaviours 

  • Instagram is her lifeline 
  • Active on Twitter, Pinterest and Tik Tok 
  • Looks for discount codes, coupons and deals on new trendy restaurants and experiences 
  • Interested in sustainability  

What she’s looking for 

  • A place to decompress after a long day at work/school 
  • A quiet place to study where she doesn’t get distracted 
  • Trying out new and exciting things on a budget 
  • A place that makes her feel good about her purchases and is environmentally conscious  

What influences her 

  • Friends, family, and colleagues 
  • Influencers known for their involvement in environmental and sustainability initiatives  
  • Magazines, blogs and articles and design publication

Brand affinities 

  • Beyond Meat, Lush Cosmetics, TOMS 

Hopes and dreams 

  • Become a well-known interior designer 
  • Being able to travel the world 
  • Being able to afford to purchase whatever, without being worried about finances 

Worries and fears 

  • Not being able to pay her bills 
  • Not having the ability to travel  
  • Not having enough time to go to yoga or focus on her mental health 
  • Not being able to pay back her bills 

Make her life easier 

  • A funky atmosphere where she can relax and study 
  • Deals and coupons 
  • The ability to pay with tap on her credit/debit card 
  • Social media driven engagement and rewards  

A day in the life of Jessica 

  • Between early days and going to school and late nights at work or studying, her routine is busy, so she relies heavily on coffee 
  • She’s a young, curious and adventurous college student 
  • She lives with two roommates, so she studies a lot outside of her home 
  • She saves her money to travel  

Depending on the type or number of products you market, you may have a few different avatars.  

To help you build your customer avatar, check out this in-depth list of questions.  

Give Incredible Value

This may seem like a no brainer, but you need to provide incredible value to your customers without expecting anything in return to ensure your companies' niche domination. Put profits aside and provide value that connects with your customer’s needs – delivering value in places where your competitors lack.    

A great way to provide this level of incredible value is through free content, such as calendars, e-books, spreadsheets or even a free workout plan. Not only does this build positive brand sentiment, if done right, and with consistency, it will win the heart of your customer. Not to mention your profits will skyrocket! 

https://sherpa2017.blob.core.windows.net/images/contenthub-posts/08-2020/Free-content-ad-example.jpg

Source: Chainlink Relationship Marketing 

InVision provided a free audiobook that provides an in-depth look at how to utilize their software. By giving away free content about their software they are educating their audience on how to reach their goals and creating value for potential new users.

Continue to Innovate

In order to dominate and continue to hold your niche title, it’s critical you do not become attached to the same-old formulas that have worked for you in the past. While formulas have their time and place, things are continually changing and evolving.  

To stay ahead of the competition, companies need to continuously innovate – finding new ways to serve and meet the customer's needs. Simply innovating because you can will get you nowhere. Innovating because it’s what’s best for your customer is the key to your success.  

Imagine for a second what would have happened if Netflix did not reinvent themselves in the early 2000s away from DVD rentals into the streaming service we all know and binge today. They not only set the bar for the industry, they led us to understand what our needs and desires really were; on demand entertainment.  

https://sherpa2017.blob.core.windows.net/images/contenthub-posts/08-2020/Netflix-.png

Source: TechCrunch 

Be Results-Driven  

To achieve true niche domination, you need to be laser-focused on results. Not just numbers and dollar signs, but customer driven-results.  

Don’t be afraid to become obsessed with achieving results for your customer. Every image, word and detail tested to ensure maximum results and benefits that meet their needs. If a marketing campaign didn’t resonate with your target market, evaluate it.  

What social media channels does your customer enjoy engaging with you on?  
What products or services could make their life easier? 


By focusing on your customer and aligning your company decisions with their needs, your company will soar above the rest. And the purchases, downloads or signups will ultimately speak for themselves.  

Conclusion 

You can't be everything to everyone, but if you are so get-out-of-my-head, spectacular to a targeted group of people, then you are well on your way to niche domination.  

 

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