Whether it is through acquisition or organic growth, more and more of today’s companies have the ability to offer numerous services and/or products to multiple target audiences across vastly different industries.
However, according to Jonathan Ebenstein, the managing director of Skoda Minotti’s marketing service group, all too often companies are using a shotgun approach to marketing, when a rifle-based solution is needed.
“In other words, you can’t use the same broad-based, one-size-fits-all marketing approach to go after a construction company as you would for a law firm,” says Ebenstein. “These are two different industries with vastly different needs, hot buttons and challenges.”
By identifying and analyzing how to effectively reach the different niche markets that you serve, your marketing plans for them will become more effective.
Smart Business spoke with Ebenstein, who elaborates on why niche marketing is a vital concept to consider when developing a marketing plan, while addressing some of the key elements to developing a niche marketing plan.
What are the advantages of a niche service or industry-specific marketing plan?
Many people, especially those in the professional services space, tend to be generalists. By that I mean they chase, without rhyme or reason, any business opportunity that crosses their path. While you can net business this way, this model lacks focus. To me, the secret to being successful in driving new business opportunities is focusing on your niche specialties and then putting together a strategic marketing plan with focused goals and objectives that are specifically tailored to target and attract the audience that inhabits that niche space. Whether it is a niche service offering or a niche industry that you are chasing, narrowing your focus is the first step.
What are the first steps a company should take when putting together a niche marketing strategy?
Well, after you have figured out what your niche specialty is and what true opportunities lay ahead, you need to assemble your team and team leadership. This needs to be a dedicated group of people who are committed to growing the business. Next, with your team intact, you should create your mission/vision statement. This will serve to guide the actions of your group, spell out its overall goals, and provide a sense of direction and direct decision making. It’s a guidance system in a sense. One that will help keep you on track when the lure of going back to the shotgun approach comes calling.