Q: How can I market a niche product that doesn't have mass consumer appeal?
A: Marketing a niche product means you're not selling to everyone; you have a narrow pool of potential customers. Successfully marketing a niche product starts with an in-depth understanding of your target market.
- Is the product new to the world or are others like it already available?
- How can you differentiate your product from those that are similar?
- How large is the niche, is it growing, and at what pace?
- What is the buying process?
Create clarity about your customers' needs and the value your product can bring to their lives by learning:
- What are their needs?
- What are their expectations in terms of quality, price, speed of delivery, etc.?
- Where are your customers located (virtually and physically)?
- How do they shop for products and services like yours?
Engaging with your target customer is another challenge with niche products. You'll want to know where your potential customer pool gathers to learn and share information relevant to your market. Do you need to be participating in industry events and conferences; accessing specific social media platforms; doing interviews in industry trade journals or on podcasts; or gaining exposure as a guest blogger on industry-specific blogs?
It's important to test market your product, your unique selling proposition and your customer value to confirm your assumptions and validate your market assessment. Although you can never be fully certain about your conclusions, learn what you can to minimize risk and then get started!