What exactly does niche marketing mean?
According to Wikipedia (as good a source as any for a definition).
“A niche market is the subset of the market on which a specific product is focusing. So the market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to impact. It is also a small market segment.”
Niches do not exist but are created by identifying needs, wants, and requirements that are being addressed poorly or not at all by other firms, and developing and delivering goods or services to satisfy them. As a strategy, niche marketing is aimed at being a big fish in a small pond instead of being a small fish in a big pond.
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Why Should You Create a Niche?
You don’t have the time or the resources to be everything to everyone. For the majority of people reading this article, your revenue is generated from the sale of hearing aids. However within that fairly narrow field it is possible to figure out what appeals to the demographic you serve in your immediate area and give it to them.
If you’re in an area that values customer service (and is wiling to pay for it) above all else, then provide great customer service. Services like on demand appointments, high-end waiting room furniture, a Keurig in the waiting room…in other words, pamper the would be customer. If you’re in an extremely budget conscious area then price your products and structure your practice accordingly.
Choose a niche, don’t waste your time and your money trying to attract every hearing impaired patient to your office. It’s impossible to be all things to all people so stop trying.