Let's take a look at some specific examples of how some of these larger companies have exploited a specific market niche, so they own their little corner of the market. A lot of the time the companies that are FIRST to market often get the lead and stay there.
1. Coca Cola – Coca cola is a universal brand. It has spread its businesses to all corners of the world. You can see coca cola painted on walls in little villages in India to the big electronic screens in New York. Coca cola as a brand targets a wide audience and competes in a very tough commodity market. As almost everyone drinks Coca Cola what niche can the company focus on?
In this case, niche marketing informs us that a potential problem with Coca Cola for some consumers is the excessive number of calories ingested with each drink. Independent studies were done and proved the case that sugar-laden soda pop drinks added hundreds of calories to one's diet, leading to weight gain. This is a problem for many people and Coca Cola, using the niche marketing model, offered a solution. They brought out Diet Coke, thus solving the problem.
It wasn't long before all the other soda pop companies came out with their own versions of their diet sodas. Then Coca Cola came out with a caffeine free version, and the competition followed suit. While not being first to do so, it was still necessary for them to do so, just to keep up with the number one company. Coca Cola still reaped the greater reward of customer loyalty by being the first to discover a niche and then marketing to the needs of that niche. In spite of already being number one for carbonated beverages, it was a smart move to keep them in that position.
2. Citizen watches. A watch is a watch is a watch, and Citizen produces some of the finest around the globe. Anyone who wants a watch can get one from Citizen, who does not target any one group specifically. But when it came to thinking in terms of niche marketing, however, Citizen came to realize that there is a segment of the population concerned with the environment, and from this concern, Citizen developed the Citizen Eco Drive watch. It is a solar-powered watch that does not require batteries. So, there are no batteries to charge or add to public landfills, something that appeals to the eco-crowd. Niche marketing at its finest.
3. MTV – The MTV music channel introduced itself as a channel that showcased all the music that was popular. There was no distinction, it was just all about the music. Soon with the advent of many other music channels. Mtv lost their edge and then had to turn to niche marketing to find it again. Niche marketing led them to targeting the youth. MTV now has become a channel for the youth. It created shows specifically to target the youth. It is a youth channel and is doing great as that.
A Summary Of Niche Marketing Strategy
What will it take to be number one, to get over and rise above your competition in your chosen business?
Take a few minutes and list 3 things that make you completely different from your competitors. Why are you better than they are and why should you be number one? no generalizations, be clear and specific. Put your thiking cap on and really work on this
You NEED to be different and VERY different, not physically in what you do, but perceptively in the eye’s of your prospects.
You have to know what your customers' needs and wants are, more than your competitors do, becasue without this keen understanding, you are going nowhere.
Coca Cola, MTV, Citizen and all the leading brands know their market that’s why they are leaders.
If you take nothing else from this, remember these things:
1. Poll your current clientele, send them surveys and ask them specific questions about their needs and wants until you truly understand them.
2. Develop a key difference that is geared towards the expectation of the feedback.
3. Continue refining your marketing strategies, both in the offline world and online.
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