When discussing product and service differentiation, it is imperative to focus on your niche. Your niche is that very specific demographic component to which you are targeting your product or service. While it might seem tempting to try and sell your product to everyone (after all, the more people to whom you expose your product, the more potential customers you have), doing that is the opposite of what you should do. By trying to market to everyone, you severely reduce your chances of successfully selling to anyone. Instead, pinpoint a specific demographic niche and go after it ferociously.
Why Do I Need a Niche?
Finding an identifiable niche does three important things:
- Ensures your product or service has impact
- Gives you legs to stand on against the competition
- Makes your marketing path crystal clear
Two brands serving entirely different niches can be held up as great examples: Vizio and Wonderbra. Read on to learn why.
Vizio. The “Everyman” TV.
In the big, bad world of shiny televisions, Sony, Sharp and Samsung have historically captured the highest percentage of market attention. But, when Vizio entered the scene, it became a “legitimate big brand killer” that beat out the competition to take FIRST place in its market share at that time—and continues to be a strong contender today. Vizio grew its brand without any traditional marketing or advertising.
So, what allowed Vizio to capture such strong market penetration? Its niche. With the slogan, “where vision meets value,” Vizio offered the marketplace the single lowest cost option for LCD TVs. Their strategy was to be recognized as the lowest-priced brand. How did the brand’s strategic choices lead to niche domination? The only places to buy Vizio are discount retailers like Costco Wholesale, Sam’s Club and Walmart—shopping institutions known for their middle-American personality.
Vizio has since made a commitment to its marketing. They continue to perpetuate their niche positioning.
Next, Wonderbra. A wonderful niche in a saturated industry.
Lingerie is lucrative. One brand that held firm in the marketplace for years is Wonderbra. How do they do it? An unbeatable niche. Women’s incidentals generally fall into two categories—those that place form over function, and the type designed to please the opposite gender. Wonderbra aims to please by doing both. With functional, fun pieces and a marketing campaign directly designed to engage and empower women, Wonderbra has managed to carve a solid niche for itself on a global scale.
Most importantly, the Wonderbra’s messaging is about SHE. Their marketing and advertising speak to the women who wear the product. And, unlike some brands that fix a woman’s flaws, Wonderbra aims to fit every woman.
Are you a business owner with a product or service searching for great niche marketing? Contact the team at corecubed! Our group of marketing gurus can help you pinpoint the most effective and efficient ways to target your niche marketing for maximum success!