There are various approaches you can use to market your product and bring them under the lens of potential consumers. One of these ways is to clearly define your target audience and push your product towards them using Niche Marketing strategies.
But you could also be one to try and appeal to the general masses using Generic Marketing. So what exactly is niche marketing and generic marketing? Which of these work better and why? Read ahead to find out!
Niche Marketing is a strategy which uniquely identifies and differentiates a specific segment of the society so that all marketing efforts can now be more clearly directed towards this particular segment. For example, niche marketing could focus on people practicing a certain profession, such as doctors, and create offerings that best suit the requirements and demands of this section.
Since Niche Marketing churns out only a subset of the entire market it has the advantage of being a lot less expensive than Generic Marketing. Therefore this is a budget-friendly alternative for smaller businesses that may only be starting off. Focusing on a clearly defined audience also allows limited resources to be put to the best use instead of spreading it across masses that are more challenging to convert.
Tailored content and offers allow niche marketing to create a differentiation for your brand so that it stands apart from the monotonous market and allows your brand to speak directly to its most precious customer. This helps build a relationship with your customer and increases the probability of continued brand loyalty.
Niche Marketing is also extremely relevant in today’s digital era with SEO strategies that can help attract attention towards your brand online. Collaborating with Affiliate Marketing Agencies that specialize in Digital Marketing tactics can help your brand easily identify and capture the target market online.
Generic Marketing looks at the bigger picture and aims at grabbing the attention of a much larger crowd. This strategy is inclusive of many more people and is applied across various demographics.
Generic Marketing is an excellent method to create an impact on a huge customer base. Although this may be an expensive form of marketing, it is capable of earning the company a much broader reach as well as numerous leads. Many big brands opt for general marketing strategies and roll out advertisements across every channel, from print media to digital platforms. This helps the brand name to be noticed and it registers in the minds of the masses.
However, it can be hard to please everyone at the same time, and if not done the right way Generic Marketing can even seem aimless without a distinct focal point. Therefore it is better suited for businesses that sell products like fast food or fashion apparel that appeal to many.
Which one works better?
Both General Marketing and Niche Marketing have their own set of advantages and disadvantages that must be carefully inspected before making a choice between the two, in order to market your product.
In fact, a great way to apply these tactics is by combining the two based on the life cycle of your product. The introductory phase of a product is experimental and expenses must be made with a lot of caution therefore it is suggested to focus on the niche target market during that period of time. This will help develop a set of customers that begin to adapt and show loyalty towards your product.
With time the product will mature into one that has a much wider acceptance, thereby making it a lot more meaningful to market it across various mediums to the masses.