The Role of Social Media in Niche Marketing
What do golf clubs, Japanese animation, and tattoo parlors have in common?
These items are not being advertised towards the general population, but for a small subset of customers who are deeply interested in a certain product category. They are all niche products.
The idea behind niche marketing is the long-tail rule. Simply put, niche markets have high potential for businesses because there is much less competition than a mainstream product. More often than not, niche consumers can be more loyal to your brand and your products.
How Does Social Media Affect Niche Marketing?
Social media has been a tremendous boon for niche marketers, as potential customers are much easier to find and advertise to directly. Traditional means of advertising like billboards and television ads are no longer suited for niche companies. Traditional advertising is generally designed for targeting the masses. For niche products, it is necessary to specifically reach people who are interested in what you are selling.
Social media helps you engage with your target market in ways that were impossible in the past. Furthermore, the reach of niche companies is greatly increased through the sharing of content through social media networks.
Unfortunately, this causes an increase in competition in the market. Social media is a tool available to everyone, so it becomes so important for your company to capture your customers before your competitors do.
ROIs of Social Media Marketing
Although social media marketing drastically changes the playing field for businesses, it is still necessary to have realistic marketing goals and ROIs. However, since niche marketing covers many different social media networks, specific ROIs may vary from business to business.
Here are five general ROIs from using social media marketing:
Increase user engagement (through user comments, likes, shares, etc.)
Gain a better understanding of your followers through communicating with your audience
Reach new customers through the networks of your fans
Differentiate yourself from your competitors
Increase sales for your business
Stay tuned for more articles on niche marketing.