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Obtaining the market share for super-specific products and services isn’t always easy. Customers have to be engaged with your brand and looking for what you’re offering, rather than stumbling across it because they need associated products.
It might be challenging, but it’s certainly not impossible. You simply need a strategic approach. Here are six steps to take to dominate in ultra-specific markets:
Step 1: Perform Market Research
When you’re trying to sell something unique or niche, such as environmentally friendly ceramic cookware, natural fiber clothing, or even a new line of phone accessories, market research can be crucial.
Establishing yourself in an ultra-specific niche requires you to understand the market, including customer pain points, preferences, demographics, and size. You also need to analyze any possible competitors to learn what they offer and how you can make yourself stand out.
Step 2: Create a Unique Value Proposition (UVP)
A unique value proposition (UVP) can be an effective way to ensure you cater to a specific customer base and address their pain points. In its simplest form, a UVP is how you define the benefits of your products and services to your customers.
It should include a reward-risk assessment, customer pain points, and solutions for those customer pain points. Having a detailed UVP may make it easier for you to customize your product or service for your potential customers and stand out from your competition.
Step 3: Develop a Strong Brand
Once you know who your customers are and what they need from you, you can create a strong brand that resonates with them and reflects their needs. If you’re not skilled in branding or marketing, consider hiring an expert for this step.
Graphic designers can put together logos and branding guides surrounding your niche. They can also make sure your logos and messages are consistent across all platforms.
Step 4: Create Content
Simply having what you believe is a desirable product or service doesn’t necessarily mean customers will turn up in their droves. You need to make them think they need what you have to offer. That’s where content creation comes in.
Create content that will inform, entertain, and educate your target market. It also pays not to underestimate the value of search engine optimization (SEO). As you’re trying to dominate in ultra-specific markets, optimize your content for search engines with long-tail keywords.
Step 5: Collaborate
You might have a very unique product or service, but that doesn’t mean it won’t work in harmony with other businesses. Consider collaborating and cross-promoting with companies and influencers to get your business name and products out in the public arena.
For example, if you were selling environmentally friendly ceramic cookware, you might work with a food-related influencer who would cook with them or a food subscription business that could offer them for sale with their subscription services.
Step 6: Be Smart with Scaling
Experiencing success with a very niche product or service may have you quickly thinking about expansion. After all, if you are this popular with one product, imagine how popular you’ll be with multiple! However, it’s important to be smart with scaling and grow slowly. Gradually expand your product line as customers demand it to avoid losing engagement and cash flow.
Many businesses with ultra-specific markets, niche products or services, struggle to stand out from the crowd, especially when you only appeal to a small group of people. However, by researching your market, developing a strong brand, focusing on content, and being smart with scaling, it may only be a matter of time until you’ve achieved market domination.
