Black Friday 2020 The Smallest Common Denominator – Defining and Finding Your Niche
For some people, when they hear the name of any industry, they will see the big picture. The music industry for them will encompass not only the music that they listen to, but the way that the music is created, the recording, the shipping and the promotions that must go into getting music to the consumer. To them, it will also involve every type of musical genre- from rock and hip hop to Beethoven and Mozart. Anything that pertains to the making, transporting or selling of music will be what is in their head.
For other people, the musical industry can be broken down in to genres, which can then be broken down further into sub genres. The sub genres can then be even further broken down to the point where only one aspect of the industry is being focused on; the niche.
Finding a niche is like doing a mathematical equation without numbers: you keep subtracting facts and descriptions until you get down to the lowest common denominator for that market- the niche in other words. When you are doing niche marketing, you are exploiting the needs for that particular part of an industry- that small segment of the targeted audience who may have a specific and very definable need.
Keeping with the musical industry theme, we focus on this genre of the musical industry: the marching band. For each section of instrument types, there is a sub genre: the brass, the woodwinds and the percussion sections. Taking the brass section sub genre then, we can break that down into the niches: trumpet, French horn, tuba and trombone. Of those four niches, there are some similar needs that can be addressed, but each will have specific needs that have to be focused on as well. Niche marketing would address those specific needs for each of the four niches found within this sub genre.
The music that is written for a trombonist for instance, is different from that of a French horn. You could never fit a tuba into a trumpet case, and if you did, that thing is never coming back out of there, and you owe someone a tuba. There is never a trumpeter that will need a comfort strap to play his instrument. All of these separate aspects of the same basic family have different needs that must be met. Have defined your targeted audience? Have you defined your niche? Now its time to find the best ways to market your product or service to that audience.
For example, the product is music lessons. You could offer the generic “music lessons” but then would find that you are being flooded by calls for oboe or electric guitar. The problem is simple- you do not know how to play neither the oboe nor the electric guitar. By clearing defining the niche that you are marketing to, you save yourself needless expense on ads that will greet the wrong people and you save your customers time by spelling out exactly what you can offer to them.
The more defined or specialized a niche, the higher the demand and the lower the supply meaning that you will be able to garner top dollars for a need that is not being fulfilled. The wider your appeal, the more likely you are to have competition and therefore have to keep your prices low to remain comparable and fair.
Define your targeted market and you can rule that particular niche. Find the lowest common denominator that will satisfy enough need to be a valid pursuit and keep enough customers to be financially worthwhile and you will be struggling to keep up with the demand in no time.