Niche Marketing has become a hit over the past few years. Unlike conglomerate corporations that target the masses and work with big budgets, niche markets target a specific segment of the population and usually work within a limited budget. Having a more focused approach, niche businesses come to know and understand their market really well and are often recognized as experts or trusted authorities in their field. Because of this, they enjoy decreased competition, which also means that customers are willing to pay more for the expert products or services they can't get anywhere else. Best of all, customers usually feel more connected to niche brands, which means increased customer loyalty!
In order for niche businesses to be successful, however, it is important for them to be able to attract the right kind of leads. Working with a smaller, more targeted pool of leads means that each one matters more to their business. Quality definitely wins over quantity when it comes to niche marketing. And when those leads turn into customers, it will also be important for niche businesses to retain them as customers. This means ensuring that their experience with the product or service is a good one and the intended message always reaches them loud and clear.
Wondering which kinds of niche markets are the best at attracting leads and retaining customers? In this post, we'll take a look at 9 industries we've found that are excelling at the niche marketing lead generation game:
#1: Insurance
Since some forms of insurance are mandatory, there is always an abundance of people looking for insurance quotes online. Although larger insurance markets such as health and auto are usually successful with lead generation, they can also be pretty competitive due to their popularity. Fortunately, there are a lot of untapped insurance niches that have been developing over the past few years, each with their own unique approach to lead generation. Examples include final expense, diabetic, disability, renters, casualty, and even pet insurance.
#2: Health/Medical
As with insurance, people often start their search for health and medical care options online. Though there is a broad variety of services available in this market, only a small segment of the population is actually in need of a specific health or medical service at a given time. That's why niche marketing works so well for healthcare providers - not only are they being matched with patients who are actually in need of their specific service, but they aren't wasting precious time and money targeting leads who may not really want or need what they have to offer.
#3: Legal
Attorneys wanting to build their practice are always in need of relevant leads. Instead of advertising for several different practice areas in an effort to maximize leads, many firms have been catching onto the value of targeting a niche. Whether their expertise is in bankruptcy, family law, personal injury, or medical malpractice, attorneys are looking for a consistent flow of potential clients with cases in their specialty practice area.
#4: Higher Education
Online schools and universities are a rapidly growing market for niche lead generation. Marketing needs for schools often changes throughout the year. From increasing the number of enrollments to promoting a new instructional product, there is always an opportunity to focus efforts and effectively target prospective students. This market is also known for having a high lifetime customer value: one single enrolled student can provide a school or university with several thousand tuition dollars throughout the course of their education. This means that the average education client is willing to pay more for well-qualified leads, especially if there is a consistently good conversion rate.
#5: Real Estate
Real estate is another market with high lifetime customer value and great opportunities to develop a niche. Real estate niches seeing recent success include neighborhood-specific search, Victorian/historical homes, Craftsman quality architecture, log homes, and luxury high rise apartments. Focusing on niches is not only one of the easiest ways for real estate professionals to gather leads, but it also allows them to develop their reputation as the go-to expert in a specific housing market.
#6: Home Improvement Services
It's usually pretty easy for plumbers, painters, handymen, contractors, and other home improvement professionals to find leads online. The problem is they almost always face a huge amount of competition. No wonder so many of them are turning to niche marketing! By positioning their service as a leader in their home improvement category, professionals can finally shift their focus off of competing for new leads and onto dominating their particular service market. The result is less competition, more targeted leads, and an increase in repeat customers.
#7: Automotive
From car dealerships and rentals to repair and specialty services, it's essential for automotive professionals to establish brand recognition and trust in their communities. Developing a niche approach to lead generation efforts has made this an easier task. As clients come to know an automotive professional for their specialties and areas of expertise, they have more confidence in their services and are much more likely to recommend them to their friends and family, creating an ever-growing network of customers connected to their brand.
#8: Small Business Consulting
Today, more people than ever are starting a small business of their own. But not everyone who starts a business is ready for all the challenges they inevitably end up facing. Whether they are strapped for time, or simply don't have the skills to perform a necessary task, small business owners are looking for help and are willing to pay for it. This makes consultancy businesses a natural fit for niche marketing. Advertising, PR, website design, IT, financial, and asset management professionals looking to lend their expertise through consulting are sure to find leads that are ready to quickly move through their sales pipeline.
#9: Travel
The travel market continues to grow, and so has the demand for specialty travel services. Travelers tend to want to plan their vacations based on their individual interests and have a particular vision in mind for how their trip will unfold. The travel agents, hotels/resorts, cruises, and airlines that spend the time crafting the perfect vacation niche will be the most likely to succeed in their lead generation efforts.
