Entering the market in 1970, frozen yogurt struggled in the dessert industry. The product simply tasted too much like yogurt. Then TCBY (The Country’s Best Yogurt) came on the scene. By improving the taste with a sweeter formula, the company was able to capitalize on the health craze of the 80s. A niche market was born. Here are three reasons this strategy was effective:
Increased Market Share
Generalized marketing strategies maximize reach, but can miss those who actually need your service or product. Your company gets lost in the shuffle. By creating strategies tailored to a specific audience, your company can improve its reach. Once frozen yogurt companies penetrated the health conscious market, they significantly increased their profits.
Be An Expert
By creating a niche, you can become an expert. This gives your brand credibility and notoriety. TCBY learned from previous mistakes and became frozen yogurt masters. Learn the ins and outs of your niche. Become so knowledgeable that you could create a trivial pursuit game on the topic.
Increased Repeat Business
Niche markets are inherently targeted. They are addressing a specific problem for a specific group. Additionally, if you are the only provider of a particular service or product within the industry, loyalty is easier to come by. Customers are also likely to recommend your company to others. If executed effectively, you can achieve a level of customer engagement and retention that few brands ever achieve. The key is defining the niche market that makes sense for you and your business goals.
Identify what your company does great and become the frozen yogurt of your industry. Your customers and your wallet will thank you. For additional help, follow our 5 Steps To Find Your Niche Market guide.
Need more ways to stand out? Ready to create a truly unique campaign? Contact Choice Premiums at 478-741-8888 or firstname.lastname@example.org.