It’s the perfect boy-meets-girl story. There’s a romantic meet-cute, sparks fly and the rest is history. Except in this scenario, it’s niche marketing strategy meets a specialized integrated CRM. And like in all romcoms, compatibility plays a huge role in welcoming in that happy ending. Good compatibility between marketing strategy and customer relationship management helps in optimizing attempts to win over specific market segments with CRM integration.
There is always a period of adjustment that needs to be accounted for, when customizing CRM marketing automation to target specific audiences. With Kapture CRM, the downtime needed to get accustomed to your marketing strategy is minimal. With its smooth integration into your operations system and complete automation of your marketing strategy, Kapture CRM is indeed the knight in shining armour that your marketing team needs.
Niche Marketing – The Big Fish in a Small Pond
Niche Marketing can be defined as competing within a narrowly defined market segment with a specialized offering, which is either very rare or non-existent. From there it is a clear road to capturing a high market share (big fish) of a relatively small market (small pond). This ensures absolute establishment of the authority and expertise of the brand or the firm in that specialized market segment.
For example, when the Gluten free revolution hit the food and nutrition market, it swiftly carved out a niche for itself in the broader segment. According to the Gluten-Free Products Market Report by Type, Source and Region – Global Trends & Forecast to 2020 this niche market is projected to grow at a CAGR of 10.4% from 4.63 Billion in 2015 to reach USD 7.59 Billion in 2020.
A niche market holder should not be confused with a small market player, which is at the opposite quadrant of the market share vs market size graph. These are just one of the many small fish that are swimming around in a large pond, trying to get the lion’s share unsuccessfully.
So, the question is this: How do we figure out the customers who will be most susceptible to our products and services?
And the answer? We Kapture them (pun intended)
Kapture and its power of Customer Segmentation
One of Kapture CRM’s biggest superpowers is its ability to help you divide your customer base into smaller groups and tie them together by unique characteristics, which sets the benchmark for your overall targeting and marketing campaign. This powerful marketing strategy not only helps you divide your entire audience base into smaller chunks, but also helps you target each of these divisions with carefully-tailored, customer-oriented marketing strategies. Kapture enhances your marketing strategy by addressing the different aspects of the marketing message that is reaching out to your customer, and modifying it based on the degrees and types of customer receptiveness.
So how does Kapture’s Customer Segmentation help in capturing Niche Markets?
The biggest challenge that we face when devising a marketing strategy for the niche market segments is properly defining the customer. Let’s take the example of Lefty’s in San Francisco. This retail store might seem like just any other supply store around the corner, but they have successfully carved out a very niche market for themselves. Catering to only the left-handed market, which makes up for just 10% of the entire population, this retail store is a great example of how to get niche marketing right. What they have done is invested in pay per click advertising for keywords that left-handed people in the vicinity are likely to be searching. The Lefty’s marketing strategy completely disproves the misconception that small businesses can’t compete with big names when it comes to PPC.
Niche Marketing requires a carefully constructed marketing strategy, with equal emphasis on all elements of the marketing mix. Kapture CRM helps you devise the perfectly strategic campaign, no matter how niche your business market is. To know how to tackle a highly segmented target audience, your strategy needs to have four essential approaches.
Analytics of Patterns and Trends
Data analysis is at the core of an optimized marketing strategy that is targeting a niche market segment. With the help of Kapture CRM, data collection and storage is accomplished easily, paving the way for further analysis and diagnostics. Kapture CRM harvests the customer data by studying their location, age demographic, interests and hobbies, buying patterns and so on. This collated data is then made available to your marketing team for further perusal and analysis. Kapture CRM takes it one step further to analyse patterns and trends in this data and identifies the accurate customer segments and assists in planning a strategy for optimal targeting. Your niche marketing strategy can be further optimized with the help of Kapture CRM by targeting micro-segments within your niche market.
Without an integrated CRM system like Kapture, you’d be dealing with manually segmenting your customer base, through inaccurate guesswork. Kapture CRM eliminates this painful process and establishes a smooth system that avoids delays and eradicates any inaccuracies.
Customer Lifetime Value
Customer Lifetime Value or CLV is basically a parameter that organizations use to evaluate the future worth of the customer. It is the value (in current dollars) of the net profits that you can expect from the particular customer’s purchases over the entire span of the customer relationship. With the help of Kapture CRM, customer profiling becomes easier, through the structuring of predictive models that can pinpoint profitable customers. Using Kapture’s extensive customer analysis tools, you can target the niche market, by further segmenting it according to different levels of CLV, and then focusing your marketing strategies accordingly. Kapture also provides you data on how to target the low CLV customers and increase their value.
Your marketing strategy needs to be modified according to the CLV of your customer base. Kapture CRM allows you to nurture low-CLV customers by creating relevant online content for them with a competitive edge, through comprehensive integration across social media platforms.
Increase Engagement and Sales
Uniting Kapture CRM software with your niche marketing strategy is like the perfect marriage. In a niche marketing strategy, it is of utmost importance to reach the right customer with the right message at the right time, if you want results. Unlike the “one size fits all” strategy of broader marketing plans, niche marketing requires more specific attention to individual customers and customer segments in order to make that sale. Eg, Kapture CRM helps you target a customer with product suggestions based on their purchase history.
It is also a proven knowledge that engaged customers are the most profitable customers. With the help of Kapture CRM, you can clearly define your niche market, separate them from the general audience and then have more meaningful engagements on a deeper level.
Improve Gross and Operating Margins
Whether niche or generic, the final parameter for a marketing strategy is how it eventually rakes in the profits. Kapture’s fully integrated CRM network optimizes all the functions in your business and helps you increase your gross and operating margins. It eliminates bad planning, time wasted due to chunky process flow, poor lead management and helps you focus your attention only on the profitable market segments. By providing this really niche market exactly what they want, you are buying into their loyalty which you can leverage for further enhancement of Customer Lifetime Value.
The final word in capturing your ideal niche market essentially lies with the overall automation and effectiveness of the CRM system that you choose. Kapture CRM allows you to streamline your campaigns and zero in on the exact focus that is required in a niche marketing strategy through the power of customer segmentation, making it the knight in shining armour here to help your niche marketing strategy in distress.