Why New Technology Should Focus on a Niche Market
Especially at the Start!
Do you have new technology that you want to put out to the market but you can’t find the right audience? You probably have an idea of who you think will buy the product but perhaps you can’t define them.
Even if you can say who the audience is, the chances are, it’s too wide. It might seem counter-intuitive but if you concentrate on a niche market at the beginning it can lead to greater success later, as I will explain.
Your new tech may appeal to a general audience, and that’s fine, but there is always a way to define that audience. For instance, Facebook may seem like they appeal to a wide market, but it hasn’t always been that way.
The social network started off by opening to top American universities, then all universities in America. After that, it started at universities in other parts of the world and it continued. Yes, Facebook snowballed into the mainstream population quickly but it started with a small community and grew from there.
Even if you want to target a very wide market, it’s always a good idea to narrow it down initially.
Example: How to Find a Niche Audience
Let’s say you have a revolutionary new bottle for babies and you think: mothers will buy this bottle.
That sounds like a plan.
Except, brand new mothers (with their first child) won’t buy the bottle because they would rather rather stick to something their older relatives or friends have tried and tested.
Also, mothers who exclusively breastfeed or do not experience the problem you are solving, do not have a great need for a different kind of baby bottle.
There’s another issue – mothers on lower incomes won’t buy it because it’s too expensive.
So, you’re left with:
More experienced mothers
On higher incomes
Those who are looking for a new design of a baby bottle to solve a certain problem.
Your options have not been limited, in fact, you’ve identified a better target audience.
Why Targeting Your Message Matters
With that target audience, you can create the right branding, messages, social media posts, and so on because you know exactly who you’re talking to.
Finding a niche doesn’t mean you’re stopping everyone else from using your products, you’re just defining the first users of your product. Others will use them too. If you define your first users, this means you’re also targeting fewer people – and that’s a good thing – targeting fewer people will be more effective and it will cost less.
In reality, no business targets a wide audience, even the ones with the big bucks. It would be far too complicated and expensive. They all have a specific audience.
How to Define Your Audience
To define your audience, imagine them as a person:
Are they male or female?
How old are they?
What job do they do?
What do they do outside of work?
Are they interested and open to new technology or are they a late adopter?
There are parts of this where you may want to get more specific and parts that don’t matter so much. If for instance, you’re selling a component to another company, you’ll be targeting the buyers or engineers. What level are they at in the company? How much do they know about your area in particular?
It’s important to get as detailed as you can here.
Once you’ve got your person in mind, make all of your marketing material speak to that person. This will ensure that you’re keeping consistent and targeting your brand message to the right audience.