The Power of Niche Marketing : How focusing on centralized target demographics can mean immense profitability for your business
Want to pull ahead of the competition? Need an ‘edge’ for your pharmacy? Niche marketing may be the solution for you. Niche markets are small, targeted demographics that are fulfilled with specific services or products. Although niche markets are small, just fulfilling the needs of a few can result in an immense impact on your business. Fulfilling the needs of a niche market is likely to grow your pharmacy business in more than one way. Niche marketing will bring in patients who have specific needs, and these same patients are liable to bring business to other areas of your pharmacy. Sound like a rewarding opportunity? We have a few tips to help you get started with meeting the needs of a niche market and continue your business onto a path of success:
- Identify the market: First things first. Identify the needs to be fulfilled. For ideas of what these needs may be, look to your customers. Are patients undergoing a particular type of therapy? Are patients in need of compounding or medical devices? Are there specialized clinics, doctors’ offices or hospitals nearby? Look to these environmental needs as a guide to see where your services could be provided.
- Be the expert: After you have identified your market, be the best at fulfilling your market’s needs. Letting your patients know you are knowledgeable about their unique, personal needs will make all the difference. Your competent knowledge of their specialized needs and situations will create invaluable customer loyalty and appreciation.
- Ensure niche marketing pays off: Ensure success by advertising your services. Call doctors’ offices, clinics and/or therapists’ offices to inform them of your new services. Such offices and clinics will then refer their patients, due to the specialized needs of these patients, to your pharmacy for their services.
Have you been successful with niche markets? We would love to feature your success story on our Facebook page or our next newsletter! Share your story by emailing firstname.lastname@example.org.