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The Benefits of Niche Marketing
Friday, July 29, 2016 6:35 AM

Vickey Morris, SCMS, CCUE, CUDE, VP Marketing, Cornerstone Credit Union League

Marketing is more than a pretty postcard, sign, or ad. It is a process used to inform and generate new business from members and potential members. Most credit unions try to direct their marketing to select audiences; to do that means understanding who your members are and how your products or services can better serve them. Being able to connect on a personal level means you can focus on turning them into a group of dedicated followers.

Niche marketing by definition means “concentrating your marketing efforts on a small but specific and well-defined segment of the population.”

The benefits of niche marketing:

  • It sets you apart from the pack: Presenting a set of benefits to a unique audience shows an understanding of your members’ needs.
  • It’s less competitive: The smaller your target market, the less competition there will be for the same audience.
  • It’s more affordable: Since your audience will be smaller, you can get more bang for your buck and save on your marketing campaigns.
  • Your members are more loyal: Niche marketing is all about nurturing a base of true believers. Niche members trust that you have their best interests at heart since you understand them more than the competition does.
  • Your members are easier to target: Having a very specific audience in mind makes targeting your marketing campaigns simple and straightforward.

It's important to customize your marketing to appeal to the specific interests of the member you're selling to. But how do you know your niche market? First you need to determine:

  • Who has a need for your product or service?
  • Does your product solve a problem?
  • Who will benefit the most from your product or service?
  • Does your product make your member feel good?
  • What makes your product or service better or different from other out there?

When building a niche profile, you may also want to consider age, location, gender, income, family status, ethnicity, lifestyle, interests, and values.

Identifying your specific audience may be a challenge, but once you know who you're trying to reach, you can start putting that knowledge to use by building highly targeted marketing plans and campaigns to win the hearts of your members.