Did I mention vets?
The average dog owner might well quibble over the price of a bus ticket, or haggle with a car salesman till both are blue in the face.
But when it comes to the family hound, a qualified vet can charge whatever she likes – think of a number, and double it – and the dog owner will meekly, nay eagerly, hand over his credit card without so much as a whimper. And gushingly thank the animal doctor for being so kind as to take his money.
Pet owners are a lush, rich, inch-wide-but-mile-deep niche market. A bottomless pit of money.
Golfers are the same. So are car enthusiasts. Cyclists? No great powers of observation are required to notice that at any city café on a Saturday morning, ALL cyclists are kitted out in the latest lycra fashions, their $5,000 machines adorned with every electronic device ever invented.
I like fishing. So much so that I have been known to walk into a tackle shop intent on buying nothing but a box of hooks, and walk out $600 poorer, armed with a bag of colourful new lures clearly designed to attract fishermen, rather than their prey.
There are niche markets everywhere, hidden in plain sight.
Famously, one of my earliest and most successful marketing students created a booming business after a coaching call with me in which she complained bitterly about how she was exhausted working 60 hours a week doing massages at her small inner-city salon.
I asked her about her typical client. Turns out more than half of them were…pregnant women!
Aha, I said. Why not just concentrate on marketing yourself to expectant mothers?
Within a month, her new business Yummy Mummy Pregnancy Day Spa was doing a roaring trade, and she was ‘off the tools’ completely.
Enthusiasts, hobbyists, collectors, professional athletes, sports fans, pet owners, photographers…the list of niche markets is saturated with people who will spend whatever it takes to be ‘at the top of their game.’
A city hair salon specialising in and marketing to men and women with dreadlocks? Certainly sounds a better and more profitable proposition than simply competing me-too-style with every other hair salon on the block.
Most businesses are ‘generalists’, forever trying to appeal to the masses. And by doing so, they become indistinguishable from their competitors, left with little more than price to differentiate themselves.
Take the time to critically and forensically examine your clients. Look for commonalities. Do a sizeable number belong to a particular group? If so, find ways to refine your message so that it appeals to more of that group.
There are immense riches in niches. It’s worth the effort to identify and exploit them.