Mass marketing Vs Niche marketing: Which is best for Businesses?

Mass marketing Vs Niche marketing: Which is best for Businesses?

Nov 14, 2018 | Digital Marketing, Google, Marketing Trends

There is always a debate going on between the Mass marketing and the niche marketing to select which is the most effective way of marketing that will help in advertising in both the ways: in digital media simultaneously it should work out in the traditional marketing technique. However, mass marketing is inclined more towards Offline media or traditional marketing. Whereas, niche marketing is lent towards the digital platform or digital marketing. The marketing predominantly is of two types till now so as the methods, which filters out to be Niche marketing or Mass marketing.

Let’s have an in-depth analysis of the marketing method and know more about it.

What is mass marketing and niche marketing?

Mass Marketing

Mass marketing
Mass marketing is the full opposite of Niche Marketing. Here, a single person deals with the whole and larger group of people or a company. On the other hand, we can say mass marketing as something which can be denoted as the marketing strategy that incorporates mass media and the huge distribution. Which directly gives a conclusion that you are targeting each and every sector and all the demographic regions.

The mass marketing only targets a group of people or you can say the mass, this derives actual meaning that relies on its name. Reaching to a huge number of audience, exposure of the product in the market to as many customers as possible, the sole aim is to target all the users and have a larger amount of sales or buying for the products. Its motto is a huge amount of sales at a low cost and providing all those kind of services which will appeal to everyone who is in the market as well as the customers.
This strategy is usually included by all the big and top corporate companies and some of the well-known brands such as Coca-Cola, FedEx.

Niche Marketing

Niche Marketing

Niche marketing focuses only on a specific product first. So, the niche marketing strategy targets the small, specific and well-defined portion of people which you target include only those who are already in your list and are the target people. Organizations adopting these techniques are known as the concentrated or focused way of marketing. It first identifies a specific segment and then makes a strategy according to the market need, habits and preferences.

Niche marketing is very precise you can target all those people whom you want to reach. You can get the customers under different categories like based on the demographics, habits, hobbies, occupation, interest, digital platform searches etc. all these factors help you knowing who are your target customers. Every single Niche marketing supports specific features of the product which includes things like design, the price of the product, the quality of the production and all the demographics that the company wants to reach.

The products or the items that people usually include in Niche Marketing basically include things like dermatitis, dandruff or acne, the products related to fitness in which some products that are only related to a specific body part, it also includes clothes which involve clothes for a specific body part or clothes for a specific occasion like wedding, party, officewear etc. and for all those customers who are budget conscious.

Mass Marketing and Niche Marketing- which is good for Advertising

Mass Marketing is hugely incorporated by those companies which are big or we can say it as the MNC’s, all those companies who are huge and can invest a lot of amount in Marketing in all the channel’s possible. The FMCG’s, consumer durables, all these types of services usually use this mass marketing method.

Advertising aspects of Mass marketing

Even the smallest things like pens even have a brand like Parker, Fountain etc. not only this company most of the pens company do mass marketing to reach the people. This involves all those small items such as Detergents, shampoos, soaps, toiletries etc. these all are the basic needs of a human which hugely do mass marketing to reach a lot of people. A lot of Deodorants, perfumes and some of the personal hygiene things use mass marketing to reach all the people. But it requires a lot of money to be wasted for all the advertisement on the TV, hoardings, banners etc. Mass marketing requires a lot of money to be invested, as it for the large scale and the whole market use it.

statistics of e-retailing usa

Source: Statista

The big company like WalMart, Amazon, Kruger etc incorporate these services. Until 2016 Walmart was leading in Mass marketing followed by Costco, Kroger, Amazon, and Walgreen’s. In the year 2017, Amazon tightened the seat belts and started investing more in mass marketing and stands in the first position in Mass retailing all over the world. Amazon topped the board and became the top company to invest in Mass marketing followed by WalMart, Liberty Interactive Corporation, target corporation and so on. These are all the top companies who have that much capital which they can invest in Mass retailing to get results from all sectors.

On the other hand, we can say that Mass marketing is like the traditional way of marketing, however, Niche marketing is majorly digital marketing. Mass marketing is usually opted only by those companies who have a lot of capital to invest. Which is not possible in case of the small industries or those companies which are still budding and are in a long run to reach that place. These type of companies can’t invest so much in Mass marketing that then these companies have to turn towards Niche Marketing.

Niche marketing aspects in advertising

Niche marketing needs very less amount to be invested in the advertisement these days it can be achieved only through Digital Marketing. While we say digital marketing this includes a lot of things involved like having websites online, content marketing, Search Engine Optimization (SEO) etc. These all are a lot of things that create a hype for you in the market. Digital marketing doesn’t involve a lot of capital to be invested, you can promote your brand according to your budget. There is no limitation, here you can target the users according to your budget.

Niche marketing

This type of marketing is being incorporated by all the Business people nowadays. It is similar to investing in those where you have to believe that people will revert back. Digital marketing and investing in digital marketing will increase the audience rate at a huge range. It is the best way of investing and getting back a lot of traffic. However, this also includes a lot of strategies and tactics that should be incorporated to get the desired result.

A smart way of investing and grabbing the audience attention and making them permanent users is not that much easy, it includes a lot of marketing strategies to be done. Eventually, if you have to go to Digital marketing agencies to fulfill this whole Digital Marketing aspect. Digital marketing agencies are the right place who can deliver you the result. While the top companies already have their in-house Digital Team ready, who grab the audience attention in the online or the digital medium.

Targeting the audience and making them into the permanent subscribers is what the niche marketing does, with investing as much is your budget is and according to your need. So, it is advised to have a niche marketing for any scale of the company not necessarily small or big it is open for all. However, Mass marketing is just for the big companies who can invest a lot.

How to differentiate mass marketing and niche marketing?

Niche marketing and mass marketing can be understood much better when both are compared and explained together because niche marketing is the complete opposite of Mass Marketing.

Lets us know more about these both with Examples of Mass marketing and Niche marketing!

mass marketing

Example of Mass Marketing

Niche marketing targets only small groups of people and all those people whom they think to be loyal customers and will get the returns for sure. However, when we come towards the Mass Marketing it is like burning all your money in advertisements. Mass marketing is like the standing smack in the middle of the huge park. Then you pile up all the denomination of the currency in the large ground and then the mass marketing person comes and sets all the currency pile in the fire. This huge fire lit in the middle of the park will grab the attention of a lot of people and those people will start thing something huge and big has happened and get curious about it.

In this lit fire, the mass marketer will try to make the users more curious about the fire, just by spreading the rumors that: burning the pile will generate a huge amount of smoke which is very good for health release a kind of gas which cures some kind of health issues. This scenario is what the Mass Marketer showcase the customers, to which people get excited and fight to try it first. This smoke plus rumors spread slowly and capture the whole park and everything becomes smokey. Similarly here the park is the whole area that the marketer targets, smoke is the ad of the product that the marketer sells. This is the whole way how Mass Marketing works.

Example of Niche Marketing

However, on the other side when we come towards Niche Marketing, here the marketer takes all the currency piles and goes to all those customers who are his loyal customers and make sure the customers purchase their product at any cost, and then the Niche Marketer will set the pile of currency on fire. He does all the previous research about the customers and their interest, hobbies, and habits, then targets those people who are someway related to the product that they want to sell. Which means here the marketers will target those people who want the smoke to have good health and cure all the health issues. As the marketer here targets people and usually are smaller in size, people who want the smoke will get it.

We easily get to know which is the best marketing technique is best for the type of business. But according to me for any type of business, it may be but Niche Marketing is the best way to get a huge result out of a small investment.

Advantages of Niche marketing and Mass marketing

Niche marketing

It is considered the best way of marketing and it is one of the cheapest ways of marketing. Marketing strategy differs with the money you want to invest for your business branding. The audience gets trusted emails and endorsement for the brands. However, this also involves a lot of background of investigation like in Niche Marketing the digital agencies target those people who will for sure buy the product, or those who have the keen interest in the product. In that limited investment which you can spend.

Mass Marketing

This is basically for the Big MNC’s those who can invest a lot of money in marketing. This includes all type of marketing strategy starting from hoardings, billboards, TV commercial etc. This includes all the FMCG items like daily use items soap, detergents, toiletries etc. all these things have a huge branding and extract a lot of traffic from the Mass Marketing. The marketing facility here holds a good hand in advertising the daily used items as people will obviously buy it. So, the top companies target every sector people and opt Mass marketing for this.

Conclusion

At, last we can conclude that Niche marketing is for all the brands and companies who want to make a mark and want to drag the customer’s attention and which can only be achieved through Digital marketing. On the other hand, Mass marketing is incorporated by the big MNC’s who can do the traditional way of marketing.

It is up to you what you want to include in your marketing technique to grab the audience attention. But my personal suggestion is Niche marketing which saves both your times and money!

Effective Customer Retention Strategies for Businesses

Effective Customer Retention Strategies for Businesses

Nov 8, 2018 | Latest News, Marketing Trends

Every business thrives because of its customers. Without customers to purchase your products or services, there’s no way for your business to grow or develop further. Many businesses focus on acquiring new customers. However, in today’s competitive market, just acquiring new customers isn’t enough to reach success effectively. One of the key elements for business success is being able to retain customers and encourage loyalty. Returning customers oftentimes spend as much as 67% more than new customers.

Not to mention that is much more expensive to acquire a new customer than it is to retain one. Establishing long-lasting relationships with customers can be very beneficial for your company. Not only that, but those relationships also benefit your revenue and bottom line. Another reason why customer retention is important is because the market is overcrowded. If you don’t give a good reason to your customers to stay, they’ll simply pick another brand to do business with. With that in mind, here are a few effective customer retention strategies for businesses.

Understand your customers

The first step toward retaining your customers is making an effort to understand them. Modern consumers have specific expectations, needs, and demands when dealing with various businesses. By understanding your audience, you’re able to understand their needs as well. Also, being able to meet their expectations or even exceed them, helps you establish a good groundwork for retention.

Provide a seamless experience

Nowadays, consumers are more willing to do business with companies that can provide a seamless experience. The experience lasts from the moment you acquire a lead to even after that lead converted into a customer. That includes improving your marketing efforts to involve personalization, communicating with customers during each step of their buyer’s journey, offering a seamless experience on your website and maintaining a good relationship with customers even after the sales have been made.

Caring for customers can easily improve your retention rates. As mentioned before, consumers prefer doing business with brands that develop good relations with their customers, as well as brands that provide a good experience. Therefore, it’s no longer about retaining customers with quality products or services, but about retaining customers through a seamless experience.

Offer convenience to customers

One of the main expectations consumers have these days is convenience. Your customers are more likely to come back for repeat business if it’s convenient for them to do so. You don’t have to come up with something unique to retain customers. Simply having your customers’ best interests in mind is enough in most cases. For example, one of the best ways to offer convenience to your customers is to offer multiple payment options. It allows your customers to pay for goods in any way they see fit.

To that end, also ensure you accept multiple currencies, especially if you operate internationally. That way, you provide convenience to customers around the world and make it easy for them to buy from you again. However, don’t let convenience harm your revenue with missed or late payments. A reliable direct debit system will automate your incoming payments and ensure you get paid on time.

Improve customer service and support

Customer service and support are crucial factors that determine customer satisfaction. And, customer satisfaction is essential for their retention. As a matter of fact, 86% of consumers are willing to pay up to 25% more for a better customer service. If you cannot provide good service and support, your customers will abandon your business. Many businesses implement various strategies to improve customer service and offer a unique experience that will ensure customer retention.

Some companies even leverage the latest technology and implement chatbots to help provide a seamless service and support. You can also leverage live chat options on your website to become more available to customers when they need to sort out any issues they might have. Which strategy you’ll use depends on your customers and their preferences. Just make sure you make an extra effort to improve customer service and support, in order to guarantee customer retention

Provide customers with value

One of the essential aspects of customer retention is your relationship with them. You can’t expect customers to keep buying from you unless you give something back. That’s why it’s important to establish more personal relationships with your customers and provide them with value whenever you can. For instance, actively engage in conversations with your audience through social media or other media channels.

Also, develop and post relevant content that will inform, educate and entertain your customers. Moreover, offer discounts, coupons and other incentives to encourage repeat business. Last but not least, consider implementing a loyalty program that will reward customers for their loyalty. The more you value your customers, the more likely they are to become trusted and loyal customers.

Retaining customers is as equally important as acquiring them. No business can succeed without customers and in today’s competitive and highly crowded market, having loyal customers is more important than ever.