I am with a 17 attorney general business firm located in Boston and chair of the firm's three member marketing committee. At this year's planning retreat we discussed the concept of niche marketing and whether we should focus on a specific niche. Your thoughts would be appreciated.
A niche marketing strategy can help you stand out from the crowd by focusing on a particular segment. Here is an outline of a typical niche marketing program.
Often a niche strategy does not involve a new area of practice – it may involve delivering services that you already perform – but marketed to a specific industry group. In essence you are learning the unique needs of a specific industry group, learning their language, and demonstrating that you understand their business better than your competition. An example would by an insurance defense firm that handles the defense for a couple of trucking cases and then creates a niche around the trucking industry.
Place your niche marketing strategy carefully. It takes time, financial resources, and commitment to successfully pull off a niche marketing strategy. Don't try to focus on more than one or two niche markets and insure that the niche that you are targeting is large enough to satisfy your objectives and justify the time and resources that you will be required to invest.
John W. Olmstead, MBA, Ph.D, CMC