Niche marketing exposes your brand to potential customers who are already involved in your industry – but what happens if you market outside your industry? In this guide, we’ve got five reasons you should diversify your marketing.
Why your niche is holding you back
Your business’s niche is decided by two elements: the industry you operate in and what your unique selling proposition (USP) is within that industry.
Marketing within your niche can be very profitable, but it limits your business’s long-term growth. This is for three reasons.
- Your customer base is limited to a set pool of people within the industry.
- Your business can only expand at the rate the industry expands.
- Your business’s marketing is always competing with your competitor’s marketing.
Once you market outside of your industry, your business’s growth is no longer limited by your industry and competitors — but that’s not the only benefit. If you’re thinking about diversifying your marketing, here’s why you should.
#1. You’ll attract more backlinks
The wider your marketing spreads online, the more backlinks it will receive. Backlinks are links that trace back to your website and they are an essential element of digital marketing. Backlinks serve a range of purposes, as they:
- Bring more referral traffic back to your website, exposing you to more potential customers.
- May improve your brand’s search engine optimization (SEO) score if the backlink is from a well-performing or trusted domain.
- Build your brand authority within your industry by positioning you as a reliable source of information.
Your business’s backlinking strategy will depend on your marketing, customers, and industry. More generally, however, marketing experts recommend incentivizing backlinks through creating content that is easily shareable. This means producing branded videos, infographics, charts, mind maps, pictures, and animations other brands will want to link to.
To maximize the traffic you get from backlinks, design a handful of carefully crafted top-of-the-funnel articles to house your sharable content. These articles will introduce your referral traffic into your sales funnel, increasing your short term sales and your long-term reach.
#2. You’ll beat your competition’s marketing
When you choose to market outside of your niche, you expose your brand to people your competition has not reached. Although being the first brand to advertise in a fresh market
does not guarantee you a majority market share, it gives you a large advantage over your competition in three ways.
- You can set the standards for quality and service in your niche.
- You have the chance to set the baseline price for your product.
- It gives you brand recognition as an authority in your niche.
As the first brand to market in a new industry, you will also experience a first-mover advantage. This means that consumers will be exposed to your marketing first and will develop an attachment to you and your product. To market to your customers, your competition will have to break this loyalty.
#3. You’ll reach a larger audience
Diversifying your marketing will expose you to people outside of your industry. This increases the number of people who see your marketing, and naturally, increases your sales.
But there are also non-financial advantages to reaching more people. Reaching a larger audience will build your brand recognition faster than reaching a smaller audience, as your brand will earn more reviews, referrals, and media coverage.
A larger audience also offers you more social credibility on your social media platforms, which will boost your engagement. You will also secure yourself a safety net. If a product in your niche is failing, brands with diversified marketing can easily expand into another industry, while brands with niche marketing need to rebuild their brand recognition to succeed.
You don’t need to produce new content to diversify your marketing. Marketing content can be recycled and “respun” every few months. This means you take old content, freshen the wording, update the links and graphics, and republish it.
#4. You’ll collaborate with other brands
Diversified marketing will expose you to potential customers, but it will also allow you to develop strategic partnerships with other brands. Partnering with other brands can reduce the cost of your marketing while making it more effective. This is because collaboration in marketing:
- Exposes your marketing to a new audience.
- Improves your brand’s reputation by leveraging the reputation of your collaborator.
- Strengthens your SEO score through backlinking.
- Aligns your brand with established brands within an industry.
- Helps build your brand identity.
According to experts, the best brands to collaborate with share similar values, use similar marketing techniques, serve similar customers, and offer a product or service that is complementary to your product.
This will increase your sales in the short term and improve your brand recognition in the long term, providing a profitable return-on-investment.
#5. You’ll dip your toes into potential areas of expansion
As your business grows, you’ll need to expand your range of products and services to meet your customer’s needs. This will require your business to expand into areas where your business has very little social credibility – making your expansion an uphill battle.
Generally, businesses face four barriers when they enter a new industry: legal barriers, technical barriers, strategic barriers, and marketing barriers. While these barriers will still apply if you expand, diversifying your marketing will establish brand credibility you can leverage in a new market.
Advertising in several markets will also help you test out the viability of new markets – identifying profitable areas you can expand into as you build your business.
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