How to generate leads from small B2B audiences in a niche market
Dominating a niche B2B market generally reduces competition, reduces price pressure and the ‘me too mentality’ brings a supplier closer to their customers and increases their loyalty. So why do so few companies make a success of niche marketing? What are the challenges associated with lead generation? What is the best combination of marketing tactics to achieve success?
Niche market definition
First let’s define a niche B2B market – the Chartered Institute of Marketing (CIM) defines it as ‘A clearly defined segment of the market. It is about satisfying a specific customer need that is, in general, not covered by any major competitors’. Philip Kotler defines a niche as ‘a portion of the market in which individuals possess homogeneous needs and characteristics and the latter are not covered by the general offer…