What are the niche promotional products?
Before discussing this topic, we should first understand what niche promotional products are.
Niche promotional products are used for a highly targeted marketing strategy, in which the enterprises or organizations sell their products and services to a small group of specific audiences and try to gain their brand loyalty.
Why should we choose to explore the niche promotional products?
#1. To Avoid the Competitive Red Sea Market
As we all know, there is a huge market for promotional items, with a variety of thousands of product categories. And, frankly speaking, the threshold of this field is fairly low. Therefore, it is tough competition for everyone in this business. I, as trader in exporting promotional products for 16 years, feel strongly about its toughness in competing.
Therefore, why not shift our focus onto the road less traveled, and to explore the markets and customers that are ignored by big companies and competitors, making a profit in the niche section rather than in the popular-but-tough section?
#2. Highlight Our Professional Service
Niche promotional products often involve customization of small orders, which is also the reason that many competitors are not interested in. However, from another point of view, it actually gives us the opportunity to provide differentiated services, standing out from all others.
Moreover, by showing our ability to serve and satisfy the customers’ needs, we could establish the customer's stickiness with us and have more opportunities for long-term business cooperation.
#3. Create New profit Growth Sources
As I mentioned, most niche promotional products have the uniqueness of high customization requirements in small quantities. Therefore, most customers are willing to pay more for it. And this thus creates new profit growth sources.
In fact, it shows from many cases I have handled that the profits of 50 niche promotional products are often higher than those of 5,000 ordinary ones.
How do Succeed in a niche market in the field of promotional items?
#1. Dedicate to service and needs, and think beyond the products
Niche products, of course, including niche promotional products, are just a manifestation of their needs. What counts most is to meet their needs and even solve their hard nut.
Based on my experience, few people have the ability to detect the real needs of customers behind a single purchase of commodities. Usually, most customers intend to purchase a certain product after considering similar solutions from their competitors in the market. But each company's product concept and marketing are different, and it does not work best by just giving out similar promotional items with their brand names and slogans on it.
So, we should pay more attention to the marketing elements, and ask questions like:
What are their real needs?
What purpose do they want to achieve through this purchase?
Is it to promote brand image?
Do they want to launch a new product promotion?
#2. Offer added value
There is a saying that the person who sells to make the difference for his customer wins, and I can’t agree more.
The real purpose of niche market is not niche market, but creating differentiation, which should not be limited to the product level. I can even say that the service we provide is far more important than the product they purchase.
No matter how niche or personalized a promotional item is, the customer can only purchase within the budget they have. The product will not be attractive once it is beyond the budget. On the contrary, the service behind the product, as an added value, is powerful in its initiative to provide the best solution and serve our customers with our expertise, consideration, and even a little humor.
My previous article on how to validate new promotional items suppliers may give you some hints on providing added value for your customers in the future. Just click the following link.
#3. Keep an eye on fashion trends
The trend has always been an important factor in niche markets. Many creative promotional items are not inconspicuous at the beginning, but once they go viral, they will even spark a sales frenzy. And examples like this are endless.
What we should do is to keep close attention and stay sensitive to the novel products in the markets at all times. So, when the trend comes, we can grasp the chance and be one step ahead.
As an experienced trader and promotion solution provider, we always keep an eye on Google Trends, YouTube, Twitter, and other network tools for product prediction.
Summary
Maybe you will say, “Yes, I understand everything you said, and I also imagine doing so. However, an unavoidable problem is that the order of niche promotional products is really small, and my business is hindered as I can't reach the MOQ of the supplier, not to mention importing directly from China. The MOQ of Chinese suppliers is sometimes higher.”
Indeed, this is a problem that we all face. But, why not try to take the initiative to talk to suppliers? Perhaps, after communication, you will find that MOQ is not actually the reason that prevents you from developing a niche market.
Of course, it requires some skills to negotiate MOQ with suppliers, especially Chinese suppliers. My previous article on the following link might help a bit.
In addition, I also share articles about marketing information and purchasing skills of promotional items on my web page. Maybe these articles will give you some business inspiration and help you make decisions in the future.
