The Benefits of Reward Programs for Niche Markets

October 18, 2018
The Benefits of Reward Programs for Niche Markets - featured

Niche brands are some of my favorite places to shop. There’s something special about coming across a store that caters exactly to the interests that I love.

A niche brand resonates with a certain kind of shopper, so finding them and keeping them coming back (and not your competitor in a small space) is paramount to a successful  business.

The best way to create longevity and success for  a niche business is to build a brand community, and here are the top reasons why.

Attract like minded people to join your tight-knit community

While the types of niche business that can be created are nearly infinite, they all tend to have one thing in common - they attract like-minded people. So when these like-minded people are brought together, it makes sense to not just give them a one-time purchase experience, but a brand community that they can join and belong to.The Benefits of Reward Programs for Niche Markets - Premier Yarns Home page premier fusion collection women with knit itemsPremier Yarns knew that their yarn-loving customers were dedicated to the craft, but the total size of their market was only so big. Like other niche businesses, that means their success hinges on their ability to retain first time customers and make them repeat purchasers.The Benefits of Reward Programs for Niche Markets - Premier Yarns facebook groupTo work towards that goal, Premier created a community for their customers to join. After receiving some enticing welcome points, members can connect with the brand on social media (for even more points), like via their Facebook page pictured above. Knitters love to share designs and patterns, so this page was the perfect place for their customers to come together to share their love of the craft with one another.  

Customers in niche markets are looking for something specific, so simply having a community for them to join and connect with other lovers of your niche shows the immediate value of your brand.

Your brand can be the destination for customers to connect with others  who share their passion, creating a pool of potential repeat purchasers that love your niche.

Become an essential hive for education and engagement

Once your customers know that your brand is the go-to community for your niche, they need to have a reason to stay part of your community. In other words, your community has to provide value to its members to keep them delighted and engaged.

They key to proving this value is found in creating an amazing customer experience, and producing relevant, marketing content that sparks engagement with your community. Few brands do this as well as beekeeping experts Bee Built, who are buzzing in their niche - the home beekeeping market.The Benefit of Reward Programs for Niche Markets - bee built home winterizing is coming bee keepingWith a swarming community of happy customers, they wanted to make it easy and rewarding to show their position as leaders in their niche, while providing an avenue for members to engage with their brand.

 

The value they provide their community members comes from their engagement with Bee Built’s incredibly well done educational content. By making their community engagement focus on providing value and being informative, Bee Built has made their community a one-stop shop for beekeeping how-to’s, becoming a central hive of information for their industry.

Creating relevant, and value-add marketing will show your brand’s authority in your niche. When customers know you are the industry expert, they wouldn’t dream of going to your competitors with mediocre expertise.

Empower your customers to share and grow your brand

As a business, but especially with a niche product, you need to get the word out about why your brand matters in order to be successful in a small market.

When you think about who knows the value of your product, the answer that you might not think of is your customers - they’ve discovered your brand, made a purchase, and used your product. If anyone is a brand expert, it’s your dedicated customers.

Referral rewards are the niche business’ best friend then. They encourage your customers who are extremely satisfied with your complete customer experience tell their social circles the value and benefits of your brand, so you don’t have to do it alone!  The Benefits of Reward Programs for Niche Markets - Click and grow home modular fresh home food gardenClick and Grow is challenged with having a novel product line within the larger home garden market. They also know that people trust others who have used a product more than direct communication from the brand itself. What better way then to reach spread the benefits their brand than by empowering their delighted customers to share their love of the Click and Grow community?The Benefits of Reward Programs for Niche Markets - click and grow referral facebook share - smart garden for a busy planetOpening up a referral rewards program for their community let their most devoted customers share their knowledge of the product with their social circles. With the ability to be brand advocates, they can spread benefits of being part of Click and Grow’s community of “local fresh food growers”.

Your customers can do more to share the benefits of your niche products than you ever could alone. Like attracts like, so empower your community to advocate for you to others who would love your niche.  

Reward programs help build thriving communities

Whether you supply yarn, beekeeping goods, or home garden systems, all your customers have an interest in what your business does. Rather than letting them make a purchase and then try to figure out how to get them to come back, put their love of your niche to good use.

Each and every one of your customers is extremely valuable.
A rewards program is designed to help you build a brand community, and transform them from one-time shoppers to dedicated community members, no matter what your niche is.

If that sounds like something you’re interested in, book a demo with one of our experts to learn more about getting one for your niche business today.