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Strategy

How to Target Evolving Niche Markets

The pandemic has forced so many industries to shift their strategies, and many will never go back to the old way of doing business. Consider these strategies for pitching to shifting markets.

The coronavirus pandemic has forced huge technological shifts and philosophical pivots in just about every industry out there. And even though vaccines are slowly rolling out and there are signs of brighter days to come, it’s possible that some markets have been permanently changed. For instance, the reign of public gyms and boutique fitness centers could be over, as some 59% of Americans say they don’t plan to renew their membership after the COVID-19 crisis is over, according to a study by TD Ameritrade. And the traditional car-buying experience is beginning to be eclipsed by a more web-driven sales journey.

Even as these markets evolve, there’s still opportunity for smart promotional products and merchandise to raise brand profiles. Here’s a look at a few changing industries and ideas on how to target them.

1. The Rise of Home Fitness

female on spin bike

A recent article in Fast Company posited that gyms won’t be coming back after the pandemic ends. In fact, 76% of people shifted to working out at home in 2020, and 66% prefer it, according to a survey by The New Consumer and Coefficient Capital. The number is even higher for millennials, with 82% switching to home workouts and 81% preferring it over going to the gym.

Brands like Peloton, Tonal and Mirror have normalized specialized equipment that comes with a monthly membership fee, delivering classes and personal training digitally. Peloton, in particular, had a stellar 2020, with fourth-quarter sales jumping 172%, and the company projecting a strong first quarter this year as well.

Promo Idea: Seek out personal trainers and fitness instructors with followings on YouTube, Instagram and other social media sites. Help them build their brands by designing their logo and developing a merch strategy and custom webstores. You might not be able to bag “the reigning queen of pandemic yoga,” but there are plenty of budding stars online who would appreciate a branding boost. High-end workout clothing, custom headbands and scrunchies, water bottles and drinkware, branded yoga mats and other workout accessories could all be great fits.

2. Online Car Buying

swiping car on ipad

Out of necessity during the pandemic, dealerships had to tweak the way they sell vehicles, offering digital browsing and credit checks, virtual “test-drives” and touchless automobile delivery. And many consumers have expressed a preference for a streamlined sales process that cuts out long waits in the showroom and tense haggling over price. Even after the pandemic ends, don’t expect consumers to revert to the traditional way of doing business. Nissan, for example, recently launched an online shopping platform called Nissan@home to let prospective buyers schedule a test drive, sign paperwork and arrange delivery via computer or mobile. Arizona-headquartered Carvana, an online used-car seller that offers home deliver and vehicle vending machines, saw its stock price surge in 2020.

Promo Idea: Partner with car dealers to put together welcome packs that are waiting on the passenger seat after the car is delivered to its new owner. Consider auto safety necessities like ice scrapers and roadside emergency kits. Keychains, air fresheners and umbrellas would also work well. Help dealerships raise awareness of their revamped, e-commerce-enabled websites by creating lumpy mail campaigns – combining a small branded promo and an easily scanned QR code directing recipients to the site.

3. Hybrid Retail Experiences

retail shop London

E-commerce has most certainly been on the rise in the retail sector, and the pandemic definitely accelerated the trend, with online shopping growing more than 30% in 2020. That doesn’t necessarily mean there will be no place for in-store shopping in the future, but it is likely that retailers will change to better meet consumers’ desires.

The CBRE Group, a commercial real estate and services firm, recently released a report on how retailers can thrive going forward, pointing to a hybrid model that incorporates things like high-tech fitting rooms and hospitality lounges with e-commerce fulfillment capabilities. “Retailers will continue to evolve and attempt to drive traffic to their brick-and-mortar stores as these locations continue to be vital for their customer connections and overall profit margins,” CBRE retail specialist Motti Farag said in a statement.

Another trend that is likely to pick up steam are pop-up shops featuring experiential marketing elements and exclusive content. Luxury designer Gucci launched a suite of “ephemeral stores” in five locations across the U.S. and Canada on Wednesday, Jan. 6 to promote its collaboration with The North Face. The temporary stores recreate glamping-like experiences, with spotlights that simulate the experience of staring into a star-filled sky from the inside of a tent and QR codes that let you download and listen to nature sounds.

Promo Idea: Pitch branded amenities for stocking hospitality lounges in the stores of the future: hand sanitizers, individually wrapped snack items, lotions and lip balms – anything to make shoppers feel pampered while also keeping the store brand top of mind. Another thought would be to help one of your clients develop a pop-up shop, supplying them with custom signage and merchandise and perhaps creating a hands-on experience to help create lasting memories.