The benefit of niche marketing is the healthy profit margins produced as a result of targeting a smaller consumer base. However, to achieve any substantial, long-term growth, businesses must expand outside their niche markets.
HVMN’s founders Michael Brandt and Geoffrey Woo not only mastered the process of niche marketing but learned how to grow beyond such a controlled group of consumers.
As avid health and wellness enthusiasts, Brandt and Woo sought to open a company that was unique to most health businesses — and they did, but it was only the beginning of their entrepreneurial journey.
After launching their first company successfully, Brandt and Woo were not yet satisfied with their growth. Further research and examination led them to an even more revolutionary product idea, and the pair decided to rebrand their company.
Now, their business has reached greater heights and larger consumer bases. But it wasn’t solely due to a new product idea; Brandt and Woo credit their expansion beyond niche markets to several growth and marketing strategies.
Shifting From Nootrobox to HMVN
In 2014, Brandt and Woo launched their first company, Nootrobox, which aimed to harness the power of nootropics, or cognitive enhancing drugs, into supplemental products. The business was a hit, appearing on famous outlets like Shark Tank and The Wall Street Journal.
But it wasn’t until their curiosity led them to discover ketones, or compounds produced naturally in the body during prolonged fasting periods. After examining the evident benefits of the compound—which ranged from increased focus to boosted brain function — Brandt and Woo had an idea: what if there was a way to consume these compounds?
From there, the founders developed a supplemental drink containing ketones; through trial and error, they finally launched their now-premier product, Ketone-IQ. But the work didn’t stop there; they had a great product, and an already well-built consumer base — now they had to determine how to grow beyond that.
Utilizing Loyal Customers to Attract New Ones
Customer loyalty is arguably one of the most effective marketing strategies for any company. Not only can it boost your businesses in the best of times, but also when the most unexpected situations arise.
For Brandt and Woo, this meant regularly requesting feedback from loyal customers to learn how they can make audiences more inclined to buy their products. According to Brandt, using exclusive sales, discounts, and other reward programs can incentivize this consistent feedback from reoccurring consumers, and help businesses acquire new customers at the same time.
Even in the case of one-off buyers, or consumers who purchase a product only one time, Brandt says these feedback-focused strategies can be a big help in turning them into returning customers.
Offering a reward in return for feedback, creating simple feedback boxes, or asking for feedback on the order confirmation page can all serve as effective tactics to determine where your customers stand. Once collected, the answers you receive can help your company spot trends and patterns, and establish better methods to win over future customers.
Partnering With the Pros
One of the biggest ways HVMN has reached buyers beyond its niche is through strong partnerships. “It’s a lot of relationship building,” says Brandt in an interview with Shopify. “Just buying straight ads on social media is not the way for us; that’s maybe a small sliver of what we do.” Alternatively, the founders have found greater success in partnering with professionals in their industry.
While they developed the first version of their ketone-based supplement, Brandt and Woo solicited advice from health coaches, weight loss clinics, and reputable doctors to ensure they were creating a safe and effective product. Similarly, they’ve teamed up with other health and wellness businesses that have similar target audiences.
These partnerships not only allowed the founders to create products with confidence, but also speak and operate authoritatively on the science of their supplements.
Multiple Marketing Channels to Keep Customers Informed
According to Brandt, one of the most common questions they receive is regarding the science of ketones and how they actually work. That’s why throughout all their marketing strategies, HVMN seeks to educate consumers on their products — and the best way to do so is via multiple marketing channels.
“You can build up a following, a community, a content base before you even start a company before you even know what company you want to start,” explains Brandt. “You’d rather be in a spot where you have 25,000 followers, and then you figure it out, you test out a few different concepts and you see what resonates with your community.”
Whether that means getting onto newer social media platforms like TikTok or discovering features of existing ones like Instagram, Brandt and Woo say the best way to keep customers informed is by using as many outlets as you can.
As a result, this strategy can serve as an excellent growth strategy to reach new audiences outside your niche market. Any consumer will want to invest in a business that’s open and honest about its mode of operations — and that includes the science behind its products and how they’re made.
Reaching a Bigger Audience With Solid Growth Strategies
As any entrepreneur knows, growing outside a niche market requires more than just a single tactic. Expanding your marketing footprint through several strategies and channels can produce substantial rewards for your business.
With over 80% of consumers saying they desire both digital and non-digital brand experiences, it’s crucial to understand how many outlets your company can utilize to reach more and newer buyers.
Just as it worked for HVMN, finding new audiences is about discovering new ways to promote your brand. From soliciting customer feedback to partnering with experts, to taking advantage of both old and new content platforms, your company can determine various effective ways to grow beyond your current niche.