If you're in a niche market, you know you have a limited prospect base. Some small to mid-sized companies that target niche markets may be inclined to cut back on marketing, though, given the difficult economic times many are facing. However, this will do more harm than good. Companies in niche markets should be working on their key market niches on an ongoing basis - and working these niches deep. Here are four key tactics that niche marketers should be using to fill the "Prospect Gap":

1. Work Your Niche Markets Deep

If you are a small to mid-sized company, chances are you have built your company's revenues and profits by finding key differentiators in certain niche markets. In addition, you probably know many prospect companies to target in those niches. But, chances are that your firm can work the niche even deeper. Have you recently updated your databases using the latest trade association and NAICS lists? Are new technologies or processes being used in your targeted niche markets? If so, there are likely to be new companies in the market space offering products and services based on these technologies.

You should regularly (i.e. at least every other year) be conducting a comprehensive review of your marketing databases to identify new prospect companies in your target markets. Typically, this process will uncover at least several new prospect accounts - and even just one new piece of business will often pay for the entire effort.

2. Be Aware of Churn in the Decision Makers and Influencers in Your Marketing Database

One of the biggest marketing challenges during recessionary times is the "churn" that occurs in the contact name portion of your marketing database. Decision maker and influencer contacts are laid off by some companies, with responsibilities being transitioned to others in the company. Equally important are the contact persons that get re-hired by other companies (often in your same target niche) and carry their ideas and experience - and knowledge of your firm's products and services - to their new employers.

Chances are that you don't know all of the changes that are occurring in the contact person portion of your marketing database file. Plexus Marketing Group Inc. routinely works with lists provided by B2B clients where after just 2 years, approximately 20 to 30 % of the decision maker contact names and/or titles are outdated. Again, this is where a database update project can save you time and money - and even help you uncover new business opportunities. The impact of churn is even greater for niche marketers, as they cannot afford to miss any decision maker prospects in their niche markets (which are limited in size anyhow).

3. Nurture Marketing - An Essential Tool for "Keeping Their Eyes Focused on You" and "Aligning Deeper"

Thirdly, most niche marketers need to have some sort of "nurture marketing" effort that keeps your firm's name and product/service offerings in front of prospective decision makers. This might involve an opt-in e-newsletter or regular whitepapers that your firm develops. Or, it might involve a customer satisfaction or "Voice of the Customer" survey, or some type of customer roundtable session. It should be a proactive, knowledge-based marketing tool that supports your firm's niche market position. One side benefit is that drip marketing campaigns often provide an ongoing means of keeping your contact database current and clean.

Often, nurture marketing campaigns involve new thought leadership content related to your company's key market niche(s). Your marketing plan should include a proactive and ongoing initiative for developing this thought leadership content. This will help you align even deeper with your prospects and help them find more reasons to engage with your company.

4. Get Everybody "On Board"

Building a stronger niche market position for your firm and its products/services involves everyone in your company. Your firm's brand is affected just as positively (or negatively) by a service person's interaction with a decision maker contact as it is by a print or banner ad that it runs. Get everybody in your company "on board" and involved in your marketing efforts - from identifying new contact names at existing customer accounts, to uncovering new ideas for thought leadership articles and drip marketing efforts.

Remember that there are a variety of unanticipated ways that people in niche markets come across your organization. Sometimes it is a current customer recommending a new prospective customer. Other times, it may be one of your former customers that is now with another company in your targeted niche market, and who is interested in using your firm's products/services for some challenge that their new company has. Or, maybe it is a contact made informally through one of your employee's church groups or neighborhood associations. In any case, having all of your employees aware of your firm's branding and its unique position in key niche markets is essential.

While these tactics can work for any B2B marketer, they are essential to small to mid-sized companies that often rely on a collection of narrowly defined niche markets to stay in business and to prosper in a wide variety of economic situations.

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