Social Media Marketing Niches That Are Highly Profitable
- Marketers looking to differentiate themselves can focus on a niche for their social media marketing activities.
- It’s crucial to define an ideal SMMA client, someone who has a high budget, prefers recurring services, and has a weak social profile.
- The article details five social media marketing niches including their advantages and tips on approaching them.
Those thinking of how to start a social media marketing agency rarely give much thought to the niche they’re choosing. Selecting the right niche will make your life as an owner much easier though.
When it comes to marketing, many don’t specialize in a specific niche. Instead, marketers serve a variety of clients, from lawyers to dentists. The disadvantage of that is that you compete with a variety of professionals, some of which are more experienced, or simply offer cheaper services.
In order to position yourself better, think about social media marketing niches that are underserved. They present the perfect opportunity to tap into a market where the competition is low, and the profit margins are high. In the end, this will allow you to grow your social media marketing agency.
Those looking for underserved niches should read on, as I’ll tell you about a few that you might not have thought of.
Criteria to find your ideal SMMA client
Before you decide on your SMMA niche purely by looking at a list, let’s first think about the ideal customer. This is something you should always do when you do business. Who do you want to target, what kind of product or service are they interested in, and how can you convince them to buy it from you?
Here are five criteria to narrow down your target audience:
High budget: Companies that are barely getting by will not spend enough to get any results. If they cannot afford $1,500 per month in ad spend plus your management fee, then there’s no point chasing these customers. Growing e-commerce companies are a good target because their monthly revenue is often a six figure amount. But even those in the four-figure league are a good target if the profit margin is high enough. If you’re trying to find leads in databases, look for a column detailing the monthly recurring revenue.
Recurring services: Speaking of recurring revenue, don’t chase clients that sell exclusively or predominantly one-time services. Their monthly revenue might be very volatile, creating issues with their ad spend (or they simply churn quickly). When you research leads, also try to find out what the customer lifetime value is.
Weak social profile: If the social profile of your lead is stellar, there’s a good chance someone knows what they are doing. Ergo, it’s harder to impress them. Look for companies that have a weak profile, ideally it has been abandoned completely, or simply lacks a continuous stream of social posts. Another thing to keep an eye on is the amount of followers, especially for moderately active accounts. If the engagement and follower count is low, that lead is a goldmine for you.
Local company: A lot of marketers pick a niche that is dominated by franchises. However, those usually work with large marketing companies. Plus, they get dozens of calls every day for SMMA services. Instead, look for local companies, ideally those with high profit margins. Even better if they have a few locations, not just one. Narrow down your search by researching family-owned businesses, as those have a high interest of keeping it afloat.
Traditional media fans: Companies that have been focusing on traditional media, such as radio shows & newspaper ads, are a good target for SMMA. Most of them spend a lot of money on those ads, but have no way of retargeting. Once you tell them about the retargeting options social media platforms make possible, they’ll be thrilled to hear more.
5 best niches for social media marketing
There are many ways to grow your agency, but a sure way is by focusing on popular social media marketing niches.
1. Remodeling companies
Anyone who’s renovated a house know how expensive it is, especially if the house is ancient, or it’s a landmark. Owners need to respect certain rules, and cannot change specific elements without prior approval—and that just adds costs to the project.
Instead of just focusing on classic remodeling companies, try to find those that restore historic buildings. Since these projects are expensive, the budget of a remodeling company should be on the high side.
In order to find customers for your new remodeling clients, you could focus on the following social media platforms:
Instagram: Share video projects of ongoing construction work as well as once the projects are done. Attract users with the targeted use of hashtags.
Facebook: Post company updates, engage with users, upload images and videos.
Houzz: Interact with local customers, create idea books, and present your best work in order to look professional.
Pinterest might also be worth a try if you have a lot of data you can turn into graphics, for instance case studies with happy customers, or simple before/after pictures of your renovations.
Keep in mind that not every client will want you to share project work. Always ask for approval, and potentially, give them a discount because you’re using their project to advertise your company.
Another great thing about this niche is that it’s easy to set up a social media client intake form. This allows you to automate a part of your work, and reduce your costs.
2. Luxury watchmakers
Rolex isn’t the only company making expensive watches. There are countless watchmakers, especially in Europe, who don’t advertise their products via social media. Medium-sized companies might have an internal marketing team, but they are rarely familiar with ads.
If the watchmaker doesn’t want to hire you to run their marketing campaigns, offer your services as a consultant instead. You can train their entire team and continuously provide input for years to come.
Besides watchmakers, you can also look for watch customization shops, such as Blaken. They personalize luxury watches, so their prices are even higher than those of the makers.
3. Car customization companies
Brabus and Hennessey Performance are just two of the most well-known car customization companies. The latter even has their own research and development facility, so their customizations are not just cosmetic. Of course, all these changes that they do to a car come with a cost—a perfect opportunity for you as a marketing agency owner.
With that said, if you choose a niche such as car customizers, it will be tough to get big companies to talk to you. However, there are many smaller shops that have decent profit margins, and who are most likely not into digital marketing just yet.
Start by researching car customization shops in your local area, and extend your search to a national level if you don’t get enough results. Look for family businesses and those that have been running their shops for many years. This is always a good sign that they are profitable and might have regular customers who keep upgrading their rides.
4. Cosmetic surgery
When you think of your digital marketing niche in the medical field, don’t just go for the obvious, the dentists and chiropractors. There are so many more niches that are in need of marketing strategies.
The high ticket niches are clinics that deal with hair transplant, facelifts, and anything else that is a part of the cosmetic surgery. The interesting thing about the cosmetic surgery industry is that the clients aren’t local, they are often international. Countries like Turkey are well-known for attracting people from all over the world to get their hair transplant.
This allows you to go really all-in on this profitable niche by flexing your content marketing skills. Showcase to potential clients that you know how to bring the right clients to them, even if they have to travel thousands of kilometers.
5. Spiritual retreats
I’m not talking about yoga retreats here. There are high-end spiritual retreats lasting weeks that cost a five-figure amount. They are often hidden on private islands, such as Song Saa in Cambodian, and cater to high-earning individuals.
Grow your industry knowledge
In order to target these people, you might want to think about influencer marketing. The best of the best that are being followed by persons with a high income are a good way to advertise spiritual retreats. But as always with influencer marketing: the influencer chosen must be into this niche themselves.
Profitable SMMA niches are still out there
This post listing the top niches for social media marketing has hopefully given you enough food for thought to kick-start your social media marketing agency services in 2023. Keep in mind that the best SMMA niches mentioned above will sooner or later be taken over by agencies—so get started while you can.