Niche marketing involves focussing on a specific targeted segment of the market and selling goods and services to a specific targeted population to meet their specific needs or to solve their specific problems. Thus, in niche marketing, you focus all marketing efforts to meet the needs of a specific targeted group of people or businesses.
Niche refers to the demand for specific product or service. Niche marketing involves supplying such specific product or service to a well-defined targeted segment of people or businesses to meet their specific demand.
Typically in a niche market there are buyers that have specific and well defined needs or wants and they are prepared to pay money for what they want or need. Niche market buyers are so eager to make purchase because the wider market does not usually meet their needs or wants.
Thus, the potential buyers in a niche market are a precisely defined group of people or businesses that are ready to buy something very specific. But what they want to buy is so specific that nobody from the wider market sells it.
So, to succeed in niche marketing, you must make focused efforts on a targetable portion of the population, understand their specific needs and sell them what they want to buy.
Niche marketing is by nature very concentrated unlike generic marketing which tries to address the generic needs of wider population. So in niche marketing, you will be concentrating all your marketing efforts on a specific but well defined segment of such population unlike the wider markets who try to sell a wide range of things to a wide range of people. With such concentration, you can sell specific products or services that nobody from the market can sell to a well-defined and targeted group of people or businesses.
It is very clever to focus on market segments that are not well addressed already. This gives you a significant edge in business as there will be very low competition in a niche. If you enter a niche early, you can quickly become market leader in that niche. So if you do niche marketing, you are definitely among the cleverest. Niche marketing is a great approach for new businesses or start-ups.
Niches actually do not exist to be discovered. Businesses create new niches to target by identifying specific desires, needs, wants or requirements of people or businesses in specific segments that nobody caters to.
You can create a new niche in literally any area if you focus and do enough research. Once you create a well-defined niche, you have the early bird opportunity in that niche. If you build a very personalized campaign that has great appeal and execute it well, you will soon have excellent ROI.
Look at it this way; if you do generic marketing, you are just another small fish in a big pond. You can rather create a small pond, a niche market and enter it early and be a big fish in the small pond where everything belongs to you.
