If you run a small business or planning to start one, you should know why niche marketing is important. If you plan to sell goods and services via your website, you need to create and define your niche. A good niche marketing strategy will help you establish yourself as an authority in your niche. As you dominate your niche, you rack up sales, revenues and profits for your niche marketing business.
Before looking at advantages and disadvantages of niche marketing in more detail, let us first see what niche marketing actually is.
What is niche marketing?
When you clearly define and meet specific needs or wants or requirements of a targeted market segment, you are creating your niche. Thus, a niche has specific features or demands that you can focus on to target the people in that niche. Though the niche is part of the wider market as a whole, the wider market cannot address the needs of the niche. In other words, you can say the demands of a niche market are so specific that the generic supply by the wider market does not fit the niche market’s demands. As a specialist or authority in your niche, you can target your niche and sell them your products and services that exactly meet their requirements.
You can read this article on niche marketing to gain more detailed understanding of what niche marketing is.
Why Niche marketing is great !
Niche marketing has many advantages for small and medium size businesses. For example, it is very easy to start niche marketing business.
Easier to rule
In niche marketing, you have a target to focus on. Your target is the group of people or businesses that would be your ideal buyers. Your niche is the domain that captures the needs of your target. As the wider market cannot afford to be as specific as it takes to meet that needs of your target market, you can easily establish yourself as an authority in your niche. Once you establish yourself as an authority with your specialist product and service offerings, people will continue to buy from you. Thus you will find it easier to rule the niche market than make any big difference in the generic market. Why niche marketing makes you an authority easily is the inability of wider market to focus on the strict specifications of your niche.
Easier to focus
Assuming you are a sole trader or the owner of a small or medium size business, you will find a lot easier and quicker to succeed if you have clarity on where to focus. Niche marketing provides you the clarity to focus on specific market segment and their characteristics. With niche marketing, you have more chance of success as you can focus on the needs and wants of a specific group of people rather than spreading yourself too thin over the wider market and getting nowhere. By focusing on the target audience for your niche market, you can create products and services that your target market can readily buy from you.
Easier to study your market
As your niche market is generally smaller in size and has specific characteristics, you can study your market quicker and deeper. The deeper you study your market, the more you know about them. The quicker you study the market, the sooner you can grow your business. So, you can dominate and establish yourself as an authority in a niche market much quicker and easier.
Easier to build brand
In a small niche market, you will find it easier to build your brand quickly. As the scope you need to master is smaller, you will find it lot easier and lot quicker to build your brand. Once you will build your brand, you can look at scaling your niche marketing business and rake in more revenues and profits.
The biggest advantage of niche marketing is the virtual absence of any competition. You yourself create your niche and specialise in selling products and services that your target market is looking for. As a result, you generally do not have much competition. Other businesses that cater for the needs of wider population mostly sell generic products and services that do not meet the strict specifications of your niche market. So they care never your competitors.
Continued customer loyalty
In niche marketing, you meet the specific needs of your buyers with their strict specifications. As a result, they pretty much come back to you every time they need something. They find no need to look elsewhere as you sell everything they want to buy. It will be very difficult for anyone else to meet your exacting standards. This is why niche marketing means your buyers cannot easily find another seller as good as you.
You may find this post on starting niche marketing business interesting. I explain in more detail step by step how easily you can set up your niche marketing business.
Summary | Why Niche marketing
f you are looking forward to make money online, you need to start with a niche you are familiar with. Once you create your niche you can start your niche marketing business pretty quickly. You do not need a huge investment or lot of technical knowledge to start niche marketing business. To succeed in a niche marketing business, all you need is a solid niche marketing strategy. You may find this post on starting niche marketing business interesting. I explain in more detail step by step how easily you can set up your niche marketing business.