Niche Marketing

 

What is Niche Marketing?

 

Niche Marketing 

 

 

Niche marketing is the opposite of mass marketing. Mass Marketing is promoting a product and service to everyone, where as niche marketing targets customers who are interested in your products and services.

 

Business owners that cater to specific niches
are able to concentrate their advertising efforts to specific segments of society that have unique wants, needs, or desires. One of the primary benefits of niche marketing is the ability to focus in on your market.

 

This targeted approach does not require as much capital and offers you a much greater chance of success, because you can meet this markets' needs with your products or services. It costs less to become successful.
 
A small business owner that tries to compete in the world of mass marketing risks being crushed in highly competitive markets. Even large businesses with lots of capital can bankrupt themselves if they choose a market with too much competition and cannot effectively compete in that market.
 
Inventors and entrepreneurs often think that everyone has a need for their products or services and could be used by everyone. While this may be true, what is the cost of informing everyone of your product or service? Everyone must first be notified that the product is available.
It requires a lot of capital to market to everyone. Niche marketing allows you to focus in a market segment. If successful with that segment, and target the next segment.
 
Another way to look at it is from the perspective of someone that is thinking about starting a business. The first decisions to make concern the products or services that the company will offer is going to offer the marketplace.

One of the greatest temptations new entrepreneurs face is offering too many services or products to the marketplace. Entrepreneurs are often tempted to offer lots of different products and services right from the beginning. A better choice is to focus on one product or service, develop a following and become successful within that niche. This is the theme of niche marketing.
 
As the business grows, your business strategy may choose to expand its target market or offer entirely different products or services. However, it is always best to focus your efforts in a deliberate manner and move slowly.


Don’t try to move in too many directions at once.
Some of the niches that were at one time very small, but have started to grow in recent years include organic, natural and chemical-free products. Environmentally friendly or “green” products are becoming more popular and more interest is being directed toward these products.
 
Depending on the products or services, you can identify certain niches that might be of benefit. Advertisers and business advisors refer to that as identifying your target market. It might require you to think small and develop a strategic and concentrated focus
 
Marketing to a small niche can be highly profitable, particularly when it comes to e-commerce or internet marketing. There might be only 10 people
with a particular hobby in a community of 10,000. It would be difficult to make a living by selling an item that only 10 people needed, if the product or service price point was too small. Today, there is a huge emphasis on assisting local businesses market on the internet. Those providing this service can make a nice income with very few clients.

Another way that e-commerce makes niche marketing easier, is that internet start-up costs are very low compared to those of a conventional businesses. With just a little entrepreneurial ability, your dreams of becoming a business owner are obtainable.

 

Follow ContentCupboard on:
Facebook Twitter
 
Subscribe
Helpful Suggestions Newsletter
Free suggestions for your online business. We respect & honor your privacy.