Niche Marketing

Niche, the very word sounds so elegant like coming from the Victorian age. As was at that time specifically for Lords, Earls etc. It was a segmentation of Customers. In the current context it’s pretty much similar to concept of niche marketing; which is focusing on the on a small but well defined segment of the customers. Generally it’s aimed at catering to needs of few which are being ignored for what may be the reason. It can be related to being a large fish in a small pool in contrast to small fish in a large pool. This is clearly related to Micro-Marketing; but with a minute difference being Specific product focus in niche marketing.

Before going forward let me put a clear words to niche marketing; Niche marketing is a targeted marketing plan that focuses on one particular section of the market that has high potential to connect with a product or service. Instead of casting a wide net in mass-media and large-event marketing, niche marketing zeroes in on strategically selected venues and media platforms that have high concentrations of these targeted consumers.

The very best example of Niche that exploded after is Facebook; created for the Harvard students and now it has touched 1 billion users a day figure.In niche marketing smaller is bigger mantra apply.Either be it the target consumer or the Product, its very specific.From the three Competitive advantage strategies, niche marketing follows the strategy for Differentiation focus strategy; as achieving cost focus would not be possible in the niche markets Normally.

The things to keep in mind when making your niche marketing strategy would be:

• Targeting the right audience: Well, simply finding the gaps is not good enough; what we to find is the audience with a special requirement.
• Market research: It becomes absolute necessity to conduct in depth research to know the actual need and consumers want along with the feasibility of the offering.
  
   

  

•  Third point would be the competition; what if there is not a single competition,Its not always good. it can also mean that some have thought and found it not profitable.
• Promotion: what market can be achieved through without a promotion But in Niche market,its more critical than mass market.As your target audience can be scattered.So choosing medium becomes difficult.generally people advertise on Facebook twitter and other media But maybe paid search ads would be better way to go depending on the target audience.But its critical to choose carefully as this the place where cost can saved
• Last point but the most important part is customer is the king,they know the business better than companies even.so hearing them out is absolute necessary as they will also be medium of promotions for you.

Before ending;If You Commit To a Niche and Stop being everything to everyone.

Signing off till another time..