What You Need to Know

About Niche Marketing?

A niche market is a well-defined subset of a market wherein a specific product is focused. All marketing efforts is concentrated on satisfying the needs and wants of a specific targetable market.

What is a niche market?

Creating the right product

The more different it is, the lesser the competition you’ll get. Unique product but marketable Must be tailored to what your target market needs. Something that big companies haven’t provided yet. The ‘right product’ must be something that you have an

expertise of.

Unique product = unique market. The moment you hit the right people to be obsessed in

your product, you almost got the people who will establish your brand equity.

They will help you in the positioning and branding it without them even realizing it.

Identifying the market

Less competition The more unique your product gets, the lesser competitors

you will have. Being the first one to provide is already a competitive

advantage.

Advantages of a SuccessfulNiche Marketing

The prices of the products will not depend upon what the market has set for it.

The demand will not be affected whether the price goes up or down, giving an advantage and freedom for price setting.

Price inelasticity

Since this is not much of a large market, having the specialized products is possible and a good thing, creating  a better customer experience. This will also lead to an easier marketing campaign since products are not for the mass market.

Product customization