Every business has a target audience, but within that target audience are smaller subgroups of people. They share certain characteristics, and have specific wants, needs, and preferences. These smaller subgroups are called niches, and are a rich source of marketing opportunities.
What is Niche Marketing?
Niche marketing is a form of marketing that is geared toward a very specific population, or niche. Niche marketing is possible when a business specializes in a particular service, or serves a particular demographic within its target audience. If the business forms its marketing endeavors around this subgroup, this business would be in the practice of niche marketing.
Niche Marketing Strategy
With a niche strategy, you leverage your expertise in one area to stand out from your competition. You may provide other products or services, and you may serve a broader audience, but specializing in one area helps you to distinguish your business.
The size of a business’s niche relative to its target audience can vary. Some niches make up the entire target audience, while others make up a small percentage. Depending upon the size of the niche, a niche strategy may consist of any of the following:
- Marketing only to your niche
- Marketing to both your niche... Read more...