Niche Marketing Defined
To start with. the word ‘niche’ is defined as: “A special area of demand for a product or service”. ‘Marketing’ is defined as: “The opportunity to buy or sell”. If you put the two words together, niche marketing means buying or selling a product or service in a special area of demand. All that really means is that a product or service is being sold to the people who are most interested in that particular product or service and not to the world in general.
Often times big business uses niche marketing. For example, a company that makes computers and computer accessories might advertise all-in-one photocopy/printer/scanners to the home computer user while at the same time advertising single function machines to large businesses. One of the things that make niche marketing so attractive to sellers is that their advertising budgets go further. It costs less to advertise to a specialized market than it does to advertise to a broader market.
Niche marketing must be designed to meet the unique needs of the targeted audience. Niche marketers must tailor their product to meet those unique needs. If, for example, you have designed a product to make cooking easy enough for the untrained professional to do it, those who want to cook will be most interested in your product. Those who like to eat out would not. In essence, niche marketing is selling a product or service to those who want or need the product the most.
Finding the right niche for what you have to sell isn’t really all that difficult. Just think about who the people are who would be most interested in what you have to sell. Before you decide which niche market to dive into you will need to do a little research. You will want to make sure that the market is easily defined and reachable. You will also want to find out what your potential customer likes to do and read.
- What kind of trade articles or books do they read?
- Do they have clubs or are members of particular organizations?
- Does the group have an insane passion for their hobby or topic of interest?
- Do they eat, sleep, and breathe their hobby?
- Do they actively seek more information related to their subject?
Ask yourself, is the market small enough that you won’t have to many competitors, but still large enough for you to make a good profit? Most of all does the market have the money to spend?
Doing research related to these questions will help you pick the perfect niche to market to. And when you pick the market, you can then go ahead to make the best out of it. If you are considering making much more money online, then you need to take niche marketing very serious. And at this point, I would advise you to take it upon yourself and look out for the niche you can effectively market too.
Originally posted 2011-07-26 10:00:54.