Niche Marketing

A niche market[1] is the subset of the market on which a specific product is focusing. So the market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment. Wikipedia

Why bother to establish a niche market when there is a world of potential customers out there? Because you cannot be all things to all people and if you chase all of the rabbits you’ll catch none.

The trick to finding a niche market is to find a market that has customers who are accessible, that is growing fast enough and isn’t already owned by another small business.

For example, instead of offering general catering services, a business might establish a niche market by specialising in catering for weddings or children’s parties.

Advantages of Niche Marketing

One advantage of focussing on a niche market is that other small businesses may not be aware of your particular niche, and large businesses won’t want to bother with it. Another main advantage is that your marketing becomes very focussed an

Niche Marketing

d so your return on investment becomes much greater. Also, being known as the only business specialising in a particular niche means that you may charge a premium rate for your services rather than competing with everyone else on price.

Many business owners are hesitant to focus on a niche market in fear of losing business. In fact, the opposite is true. To be successful and sustainable you must have the confidence to stand by your niche and stay focused on your strategy to deepen your position rather than extend it.

We will help you to with your niche marketing so that your business can survive in today’s competitive market. Contact us via the contacts page for a free assessment of your niche market.