What is niche market?
A niche is described as a subset of a market where they focus on particular demographic or focusing only on a specific service or feature to match a market and improve salability of a certain product. So what is niche market? This is the sector, a population of people that a business focuses on primarily to provide their services and products. The idea of a niche market could be based on market research, a study that is done to discover the right audience where marketing and product strategies are implemented.
Benefits
Niche marketing is a very advantageous strategy to make because it is cost effective. If you have a product or an advertising campaign that is focused on one demography only, you can limit the exposure and scope of your marketing to those ones that will actually reach that market option that you specifically have. For example, most women you want to target are mothers so it would be best to use conventional media tools like local advertising on television, radio as well as print. Online marketing strategies can also be viable. It depends on what market is being addressed.
Some rules to help you by
Understand their specific needs:
What makes the niche tick? These may be young professionals making 6 figures a year who are concerned about their skin and face. Then, you have to address this particular need specific for their age bracket. The product and marketing should be tailored to their specific needs.
Know their language and culture
Young professionals in the East Coast might have different skin care concerns compared to women on the West Coast. Understand what is popular on their market and learn to speak the language with efficacy. Therefore, the topics, advertising slogans or even the kind of advertising strategy will be different. A product that offers detoxification and moisturizing benefits might be ideal to the East while sun protection and pore tightening could be the trend on the West. Learn these features and discover how you can take advantage of them.
Test, test, test
It is necessary to do some preliminary testing on a sample population before proceeding with the actual campaign.
