What is Niche Marketing?
Niche marketing is clarified as channeling all marketing efforts towards one well-defined segment of the population.
There is one more important thing to understand that ‘niche’ does not exist, but is created by very smart marketing techniques and identifying what exactly the customer wants.
Niche marketing is possible when a business becomes an expert in a particular service, or serves a particular demographic within its target audience.
Niche Marketing Strategy
With a niche strategy, you support your expertise in one area to stand out from your competition. You may provide other products or services but specializing in one area helps you to differentiate your business.
The size of a business niche relative to its target audience may vary. Some niches make up the entire target audience, while others make up a small percentage compare to others. Depending upon the size of the niche and strategy may consist of any of the following:
Benefits of Niche Marketing
Niche marketing isn’t for every business, but if you have the opportunity to serve your business toward a niche, there are many benefits as following :
- Enhanced Customer Relationships. Niche marketing targets a very specified kind of customer, so depending on what you are promoting, your niche market may be very small.
- Reduced Competition.
- Increased Visibility.
- Word of Mouth Growth.
- Honed Expertise.
- Less Resources.
What is niche marketing example?
A niche market is a piece of a larger market that can be defined by its own special needs, or identity that makes it different from the market at large scale . For example, within the market for women’s shoes are many different segments or niches.
What is niche in digital marketing?
Niche is simply a well selected advertisements. the term is used when some have to promote, there product or service.