In the field of ecology, a niche denotes the place where an organism occupies within an ecosystem. It is what defines the role which this organism plays in the environment as a whole and is important in determining whether an organism will thrive or become extinct.
In the marketing word, niche means the market sector targeted by a product or service. It is this small piece of the market where a product meets a need of a certain market. To attract a good market share, companies must have a product which meets a need which is being unmet in the target market.
Niche marketing has to do with finding small market segments which are potentially profitable due to an unmet need. To make enough sales to be viable, a business must build brand loyalty in this niche market. The product or service must meet or exceed customer expectations and thus foster customer loyalty. The end result of successful niche marketing is the establishment of a loyal customer base which trusts the product and the company behind it.
One of the best things about niche marketing is that it lets those who engage in it be creative and encourages them to stand out in their chosen area. Marketers are not forced to compete against industry giants by can instead operate with minimal competition in their own small pond instead of having to dodge the corporate sharks waiting in the deeper end of the pool.
If you’re looking to get into niche marketing, the most important thing is to know your niche intimately. You need to know as much about the niche as possible in order to be successful in reaching your target market.
You need to know how to best reach your niche market. You will have to know the keywords which people in your target demographic will be using to find the sort of product or service which you have to offer. Targeting the right keywords can make all the difference between success and failure in niche marketing.
You also will have to know the potential of a niche market before taking the plunge. If there is no money to be made there, it won’t matter how much work you put into it – you will still fail to make an impact. Identify a customer need which is going unmet and find a way to meet it. This should be your first step in niche marketing, even before building a website. After this, figuring out the best way to reach your target market is the next step to achieving niche marketing success.
Do you need niche marketing in a business climate where there are hundreds of different ways to make money online? Those who are familiar with niche marketing will answer with a resounding yes. Niche marketing is the only way to tap into the potential income to be had by meeting a need which no one else currently is. Best of all, you will not have to compete with corporate behemoths and can make a good income while dealing directly with the people who really matter –your customers.