So, what is niche marketing and how is it different from a broad consumer market? What are the benefits you can get from targeting this market? Find the answers in the following discussion, okay!
What is Niche Marketing?
As the name suggests, niche marketing is a marketing strategy that specifically targets a niche market. So, what is a niche market ?
Niche market is a specific market with specific consumers, both in terms of character, needs, and so on. So you are not targeting a market that has a very large number of consumers, but only certain consumers.
At first glance, the concept of niche marketing may be feared to be difficult to generate profits. In terms of the quantity of target audiences, the number of potential consumers in a niche market is certainly much less than in the general market.
But if managed properly, you can get big profits and have loyal consumers. Providing needs for specific consumers can be more productive than targeting consumers too widely.
Consumers in niche markets are more specific in terms of character special database and needs. While consumers in mass markets are more diverse (heterogeneous), where you usually don't need to understand in a personal level.
The marketing strategies you need to do in each market are certainly different. In the mass market, you use extensive marketing methods that can reach a wide audience. While in the niche market, you use intensive strategies that target a specific audience.
Niche Market Examples
Currently, there are various types of niche markets that you may have encountered in everyday life. Here are some examples:
Vegan food or catering business for vegetarians.
Special products specifically for left-handed people or dominant left-handed users.
Pet sitting services, especially when the owner is traveling or returning home.
Skincare products made from organic ingredients and promoting environmental care programs.
Health care services for seniors and retirement communities.
Accessories business from certain games or movie characters.
Clothing and recycled goods business.
Antiques business for collectors.
The character of consumers in these markets is unique and certainly not the majority. However, it can bring profitable opportunities as long as you can manage it properly.
Benefits of Niche Marketing
After understanding what niche marketing is and its examples, you need to know what its benefits are. Here are some of the benefits that can be obtained from implementing niche marketing for business.
1. Easily Recognized Business
The first benefit of implementing niche marketing is that your business will be more easily recognized, especially by the target audience . As explained, niche marketing targets specific markets and consumers.
This means that what you offer is something unique and not mainstream like most products. A business that is different from most will stand out more easily and be recognized by potential consumers.
2. Competition Level is Not High
Because you are entering a niche market with specific consumers, the level of competition is not too high. Compare that to entering a mass market with a large number of consumers.
The number of consumers is usually accompanied by a large number of producers. So it is not surprising that competitors in the mass market are much more than in the niche market. It is even possible that your business has no competitors and becomes a pioneer in that niche .
3. Can Attract Loyal Consumers
