In order to be profitable, one must follow the concepts and the theory that identifies, defines niches and creates niche markets as put in detail below;
i) Niche
This a group of people that share the same interest in something for example soccer fans but this example can be carved out to create more meaningful sub niches like Swansea Football Club fans.
ii) Niche Market
It is a small targetable segment of the market on which a particular product is focused to meet needs and wants of a specific group of consumers. Specific groups can be characterized by demographics, seasonal activity, ethnicity, weather, age, passion etc. Niche markets have never existed by default but are always created to meet needs and problems of a particular niche. Here is an example to fully explain what I mean
A jersey manufacturer for Swansea football club decides to make trendy tops for female youth fans than the usual player jersey. Here the manufacturer has discovered that female youths aged 16-35 years like wearing fitting tops that bring out body curves… Lol so the company will narrow down to the trendy jersey tops from the usual jersey.
iii) Niche Marketing
This is the type of marketing where by marketing efforts and campaigns focus on a small defined, specific portion of the market rather than the entire market. It involves cutting down the whole market into segments and also creating products and services that satisfy a particular group.
iv) Niche Products
These are smaller classes of a product that are meant for a specific group of consumers. Like the earlier example of fitting jersey tops that are part of the major product called jerseys are meant for female youth aged 16-35 years.
v) Niche Audience
These are smaller defined groups of consumers that a particular niche product and market tend to serve or target. Using the same example the niche audience the jersey manufacturer is targeting are the female youth aged 16-35 years then the niche market is jersey tops.
In order to be safe and successful with the niche market you have found, you must consider the following concepts and principles;
Principles of Niche Marketing
1) Identify and Define the Niche Market
This is one of the first that you have to adhere to. Remember niche markets have never existed by default but found and created to meet special needs of a specific group of consumers.
2) Discover the Problem, Challenge or Need of a Particular Niche
It’s one’s responsibility as a niche marketer to brainstorm, think harder and discover the problem, challenge or want of a targeted niche like in the above example where a jersey manufacturer needs to know what is a trendy wear for female youth fans for Swansea Football Club and that is Female Jersey tops.
3) Carry Out Market Research
Once you have discovered the niche and created its products or service. Don’t just enter the market automatically because you may get embarrassed. Do some research or how consumers behave to different markets, products, and demand and supply changes according to a specific niche. Carry out a competitive analysis to measure your competitors’ strength and weakness given in a niche Market, competitors marketing campaigns and efforts. Use a keyword research tool that will help you discover hidden though profitable niches with the best targeted keywords to use. These keywords can be secondary keyword phrases that are of lower cost when it comes to pay per click campaigns yet they have a high conversion rate because they cater for a certain group.
4) Know the Niche language and Information
For you to be successful in the niche you have found, you must know the language used in a given niche. You the niche marketer must be ready to communicate in a way that is understandable and appeals to niche members. Furthermore niche marketers should convince consumers of a certain niche why should opt for newly branded niche products and services by providing information, backups, product walk through. This should be created in such a way that it is compelling, causes receptiveness and calls for action.
5) Target the Right People with the Right and Appropriate Product
When you create a niche product, make sure that is fit for the targeted niche members in terms of answering and solving their problems, addressing their needs and wants. It is so embarrassing to take your time on development and marketing efforts on niche products for wrong consumers. Therefore discover the niche’s needs and problems and go ahead to develop what is really fit for them. Don’t just guess…
Niche Marketing today is not just trendy but one way to carve out the market to find hidden, invisible though cost effective and profitable niche markets. So get on board today to discover the niche market and more within that (sub niche markets) and exploit or maximize it for profit.
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