All companies are engaged in niche marketing, even the big multinational companies. When a company offers a product or service that is tailored to appeal to a specific segment of the market, say for example teenagers or working mothers, it practices niche marketing. This type of marketing benefits many small companies: it is cost effective; the possibility of being the only one in the niche or one of the few in it, and large companies usually won't bother with a very small segment of the market.
It is cost effective as one does not have to spend a great sum just for advertisements. One just needs to know when and where to put one's advertisements. For example, if one's niche market is the youth, then it would be a good idea to put up advertisements in places and magazines frequented by and read by teenagers.
If one can think of a niche for a specific segment of a market that no one has bothered with before, then one can be a pioneer in this niche. If there are already others in the same niche, it is best to discover what unique thing one has to offer so as to differentiate one from the other companies already in the same niche.
Niche marketing for a very small group of the market like for instance, yoga enthusiasts, may not be feasible enough for a big company so they may not even have any product or service to cater to this niche. One can take advantage and research on what needs these people may have so one can be the 'big company' in this particular niche market.
Niche marketing is a great way for a small company to thrive in the world today. However, there are some things to consider before one delves into this field.
Foremost would be to know the market segment one is to cater to. Try to make a list of the potential customers one is to have and try to boil down the list to a specific group that one can serve better than other companies already in the same field.
Try to research on their needs and wants and what new and appealing offers one can give to this market segment. Customize one's advertisements for this group.
Don't hesitate to try a different niche marketing segment if the one before may have brought less success than expected. Take note that this endeavor should give potential profit for the company. If it is not a profitable niche, others may have tried before and failed.
It is cost effective as one does not have to spend a great sum just for advertisements. One just needs to know when and where to put one's advertisements. For example, if one's niche market is the youth, then it would be a good idea to put up advertisements in places and magazines frequented by and read by teenagers.
If one can think of a niche for a specific segment of a market that no one has bothered with before, then one can be a pioneer in this niche. If there are already others in the same niche, it is best to discover what unique thing one has to offer so as to differentiate one from the other companies already in the same niche.
Niche marketing for a very small group of the market like for instance, yoga enthusiasts, may not be feasible enough for a big company so they may not even have any product or service to cater to this niche. One can take advantage and research on what needs these people may have so one can be the 'big company' in this particular niche market.
Niche marketing is a great way for a small company to thrive in the world today. However, there are some things to consider before one delves into this field.
Foremost would be to know the market segment one is to cater to. Try to make a list of the potential customers one is to have and try to boil down the list to a specific group that one can serve better than other companies already in the same field.
Try to research on their needs and wants and what new and appealing offers one can give to this market segment. Customize one's advertisements for this group.
Don't hesitate to try a different niche marketing segment if the one before may have brought less success than expected. Take note that this endeavor should give potential profit for the company. If it is not a profitable niche, others may have tried before and failed.