NICHE STRATEGY MARKETING
Definition of Niche Marketing
Definition:
Niche marketing is defined as channeling all marketing efforts towards one well-defined segment of the population. There is one important thing to understand that ‘niche’ does not exist, but is created by smart marketing techniques and identifying what the customer wants.
Description:
Niche marketing is a marketing tactic deployed to target a specific market segment which is unique. Niche market is often created by identifying what a customer wants and this can be done if the company knows what the customer needs and then tries to deliver a better solution to a problem which was not presented by other firms. A niche market does not mean a small market, but it involves specific target audience with a specialized offering. By doing so, the company becomes a market leader and it becomes possible for other firms to enter that particular segment. For example, there are various cinema halls across India, but there are few which have recliner seats to offer. Not everybody wants to watch a movie by paying 5x-6x times the cost of a normal ticket. Hence, the target audience is very different and the hall is also only open at places where the company feels that it would be able to tap into target audience especially in posh areas.
Advantages of Niche Marketing:
How to find a Niche Market
Knowing how to detect an excellent niche market is one of the essential keys to having the best website, or the best blog possible.. And of course, it is impossible to detect and hit your niche in the first. So we recommend that you choose 5 potential and potential market niches to start, and that you will gradually discard those in which you detect excessive barriers to entry, or those in which the competition is already firmly consolidated and where it is very complicated Enter to be an excessively saturated market; to give two examples of easily detectable obstacles. In this process, we must apply some economy and ecology of efforts and of our own resources. So, over time you will get to stay with just one niche market, yours. And then yes, you have to exploit it to the fullest.
The market, in general, is divided and segmented into infinite specialized and very specific niches, which focus on a few aspects. In each one of them there are certain levels of demand and with more or less possible competitors. The business opportunity is presented when the size and profitability are sufficiently large compared to the relatively small difficulty in competing within the niche and becoming the best.
On the Internet, there is also an enormous advantage, since the same ecosystem allows to detect any competitor of any market niche, and in addition to an easy, quick and easy way. And how? Well thanks to the same information generated by the search engines themselves based on the searches of millions of users ... which, after all, is the potential and latent demand, waiting for them to solve their needs.
And what are the main tools that help you to investigate possible market niches? Well, we could start with Google Adwords Keyword Planner, which works from the keywords used in Google searches; So you can know if there is a sufficient volume of demand for a given search. And although Google is now the king of searches, there are other equally good tools that can be used as an alternative: Keyword Eye, Ubersuggest or Wordtracker can be niche market analysis tools, and they also offer the maximum guarantees of quality.
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