Posted in Marketing and Strategy Terms, Total Reads: 2101
Definition: Niche Marketing
Niche marketing is also known as micro-marketing and targets a small and well defined segment of population with specific needs which has not been focused by other existing players in the market. Niches are created through the identification of unsatisfied needs and wants or those which are currently being poorly addressed by other firms. The strategy is to become a big player in a small market.
Identify a unique need of the segment you are targeting
Market your product to convey that it is custom made for the niche audience
Test market the product before finalizing a marketing plan
Advantages of Niche Marketing:
Competitive Advantage in that segment
Streamlined marketing focused on a particular segment
For example, organic foods were manufactured and marketed targeting a niche market of health conscious and environment friendly customers. Organic foods avoided synthetic pesticides, fertilizers, artificial preservatives and used only environmentally sustainable techniques.