Posted in Marketing and Strategy Terms, Total Reads: 8896
Definition: Market Nichers
Market Nichers are the marketeers or companies who make specific products and/or services which made for specific demand of customers which are not met by otherwise available products. They produce highly customized and specialist products/ services which serve a narrow market range. In this type of market strategy, though the volume is less the profit margin is high. This is one of the alternate strategies to being a market leader or a market follower. It is generally pursued by small sized firms who do not compete with the large firms and their market but rather focus on a Niche market.
Nichers do not enter the competition for selling main stream products which are sold to a large customer base. But here in case of Nichers, the target customer base is defined well and is known. Hence all the marketing efforts are directed towards this target only. Since the demand of these customers is unique and can be fulfilled only by the niche products, the price charged is significantly higher than that of the costs. This is the reason why market nichers have high profit margin.
For Example let us consider the product ‘Calorie free Sugar’. These are artificial sweeteners which are intended for people with diabetes & sugar health problem.