Apr

Niche Marketing, Just What Is It?

Niche Marketing, Just What Is It?
By TK Edwards

Everybody uses the term niche marketing, but unless you really
understand what it is you will have a difficult time being successful
with it.

The word ‘niche’ is defined as: “A special area of demand for a
product or service”. ‘Marketing’ is defined as: “The opportunity
to buy or sell”. Putting the two words together, niche marketing
means buying or selling a product or service in a special area
of demand. Keypoint being area of demand. What that really
means is that a product or service is being sold to the people
who are most interested in that particular product or service
and not to the world in general.

You will see big businesses use niche marketing everyday.
An example being, a company that makes computers and
computer accessories may advertise an all-in-one
copy/printer/scanner to the home computer user while
at the same time advertising a single function machine to
large businesses.

One of the reasons niche marketing is so attractive to sellers
is that their advertising budgets go further. It costs less to
advertise to a specialized market than it does to advertise to a
broad market.

Niche marketing is designed to meet the unique needs of
the targeted audience. Niche marketers must tailor their product
to meet those unique needs. If, for example, you have designed a
product to make gourmet cooking easy enough for the untrained
professional to do it, those who want to be gourmet cooks will be
most interested in your product. Those who like to eat out would
not.

In essence, niche marketing is selling a product or service to those
who want or need the product the most.

Finding the right niche for what you have to sell isn’t really all that
difficult. Just think about who the people are who would be most
interested in what you have to sell.

Research, before you decide which niche market to dive in to.
You will want to make sure that the market clearly defined and
reachable. You will also want to find out as much as possible
about your potential customer. Details such as what they like to do,
what they like to read and what groups they may like to be a part of.

- What kind of trade articles or books do they read?
- Do clubs or organizations exist for the particular niche?
- Does the group have an insane passion for their hobby or topic?
- Do they eat, sleep, and breathe their hobby?
- Do they actively seek more information related to their subject?

Ask yourself, is the market small enough that you won’t have
too many competitors, but still large enough for you to make a
good profit?

Most of all does the market have the money to spend?

Doing research related to these questions will help you pick
the perfect niche to market to. Look for future articles where I will
go more into how you can research and pick a profitable niche.
In the mean time keep the questions above in mind when your are
trying to choose a new niche market.

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