What is a niche marketing strategy? Finding niche marketing strategy examples is definitely the first thing to do before starting a business.
What Is A Niche Market?
What are the advantages of finding a niche market strategy for a mature marketplace for you? The following will take you to an understanding of niche products and use niche market examples to give you a better understanding of how to find the most suitable target audience.
What Is A Niche Marketing Strategy?
The niche market is derived from the French word “Niche”, which means a specific small market. Because there are few customers and competitors, it can also be called “crack market” or “niche market”.
When they first started their business, because they were not well-known and their competitiveness was not as good as that of big labels, many people would abandon the mass market, specifically target a single small market and focus on providing the products or services they needed and these target customers were and are known as niche market customers.
The Following Are Examples Of 3 Niche Markets:
A blog that provides articles on self-growth and career advice for 18-24 year old students.
Provide a small agricultural products e-commerce platform for young people interested in organic agricultural products.
Lightweight, easy-to-use fitness equipment for working women in the city.
Why Look For A Niche Marketing Strategy?
There are 3 big advantages of having a precise niche market and these are:
1 Reduced Competition:
Do you want to be a small fish in the sea or a big fish in a small pond? Although the niche market has fewer customers, but because of this, big brands often do not target this type of customer group, so in the process of starting a business, they are less likely to compete with big brands.
When you focus on serving your niche market, over time, you can even become the market leader with a certain number of customers.
2 See Results Faster:
Because consumers in a niche market have an unmet need, once a product or service emerges that solves their problem, people in the market are likely to flock to new brands.
3 Cultivate Highly Loyal Customers:
By meeting the needs of niche markets and understanding their problems, in addition to enhancing customer trust and fostering customer loyalty, your brand will also be prioritized when new customers enter the market. This then is the advantage of a niche marketing strategy!