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Niche marketing targets a specific group of consumers based on factors such as location, age, gender, religion, or profession. By identifying the needs of the niche market, businesses can develop marketing strategies to meet those needs and win their business. Niche marketing can be conducted in any type of business and can use various selling strategies and mediums.
Niche marketing is an effort to connect and sell to a particular group of consumers. There are many different ways to define a niche market, with some examples revolving around geographic location, age, gender, sexual orientation, religion or profession. While the marketer is open to consumers of all types, the primary focus of public relations and marketing efforts seeks to identify with the niche market and meet the needs common to that particular set of customers.
It is not uncommon for a business to identify one or more target markets that may have a substantial interest in the goods and services it offers for sale. One of the foundations of niche marketing is to investigate what is important to each consumer market and determine specific ways in which the products and services you offer will prove attractive to that consumer group. After answering these basic questions, the company can use the data to develop marketing strategies that specifically target the niche group of consumers and educate them on why the company’s products meet their needs and requirements more effectively than any other product line.
Niche marketing is often a great way to discover a sector of the consumer market that is overlooked or ignored in many cases. For example, telecommunications companies sometimes overlook smaller customers such as religious or non-profit organizations, as they are less likely to generate the same volume levels as large corporations. A marketer can tap into specific niche markets such as state-level associations that focus on a lesser-known disease, tailor a marketing strategy to their needs, and win their business with relative ease.
While the return from this type of niche marketing isn’t as spectacular as landing a large company, the chance for competition is greatly reduced meaning that the marketer is likely to keep the business at the initial rate for a period of much longer time. Even when a customer is lost to the competition, replacing lost revenue is usually much easier than replacing a high-volume customer.
Niche marketing can be conducted in almost any type of business. Landscapers may choose to target the smaller market of private homeowners who live in a particular area of the city. Booksellers may choose to focus on carrying books written by local authors or titles that are of particular interest to people living in the area. Cosmetic firms can launch a niche marketing effort to appeal to women in a certain age group, no matter where they are.
Depending on the market sector the salesperson wishes to reach, the niche marketing effort can employ any number of different selling strategies and mediums. Advertisements in local newspapers or niche publications can prove helpful in reaching your desired audience. Opting for websites that use keywords to connect with potential customers looking for specific products is another possibility. Direct mail campaigns can also be very successful as part of niche marketing strategies.
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