Niche Marketing Strategy

To develop a successful niche marketing strategy it is important to understand niche market. A niche market is a group of consumers who have a very specific need and want. It is a narrowly defined group of consumers which are not targeted by most of the players in the market.

A market is a big place with different types of consumers having different types of needs and wants. To be successful it is important to find out a group of consumers who have specific requirements, prefer to use specific products or have similar needs and wants. This group then becomes your segment. You then develop solutions to fulfill the needs and want of this segment and market your product to your prospects.

Markets today are flooded with number of products of similar nature which advertised heavily by their manufacturers. Thus to be successful in such highly competitive and highly advertised markets it is important for you to focus on specific group of consumers who can be your prospects and then develop a marketing strategy to sell your products to this group of consumers.

Niche marketing thus help you to carve out a specific segment which has similar needs. This segment has fewer numbers of competitors. Let's understand this with the help of an example.

Say for example you manufacture water colors which are used for painting. Then it will not be wise for you to market your colors to the entire population of the region. This is because not all the consumers out there in the market will be interested in your product. Your product will be taken up by the individuals who like to paint with water colors and kids who are learning to paint. Now, there are number of companies marketing their water colors in the market. So, there are number of substitutes available out there in different stores. So, if you use your hard earned dollars and go out for mass marketing then you will just be draining your money without any desirable results.

Therefore to be successful in such highly competitive market it is important to find out a specific group of prospects who are ready to buy your product and therefore you must focus your marketing on this group of prospects called as niche market.

The concept is applicable to the internet as well. If you plan to start your own online business, then, first find your niche, and then follow points mentioned below to succeed in niche marketing.

How to start niche marketing?
Go for the keyword search. Find out what is searched most by the web browsers. You can also use your interest to decide your niche. Find out whether you can resell, outsource or manufacture the product which can solve the needs and wants of the specific group. Next market your product. Lay down a small initial investment and expand as you gain experience.