Niche Marketing – Do You Know What It Is?
Okay, we hear this word everywhere, especially when deciding what area we should pursue in our business ventures. But do we truly know what it means? Let’s start off by breaking up the word. The word ‘niche‘ relates to a particular product or service, whereas ‘marketing‘ is defined as the opportunity to purchase or sell. When the two words are combined they mean purchasing or selling in a particular sector for the product or service. Simply put it means offering or purchasing a particular product or service that most are interested in. This is a particular group and not the entire world in general.
Taken all the above into consideration it is much easier to market or sell to a particular group than to everyone in general. It is also easier to advertise to this more focused group, which in turn will cost less as well. Still confused? Well, imagine that your niche is computers, that is a broad category. But if you break it down further into a smaller group such as computer accessories or further yet such as keyboards then you have narrowed it down to a particular niche and those that are interested in that particular item.
Niche marketing is designed to meet the needs of a targeted audience. Once you have determined your niche, you will then develop products or services that will attract that audience. It is important to research your niche as well. Remember that you will not please everyone, but if you focus on your targeted audience they will seek you out and purchase your products or services. If you write an E-book on cooking vegetarian meals, a person who is not a vegetarian will not necessarily be interested. But those that are looking for different vegetarian meals are your niche.
Niche marketing is a very effective and cost efficient way to advertise and sell specific products or services to a specific audience or, hopefully, buyers of that product or service. Determine your niche and concentrate on it, you may be tempted to reach out to a bigger audience but don’t be discouraged if you are not successful. Go back to your niche, your target audience and you will succeed.
[...] missed this post when Carrie Wilkerson first published it last week but glad I found it. Niche marketing is something everyone talks about especially when people are first starting out in business. If you [...]