What is Niche Marketing?

Posted on
  • Monday, May 5, 2014
  • by
  • Michael G. Isinger
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  • 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". If you put the two works together, niche marketing means buying or selling a product or service in a special area of demand. All 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.

    Oftentimes big businesses use niche marketing. For example, a company that makes computers and computer accessories might advertise all-in-one copy/printer/scanners to the home computer user while at the same time advertising single function machines to large businesses.

    One of the things that make niche marketing 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 broader market.

    Niche marketing must be 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 poodle grooming easy enough for the untrained professional to do it, those who own poodles will be most interested in your product. Those who own Blood Hounds or cats couldn't care less. If you have written an e-book that will explain how to start and succeed at an online business, those who are looking for that information are your niche market. Those who are happy doing what they are doing are not interested at all.

    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.

    What Niche Marketing is Not

    Niche marketing is not about trying to sell your product or service to the world at large. As a small businessperson, you couldn't afford that kind of multi-million dollar advertising budget. It isn't possible. You can, however, with only a computer, an Internet connection and a good idea sell to a smaller audience using niche marketing.

    Niche marketing is not about trying to compete. Competition is taken out of the equation when you do niche marketing. You aren’t out there in the world lined up beside or behind a million other people who are selling the same thing you are selling. You are selling to a specific audience that you have created for yourself with your opt-in email list.

    Niche marketing is not about selling to different people every day of the week. Once you have your list built, you can sell to the same people time and time again. By taking as much time as you need and putting forth enough effort to get to know the people who make up your list of buyers you can continue to sell to them.

    Niche marketing is not about focusing on the big picture. It is about focusing on the small picture and the smaller the better. Narrowing your niche down to a very specific part of a larger market assures you of gaining a fair market share of that small part. The world is a big place and there are billions of people. You only need an infinitesimal portion of the population to have a huge list of potential buyers of your products or services.

    Niche marketing is not about seeing only the impossibilities. Niche marketing is only about looking closely at the possibilities. Small possibilities converted to sales can equal big profits.

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