What is Niche Marketing?
Niche is normally defined as: “A special area of demand for a
product or service”. ‘Marketing’ is defined as: “The opportunity to
buy or sell”. So let’s put these two words together, and “niche marketing”
means buying or selling a product or service in a specific area of
demand.
All that really means is that a specific product or service is being
sold to the specific people who are most interested in that particular product
or service “targeted audience” and not promoted to the whole world.
Niche marketing is a very effective and cost efficient way to promote specific
products or services to a specific audience or, hopefully, buyers of that have a
need for that product or service.
Often big businesses use niche marketing as their main business. 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.
They are targeting their advertising to the best audience for the particular product.
One of the things that makes niche marketing so attractive to sellers
is that their advertising budgets go further. It costs far less to advertise to
a specialized small market than it does to advertise to a broader market,
and you will most often have higher conversion rates.
Niche marketing must be designed to meet the unique needs of the
targeted audience. Niche marketers must tailor their product, or at least,
the way they market the product, to meet the unique needs of their audience.
Looking at it the other way around… Often people or businesses can have
a specific targeted audience, and identify a need or problem that is common
within that audience. They then research a service or product to fill that need.
Many believe this is the most profitable approach, as there have been cases where
a product has been developed at a large cost, only to discover that they can’t
find the target market for the product or service. So they find the audience,
and then find or develop a product to suit.
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.
People 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.
Whether you plan to sell your own product or be an affiliate for someone
elses product, you must research the products specific marketplace, and
promote that product in a way that fulfils a need for that audience.
Therefore… Niche Marketing concepts are also used as a very successful
concept for Affiliate Marketers.
If this is a business model that You would like to find out more about,
check out our NicheMarketingMastery course!
Thanks for reading, and feel free to add your comments below, or share the link to this post!
All the Best!
Pete Bentzen
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