Due to an increase in competition over the years, many companies have been trying to implement the concept of niche marketing and the Internet is helping these companies implement their idea at a fast pace. This ever-changing field has been attracting more and more niche customers.
Niche marketing can be described as tailored marketing or one-to- one marketing. This e-book consists of three parts:
- Background and how-to develop a niche marketing strategy
- Specific Cases
Niche marketing is a process of finding a small part of the market whose unique needs are not met. With the increased diversity of markets, advanced technologies and the deterioration of larger companies, niche marketing should be employed and could be helpful for companies to survive in this increasingly competitive world.
Niche marketers’ start with the specific needs of a few individuals and builds their company from their own specialization. In niche marketing, the company’s reputation is extremely important and the focus is on the customer and making a profit and this applies to both small and large firms. Larger companies are attempting to sell big by breaking down into smaller niches. Niche marketing is also able to deal with rapid changes in the market compared to mass marketing.
Niche marketing is about putting the customer first, specializing on the customers’ needs and values and staying committed to listening to the customer. Niche marketing is about devoting your energy to one market. If it is possible to include your customer as part of the design of your product or service, this is a great place to start. The customer can help with customization and tailored products.
Why is niche marketing profitable? Plain and simply: Because niche marketers know the customers’ needs due to the ability to segment the market creatively.
It is a misconception today to think of niche marketing as only suitable for small firms—yes, niche marketing starts small but many evolve into medium sized and larger companies. Once this change occurs, many companies start again with a new niche product. A multitude of medium sized companies are becoming more and more successful through niche marketing—offering higher value to customers.
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