Niche Marketing

Description of Niche Marketing. Explanation.

Definition Niche Marketing. Description.

Niche Marketing is the process of finding small but potentially profitable market segments and designing custom-made products or services for them. It is similar to segmented marketing (Target Marketing), but a niche is a small distinguishable segment that can be uniquely served. Niche marketers are often reliant on the loyalty business model to maintain a profitable volume of sales.

A niche strategy refers to concentration on a small market segment with the objective of achieving dominance of that segment. Like any market, the niche segment can be defined geographical or by some other criterion such as low budget or high-tech. See Market Segmentation. A niche strategy is often followed by starting companies until they have acquired adequate resources to follow a Diversification Strategy. Typically, the small market segment, or niche, has been overlooked by larger competitors, but is still large enough to be attractive. An issue with a niche strategy when it is successful is that a large competitor might 'discover' the attractive niche and try to blow away the small company using its market power.

Niche Marketing Forum (4)

White Space Analysis
"Hi everyone, I'd like to know if anyone had insight on white space analysis tools, methods and theories? Thanks..."

Niche Marketing Plan
"Can you give me your opinion ands comments on the following flow:
· define segment?
· define niche segment?
· how are they different?
· need to treat them different?
· how do we approach this segment?
· do we sell or do we create a need?
· what are the strategies?
· what products / product mix can be lined up?
· nature of objections likely to be raised?
· handling of these objections.
· effective closing of the sale.
· after sales."