Post on 23-Jan-2017
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What is Niche Market ???Themarket nichedefines the product features aimed at satisfying specificmarketneeds, as well as the price range, production quality and the demographics that is intended to impact. For example- sports channels like ESPN
Market concentrating all marketingefforts on a small but specific and well definedsegmentof thepopulation.
Reasons to build niche market Win more business. Win more referrals. Increase customer and personal satisfaction. Improve brand recognition.
Niche market: traits A deep understanding of your customers and their needs . The ability to stay engaged with these customers. Offering consistent quality and innovation.
5 Keys to Niche Market Niche market is around the corner find it
Opportunity has a window check it
Business profitability is king keep it
Build strategy around competency do it
Earn the profit only by less effort grow on it
Advantages of Niche market Less competition. Brand loyalty. Cheaper. Best for giving marketing insight. Saving on your marketing cost. Personalization.
Disadvantages of Niche market Profitability. Relevancy. High production cost.Limited growth. High risk.
6 Firms of Niche Market
Consultants Websites Retailers Engineering firms Education Professional services Specialty goods
Britannia is Indian brand which providing sugar free and digestive biscuits. Britannia NutriChoice is one of Indias leading health brands today, changing the way Indians think, feel and behave about health and healthy living.
Target GroupDiabetics patients
Advantages - Brand loyalty . Less competition. Available information. Customer satisfaction. Reliable.
Disadvantages- High production cost. Limited growth. Limited variation. Profitability.
Mystery of success They know their target market inside out. They take care of their customers problem. Grow their business day by day. Keep tabs on their competitors. Open for new opportunities. Low price.