Niche Market

What is Niche Market ???

The market niche defines the product features aimed at satisfying specific market needs, 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 marketing efforts on a small but specific and well defined segment of the population.

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

Specialized

Selected Product-Britannia is Indian brand which providing sugar free and digestive biscuits. Britannia NutriChoice is one of India’s leading health brands today, changing the way Indians think, feel and behave about health and healthy living. 

Target Group

Diabetics patients

Specific Products-

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.