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Niche Marketing: What is Niche Marketing?
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Niche Marketing is an effective way of marketing that has been developed to target a specific audience with a certain marketing strategy, rather than multiple audiences at once. Using niche marketing as a strategy allows a business to more specifically target a particular market. This allows the company to potentially make more income.
For example, under a niche marketing strategy, a business or promoter for a health foods company would be better served by targeting an audience of health fanatics using niche marketing strategies, than to try and advertise to a mass audience of different tastes and interests.
Not only is it more cost effective to practice this kind of niche marketing, but it is more time effective as well. With this type of marketing strategy, it is easier to reach an audience that is likely to be interested in your particular product or service in a shorter amount of time. This saves money for the company or marketer, because they are able to reach an audience that is automatically more inclined to buy than the general population, getting better results for less money.
A good example of niche marketing would be a company that manufactures and sells golf equipment (clubs, balls, shoes, etc) running print ads in Golf Magazine, or running commercials during a PGA tournament. That way, they do not have to waste advertising money on basketball fans or baseball fans, most of which probably do not take much interest in golf equipment.
The most effective niche marketing strategies focus on markets that are usually not addressed as often, or in an effective way, by mainstream providers. Using the golf example, mainstream providers may not understand the need for specialized golf shoes or corrective golf clubs as well as a golf company (or the marketing company for a golf company) would understand it. In this way, niche marketing allows a business or individual to specialize in a certain niche and as a consequence make more money as a result of their superior market knowledge. This is even more relevant if Web 2.0 marketing strategies are being pursued, in this field the "conversation" the marketer has with their target audience has tremendous importance and ill-informed fakes are easily spotted and rejected by consumers/prospects.
Many Internet based companies utilize niche marketing as their strategy of choice, particularly startup companies. Most startups have a finite amount of time and money available to demonstrate that their concept/offering works. As explained above, a niche marketing strategy saves both time and money thereby increasing the chance of the new venture turning into a long-term success. When marketing can prove to be the difference between survival or failure, a company needs an effective strategy and niche marketing usually delivers.
Niche marketing analysis is useful to eliminate energy that could be better invested in another direction. To use an obvious example, it is simply not an effective marketing strategy to try and sell Ferrari sports cars to people who make under $30,000 per year. If you have an idea of the typical financial situation of your target audience, you are better able to supply products and services that they can afford. Indeed, this information can also be used to assess whether you want to target that niche in the first place.
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