A How-to: Profitable Niche Markets

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Status: Finished  |  Genre: Other  |  House: Booksie Classic
You probably wonder what all the fuss with niche marketing is. Small-scale business owners say that niche marketing is the quickest way to increase profits and find success in the competitive world of consumerism. But what is niche marketing and what are the profitable niche markets today? First, let us define the words “niche market”. To put it simply, a niche market is a concentrated, targetable group of the market. In and of itself, niche marketing is referred to as looking for a specific segment of the general market for a product or service line.

Submitted: November 15, 2010

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Submitted: November 15, 2010

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You probably wonder what all the fuss with niche marketing is. Small-scale business owners say that niche marketing is the quickest way to increase profits and find success in the competitive world of consumerism. But what is niche marketing and what are the profitable niche markets today? First, let us define the words “niche market”. To put it simply, a niche market is a concentrated, targetable group of the market. In and of itself, niche marketing is referred to as looking for a specific segment of the general market for a product or service line.

Niche marketing is both a business and marketing choice. A company or business organization incorporating a niche marketing strategy develops a solution for the specific consumer needs of the particular segment it focuses on and then commercializes it by using various marketing strategies. But why should you bother with establishing a niche market? Profitable niche markets are associated with the greater advantage of dominating, as other small or even large businesses may not be conscious of your specific niche market. The trick to capitalizing and commercializing on a niche market is to look for or develop profitable niche markets that have clients or consumers who are accessible and are not being provided by other service providers. Niche marketing appears to be easy, but looking for profitable niche markets may be harder than you think.

There are several ways and techniques on how to effectively look for profitable niche markets and one is being as specific with your target segment as you can. Identifying the demographical and geographical attributes and the types of customers and services you want your business to target is one of the sure-fire ways to ensure that a niche is not a larger segment of the market. For example, focusing on teenagers is not specific enough; you might rather want to aim at female, African-Americans aged 18 to 25 years old with an average family income. Answer the question “Who are the consumers you want to do business with?” Aiming at a specific goal ascertains a decrease in competition and based on the economic law of supply and demand, an increase in the share of proceeds or profits available to every competitor. When doing niche marketing, competition is taken out of the ugly picture of consumerism. You avoid lining up beside - or sadly - behind millions of other people trying to sell the same product or service you are selling. With profitable niche markets, you target a specific audience that you have established for yourself.

Niche marketing is all about concentrating on the small picture — which is, most of the time, the smaller, the better. When you narrow down your market niche to a very specific segment of a larger market, you are on your way to acquiring a fairly larger market share of that specific portion. The world is a huge place, and there are billions of consumers in need of various products and services. What you need is a minute part of that population and you will be sure to have profitable niche markets and a long list of potential customers for the services and products you commercialize.
 
Author Bio:

Robert Graham is a marketing researcher who spends heaps of time studying several methodologies on how to boost up the internet presence of online businesses. His interests range from keyword reseach 101 to niche market examples to profitable niche markets.


© Copyright 2020 Robert Graham. All rights reserved.

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