MarketingMany people believe that marketing is a set of ways of selling your product or service. However, this is a very limited view of marketing. Marketing involves creating customer value by delivering customer satisfaction. Every effort and activity that is carried out to create the customer value starting from creating awareness of your product to the distribution of this product to the customer involves marketing.

Marketing is a phenomena that has spread everywhere around us. People, places, organizations and even governments market themselves.

Niche MarketingNiche is defined as a suitable place for somebody. Niche marketing involves the marketing of your product, services or ideas to a particular segment in the market. Niche marketers do not waste their time and money trying to sell their market offerings to every customer in the market. They are happy in serving their small segment of loyal customers profitably.

An example would be Lexus. Lexus makes a limited number of vehicles each year. It earns profit by selling these cars at very expensive prices to a very small segment of the market.

Niche marketing enables a company to focus its resources on a small market segment which becomes more efficient and effective than catering for the entire market.

Another advantage of niche marketing is that it has lesser competition. You have your own niche market and no one bothers to interfere in your specialized business.

It is important for niche marketers to have a unique market offering that will satisfy customer need. You might even have to tailor your products or services according to customer wants.

Before launching their entrepreneurial ideas in the market, niche markets should carry out test markets and see what effects the product or the service is yielding. If it is arousing interest of the customer, then the actual product is more likely to work as well. There are many ways of carrying out test marketing such as asking people to try out the product idea for free and give back feedback.

Niche marketing addresses a relatively smaller market than does undifferentiated marketing (marketing that serves the entire market). For this reason, it is very important for the niche marketers to promote and communicate their product or service properly so the designated message reaches the appropriate audience. Say if a local drink manufacturing company sells colas in a town, it may promote this drink by offering free trials to the young students in a local high school party.

Niche marketers should try to make a brand in their segment. Brands are powerful tools that help in the positioning of the niche marketer in the customers’ minds.Online Niche MarketingCarrying out niche marketing on the web is known as online niche marketing. Online niche marketers serve a small segment of the entire web users. They create websites to communicate and promote the products or services to their current and potential customers.

An example would be a person trying to sell home-made candies on the web by promoting these candies at various fun sites for the children.

To learn more about locating an internet marketing niche please visit: www.NicheProfitClasses.com

 

Tagged with:

Filed under: Uncategorized

Like this post? Subscribe to my RSS feed and get loads more!