Niche Marketing
niche marketing focuses
on a specific segment of consumers that are most likely to connect with your
business.
Niche marketing is especially useful for smaller companies with limited budgets.
Mass Marketing
Potential buyers in Niche Market Strategy are diversified,
geographically spread out, and have varying income, social status, and
educational achievements.Naturally, many companies devise products or services
that cater to a broad audience or to please a large group of people. We call
such activity mass marketing.
What Is Niche Marketing?
A niche market is a subset of a larger market that can be defined by a unique need, identity or preference that distinguishes it from the general market.
Every market can be
further refined to reference niche markets based on the specific needs,
identities and preferences of its constituents. Some ways you may narrow down
your market into niches include:
·
Price (luxury,
discount, average)
·
Demographic
(gender, income, age, education)
·
Quality
(premium, handmade, economic)
·
Psychographics (interests,
morals, attitudes)
·
Location
(state, city, country, rural versus urban)
Choosing a niche
market to focus your marketing strategy on is a strategic business decision
that can help you beat out competitors for that market segment.
