Marketing is something which all businesses undertake today. Marketing is the blood of any business. It helps the business to grow and prosper. Business Research Mass marketing to promote sales has become a significant function of almost any profit-seeking business. But some enthusiasts go for a slightly different aspect of marketing i.e. ‘Niche Marketing’.
Let us first understand what is a Niche? And what is Niche marketing?
A Niche is a smaller segment within a segment of a market. For instance, an already segmented costly car market can be sub-divided into costly sports car market, where there are even few consumers than the consumers for costly cars. This is called a Niche. And marketing in this small niche is termed as Niche Marketing.
To operate in a Niche market, a marketer has to consider many things. In fact, operating in a niche can be quite discouraging but the rewards once accrued are worth the pains. The following easy steps can be taken up by a professional to recognize the appropriate niche to manipulate.
Undertake a Market Survey : This is the easiest step to start with. The professional has to study the overall industry, the consumers, their likes and dislikes and the strengths and weaknesses of the competitors operating currently in the desired market.
Finding the unique needs of the customers : Common needs are easily identified and exploited by the marketers. But the gist of niche marketing lies in finding the needs which are not commonly found. A strong survey needs to be done regarding this.
Product Creativity : After successful and reliable findings, the marketer should develop an innovative product that appeals to consumers. It is vital that before being launched formally, any item to be released for the very first time in the market goes through a try out. This will intimate the marketer of the class of customers who would prefer to by his products.
Proper Communication : Communication is the life blood of a business. Any innovative, useful and best product can go flop if not communicated properly to the customers. The marketer should use effective communication strategies and revise its marketing message from time to time.
Testing the Market : A wise marketer should always conduct a competitive analysis by reviewing competitors’ marketing strategies. Testing the product and analyzing the reviews would help to take steps to correct or improve the products. Test market also gives the reactions of the competitors, if any, in the market.
In a nutshell, Niche market needs to be identified with much research and surveys. Market Research Surveys But once you tap into one and get settled, the rewards which await you are fruitful.