A niche is a place where a person or object fits perfectly and seamlessly. In marketing, a niche is a particular area of demand for a product or service. A product is defined by its niche. A niche product is an item that fills the need of a specific target audience. Affiliate marketers tried to identify niche product ideas in order to tap into a market to sell products to a target audience.
Niche Marketing Explained: Learn marketing strategies and social media marketing tips to help you develop a successful marketing plan for your home based business.
Examples of markets that contain niche product ideas
Technology-related products – a niche product might include a real computer made just for children under five, with age-appropriate software.
Environmental products – an example of a niche product might include a safe, natural, eco-friendly insecticide for use in home gardens.
Health products – niche products might include lift chairs and scooters to increase the mobility of senior citizens.
Niche marketing is taking a specific product and advertising its merits to a select target market. The market niche defines the unique features of a product or service. It is aimed at satisfying the needs of a specific segment of society or target audience.
The most important part of niche marketing involves targeting a market segment. Conducting market research will make you aware of what your target market wants. Market research includes information about the age, sex, etc., of your target audience.
- How old are the individuals in your target audience?
- What is their gender?
- What motivates them?
- Where do they live?
- What is their occupation and income level?
- How is their family configured?
- How many children do they have?
- Is theirs an extended family?
- What are their hobbies and interests?
Targeting a Specific Market
An individual buys a product for one of the following reasons:
• To satisfy a fundamental need
• To solve a dilemma
• Because it makes them feel good
Decide which category best fits your product or service, and market the item in accordance with the category you selected. Demographics is the key, but auxiliary factors like Day-to-day routine, traditions, patterns, community mores, and geography are also important.
Your target audience is made up of people who will probably be your best, most frequent, and most loyal customers, because you offer the product or service they want when they want it. You need to discover as much detailed information about your target audience as possible.
- What is their socio-economic class?
- What are their interests, hobbies, and activities?
- What are their values, their attitudes and beliefs?
- Are they very opinionated or easily influenced?
You can find this information by reading industry surveys and research documents. Much information is also available at your local library or Chamber of Commerce. When people are already interested in a product and are trying to ferret out more information about the item, it is probably a good niche. Niche marketing is one of the simplest and most forthright ways to engender a profit on the world wide web.