marketing articles business management businesses Marketing sales Technology Business finance Lean Manufacturing small business Investing articles employee health

Is niche marketing a good idea?

The highly competitive markets of today are forcing marketers to come up with innovative and unique solutions in their marketing strategies.The fact is the obstacles and choices that are faced in the decisions of positioning a product or service in the market often can look like a brick wall.Selling and marketing today can often stand as a metaphor for a brick wall.If you were to hit the brick wall randomly with a hammer what would be the effect? There would hardly be any evidence that you had even been hitting it. You might knock off a few chips but come back a day or so later and there will be no evidence you were even there.That is the same effect of any broad marketing and advertising campaign.One may make a sale here or there but overall the effect is minimal and certainly not long-lasting and any marketer wanting to place his or her product or service on the market wishes for the ultimate in advertising success-name recognition.But imagine instead of hitting the wall all over one concentrated on just one brick.Now the demolition of the wall (and our metaphor for niche marketing) will begin to have some success.Highly lucrative results can be obtained by concentrating a specific advertising effort on a designated niche market.

Niche marketing is really the key to successful small business marketing.Larger companies may have the resources to reach millions of people but virtually any size company can concentrate their efforts on a small tightly defined market. The same companies can utilize their resources however small to research the market carefully and identify the best potential niche market that has an urgent need or problem that can be solved by their product or service.Every large business began as a small business searching for their particular niche market.While the smaller businesses don't have the capacity (and many times the desire) to support a huge global market they can use niche marketing as a stepping stool for getting to that point.
One of the other benefits to niche marketing is that no segment need be overlooked.For example-many training seminars cater to only one type of profession that does a specialized kind of work within that profession or some manufacturers make crochet hooks that are only used by left-handers for crochet!The possibilities are endless!The strategy for success is simple - Define a clear niche for yourself and set out to own it!
Another of the benefits for niche marketing is that a niche doesn't have to be local to the company. It can be global as long as it meets the criteria of needing or wanting the product or service that is being marketed. Once a company wishing to position a product or service has selected the niche it's much easier to identity the magazines people read, the trade shows they visit, the conferences and networking meetings they attend, the places they meet, directories they are listed in, the online forums they are members of etc., and become a part of that community.
A niche market also allows the company to be able to customize their products and services to the specific needs of the niche market and demonstrate not only that they understand the consumer, but that they care. All business marketing is ultimately about relationship building with the consumer.
So is niche marketing a good idea?The answer is a resounding yes!It allows small companies to make a break into the competitive markets of today using limited resources.Niche marketing can help companies find their target group even if the needed consumers are global, and design the appropriate advertising targeted specifically to them.And finally niche marketing allows the company offering a product or service to be able to quickly customize to the specific needs of their specific customer.

FREE: Get More Leads!
How To Get More LeadsSubscribe to our free newsletter and get our "How To Get More Leads" course free via email. Just enter your first name and email address below to subscribe.
First Name *
Email *


Business Info
Marketing and Sales
Technology
Finance
Manufacturing
Small Business
Investing


Sponsored Links
Recent Articles

Categories

Copyright 2003-2020 by BusinessKnowledgeSource.com - All Rights Reserved
Privacy Policy, Terms of Use