| Niche marketing is a type of marketing, which | | | | too small in number to make great profits, |
| focuses on a particular type of consumer in | | | | since the number of sale is very less. |
| the market. A niche market maybe created over | | | | |
| a period of time due to the demands of the | | | | Most of the times niche marketers are reliant |
| society. | | | | on the loyalty of their clients to sustain a |
| | | | good number of sales. Niche marketing also |
| There are many business houses, which have | | | | relies heavily on the inimitability factor |
| grown over a period of time by targeting only | | | | for luring the high-end clients who have more |
| a particular type of audience. This type of | | | | of a sustained purchasing power. At times |
| business tries to focus on a particular part | | | | niche marketing can be a very profitable |
| of the market, which caters to the need for a | | | | venture due to the benefits gained from |
| product or type of service that has not been | | | | specialization and exclusivity. |
| addressed by other businessmen in the | | | | |
| mainstream market. | | | | Most of the time niche markets are ignored or |
| | | | discounted by large business houses because |
| The concept of niche marketing is based on a | | | | they consider it to be having very small |
| particular type of customers only. For | | | | potential. Basically this is the reason why |
| example, instead of opening an average | | | | small business houses should take opportunity |
| bookstore, one deals only in B-school books. | | | | of. |
| As a result the business caters to the niche | | | | |
| market of those who want to read only | | | | For making it big in the niche market one has |
| B-school books. | | | | to do some good research, on the product as |
| | | | well as its customer potential. One should |
| At times a niche market may have grown for a | | | | take advantage of product knowledge or having |
| particular period of time also, after which | | | | an existing customer base for capitalizing on |
| the customer base may decrease or cease to | | | | a niche market. It is wise to develop a |
| exist at all. Particularly special niche | | | | market by niche-tapping customers who are |
| market actually evolves when any other | | | | accessible with fast growth potentials. It |
| business group has not catered to the demand | | | | should also be a type of business that is not |
| for a product or service. | | | | already owned by an established business |
| | | | house already. At times affiliate marketers |
| Those opting for niche marketing, have to | | | | seek out smaller segments of large markets, |
| understand and be on the look out for finding | | | | and develop a market of their own too. |
| and serving a section of a profitable market | | | | |
| segment. This type of marketing often needs | | | | In today's age, there are of course other |
| designing custom-made products or services | | | | ways like the Internet, which helps in niche |
| for the customers. | | | | marketing. Websites can be developed and |
| | | | promoted, so as to serve a targeted and loyal |
| The niche marketing is ideally suited to | | | | customer base exclusively. |
| small business houses, because it is easier | | | | |
| for them to deal in small-scale production of | | | | Thus we can see that a niche market can be a |
| high-end goods that need special attention | | | | good profitable business venture, provided it |
| and may be lots of individual care. It is | | | | is rightly handled and taken forward to the |
| difficult for big companies to cater to a | | | | right kind of clients in the correct time and |
| particular type of customer, who are often | | | | scenario. |