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