Sharing Is Caring!

What Is A Niche Market – Niche Market Definition

What is a niche market?

A niche market is specializing in one type of service or products in an area of the market. In every niche there are sub-niches. A sub-niche is one type of service within a niche.

Niche example:  Health, wealth, relationship.

Sub-niche example: Wight loss in health niche, and how to improve your relationship within the relationship niche, etc.

Niche marketing advantages

define niche in marketing
Niche marketing advantages and disadvantages – niche market examples
    •  Niche market has less competition.
    •  It makes it possible to build your own brand loyalty.
    •  You will spend less in marketing and advertising one niche. Marketing to a niche audience can be highly targeted and therefore cost effective.
    • Higher profit margin business, because when specializing in one niche you will be able to provide a better service, which will make the customers return even if they know that they’re paying a little extra on the price, as you will be seen as the expert in your field.
    • Takes less work and less time to provide a good result.

Niche marketing disadvantages

  • Limited growth because there is a small group of customers to buy the product or service.
  • If the service or product you’re providing didn’t sell as you expected, you will have to start all over again with a different niche, especially if your domain and company names is related to the first product you started with.
  • When you create a new service or products, it’s only a matter of time before a new competitor comes along. With a small audience the impact of a new competitor can have a much more dramatic effect than when the audience is bigger.
  • Takes more work and time to provide good results.

Also Read:

The Power Of Your Subconscious Mind Book Review

If you like the article please share it on social media. Thanks

Sharing Is Caring!
Close Menu