What is Niche Marketing

A niche is a small market, according to marketing experts columnist, Dr. Ned Roberto and Ardy Roberto. The phrase “small market” refers to the niche’s population size. The market size concept tells you that a niche’s population size is not the niche’s market size. Consider, for example, Nike. Nike has remained a market leader in athletic shoes by innovating in more in more niche’s. it continued to design special shoes for more and more sports and exercises. It went into shoe- owning niches for running, then basketball, hiking, tennis, biking, golf, badminton and so on. Within each niche, it also grew the niche by developing variants.

Here’s some advice, if you want to explore niche marketing. Start with market niche understanding. Understand the niches available to your business. By profiling the “market attractiveness” of each of those niches, understand the priority product needs and values of each niches consumers, and how satisfied or disappointed these consumers are with the available brands in the niche. And then get realistic about your company’s marketing capabilities in effectively participating in each niche. Next, learn to innovate so that you will know how to stay owner of a niche or to sustain your significant participation in it. Then proceed to learn how to be a multiple niches instead of remaining in a single niche.