Niche marketing

Niche marketing is about targeting a specific part of the market. These parts of the market can be super specific. The advantage of niche marketing is that the potential for conversion becomes higher. This is that the number of people interested gets lower and lower with further segmentation. The group of consumers in a niche usually have one clear corresponding interest. This interest may be a hobby, a product line or some other similarity.

By making a smaller and smaller subdivision, the group of potential customers will decrease. Even though this may sound bad, what remains is the niche. This is a smaller group of people who are much more willing to take action or purchase. In addition, these people are also more willing to pay a higher amount because the product or service is very appealing to that specific group.

Niche market or not 

How can you find or determine a niche market? We're going to help you with this, and to explain it more clearly we have an example here:

• Clothing: is not a niche market, since everyone wears clothing
• Sportswear: Is already more niche in the same type of product group
• Special diving suits of expensive material: Truly niche, not just anyone is looking for this product. But those who do seek these products are more likely to purchase

So it is important in niche marketing to look for a smaller segment in the market. In this segment there should be enough potential customers and a lack of providers. You have found a compatible niche market when there is a positive balance between supply and demand. Approach these customers through the channels where they are located. One route that is useful to use in your niche marketing strategy is social media. Through social media marketing, you build rapport with your followers and thus potential customers. Small businesses especially benefit from using niche marketing because it provides a market against the big competitors.