Niche marketing: unveiling the bride
Author: yinkaolaito
Yinka Olaito is happy,excited and passionate Brand Communication, Social Media expert, Trainer and speaker. Yinka Olaito helps brands(Profits and Non-profits)with effective communication and positioning for premium service delivery and returns.Yinka Olaito also has special interest in Development Communication and has consulted for noted UN Agencies. Yinka Olaito is the CCO of Michael Sage consulting and African Child Right Inc.Lagos Nigeria
When it comes to professional jargons, each industry has a ton. Branding has its own which often confuses non-initiates. Jargons are peculiar to people who share common views either as professionals or tribes. Niche is an offshoot word from French which means ‘position, slot, and place’. In French it can be translated as nest, shell. It speaks volumes about ownership, privacy, personal space that one has a control over. Niche marketing is an effort to connect with and sell to a particular group of consumers. There are lots of ways to define a niche market, with some examples revolving around geographic location, age, gender, sexual orientation, religion, or profession. Wikipedia defines niche market as ‘A market with subset of the market on which a specific product is focusing on; therefore a niche market defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intending to impact.
Today you either have a niche or itch. There is no middle point. Gary Hoover also states that “In the information business all the money is in the niches”. Niche marketing requires that a marketer identifies, targets a position that he is readily equipped to serve. Niche marketing is common to all industries. Almost every business started as a loophole observed by a marketer with a willingness to meet the need. Fast food thrives on the need of people who may not have time o cook at home because of other pressures. Laundry business began as someone perceived that not everyone will be satisfied with their watching ability. Not that alone, there may be no time to do that. So they look out for outsourced firm that can help. David Anderson and co defines niche marketing as a small moderate size business targeted to defined group. It thrives on narrowing the product or services, with a focused aim at one small group within a market. Niche marketing may still be an attempt to market or offering services to a particular audience with a common need that is not already served ‘adequately’. Till date, the world market is still large to carve out a niche. Innovations, changes are constantly attended with undiscovered needs. It will take individuals with eyes to identify a niche that requires attention. Academic world teaches us a great lesson in this regard. The more you advanced in degree acquisition, the more you have to narrow your research. For a beginner, to start out in niche marketing
1. Have an ‘expertise, eye for something’ and be involved in an industry, identify a niche you are passionate about.
2. Attend conferences, listen, and observe the environment
3. Identify a specific group that is suffering or has a need
4. Create a solution market around your targets’ need which you are also passionate about.
5. Think about innovation, improvement on the present status quos and seek out to those who are yawning for that innovation and improvement.
Can someone add more? Please use the comment section.
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