Money Digest: Niche Marketing Overview

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No matter how big a company was and no matter how focused it was towards their desired market, there will still be segments of the population with unmet needs. These small portions of the population have unique needs but because of their size, main stream providers don’t bother to serve them. As a result, members of these groups usually become desperate buyers. They have the capability to buy but there’s no available product for them.

It is understandable why large providers do not enter their market. It is because it’s not practical for big companies to do so. However, for those desiring to earn cash from home, these small markets can be the opportunity. Marketing on the unique needs of a small group of hungry buyers is what is commonly referred to as niche marketing.

The Advantages

One of the advantages of niche marketing over mass or mainstream marketing is that because of its size, there are usually no or just small competition. Also since it was small, you don’t need a big capital in starting. Management of niche marketing business is just simple compared to mass marketing.

Examples

One good example of a niche marketing business is the business of selling stylized cell phone housing. The major cell phone makers cannot go down

to the customized level of producing stylized cell phone housings. But there are small numbers of people for one reason or another wants to have a different look for his/her phone. This s

mall group or niche is not profitable for mass marketers, but for small time entrepreneurs, it was.

Another good example is cellular phone repair. Because the usual warranty for cellular phones are usually one year, phones that does not work after one year end up on the trash can. In developing countries there’s an increasing need for repairing cell phones. This market is small enough for cell phone manufacturers but is large enough for small time entrepreneurs. The niche market of cell phone repair became a successful niche market opportunity for many.

What’s next?

After introducing niche marketing, what’s next? Let’s now discuss how to find the best niche market or sometimes referred to as hot niches.