subject: What Is A Niche Market? [print this page] A niche market is defined as a specialized and profitable part of a commercial market; a narrowly targeted market. In laymens terms it is finding a slice or segment within your market that you can target and send a focused message to.
Lets look at a couple of very good examples.
Insurance brokers source competitive insurance quotes for their clients. Their market is vast because essentially anyone who owns a vehicle that is on the road need insurance. Grey Power (www.greypower.com) promotes low rate insurance to drivers who are 50 and over with a clean driving record.
Accountants offer tax preparation services. Their market is cast because they can essentially service anyone who has to file a tax return. Mark Feldstein and Associates (www.markfeldstein.ca) promotes a full service tax management program and advocates from taxpayers who have serious tax problems like past due returns, undeclared income and audits.
These examples highlight the fact that these businesses have looked at a large market place and found a slice of that market to target which has proven to be quite successful.
We always recommend that before a business invests any money into branding or advertising, that they first discover their niche. When we work with our clients to develop their formula to success the very first step in the process is to clearly define what the niche in the market place is and how we are going to communicate with it.
Finding a strong niche market can mean the difference between moderate results and excellent results. To find out more about developing a niche market visit www.assureassess.com/knowledge.php
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