subject: Your Guide To Selling Niche Products [print this page] Niche marketing is a great way to obtain a high profit margin. In niche marketing you find a small segment of the population that is under-served and market a relevant product to them. If there are few, or even no, competitors offering a similar product to this niche market; you can demand a premium price for your product.
This technique of marketing is not difficult, by following a few steps almost anyone should be able to sell niche products.
1.Niche by Material: When you look at your product category, are you working with the same material as everyone else? You should work with a dominant material to sell it and make it look different than the others. And picking one signature, and unusual, material can be a great way to build a niche for your products. Ensure the material used is customer-friendly and of the best nature.
2. Niche by Subject Matter: A great way to create a niche product, regardless of the materials you work with, is to focus on one unique subject matter. The purpose of the product should reach the audience clearly. It should be well-defined and simple. Dont complicate it. Conduct a research: its important to understand the market and preferences of buyers. Market segmentation with respect to age, gender, income is essential. There is no point selling ageing crme in university dominated area.
3. Cost Effective: Pricing of the product should be as per the target buying power and market equilibrium. At the initial stage one can offer discounts and and other cost strategies to ensure the product reaches at everyones door steps. Later it can be sold at premium prices. Ensure the customer loyalty reamins intact.
4. Niche by Aesthetic or Style Is there a dominant aesthetic in your product category? Does your work have a similar style to just about everything else on the market? Another way to get your products to stand out is to find the dominant style in your niche, and do the opposite. Its a bold and aggressive style of marketing, but to make your product known one has to adopt this style. One needs to be unique while selling it.
5. Niche by Branding: Even if you love everything about your products, and dont want to change, theres still a way to carve out a niche for yourself through your branding. Use SEO to create online awareness, leveraging print media through newspapers and magazines can be of great help. Ensure Customers should be aware of your product. Since its a niche product, branding in terms of quality and utility should be the priority. Customer service should also be part of branding strategy. Identify publications that your niche market are likely to read, such as local community newspapers and newsletters, and focus your advertising on those.
As marketers, we have a seemingly infinite number of skills, techniques, and ideas at our disposal. But as business people, its critical that we focus our attention on something a little narrower in order to make our products stand out. Instead, look at your current products and skill sets and ask yourself if theres a way to dive deeper into a niche in one of these areas.
