subject: Find Your Forte in a Niche Market [print this page] Niche markets are very popular with today's consumers, as they are looking to be unique themselves. This is reflected in what consumers buy, where they shop, and how much they spend to be unique.
A niche market is a core market within the larger marketplace, a marketplace of consumers within a larger core of consumers whose preference in goods are different. To identify niche markets, you must know your demographic audience, as they fall into many subcategories, each very different from the rest.
For example, your demographic area has a large audience of young couples. Therefore, you may have a niche market that is tuned to new mothers within the larger core parenting market. In marketing a product to new mothers, you might have your product centered around birthing and early childhood classes, pediatrics, baby supplies, and even in photography.
Your best bet to secure a growing market in this niche would be to survey mothers in your demographic area. Find out where they shop and what attracts their attention. The better you know their spending patterns, the better chance you'll have of developing a niche market that easily catches their eye.
Once you have identified your niche market, you need to seize your consumers' attention by emphasizing how your product is beneficial to them. You can stress the importance of your product or service by zeroing in on how it will make their parenting chores more delightful, easier or fun. Be sure your marketing materials stress the differences of your products over the mainstay larger market products.
Developing a product line that minimizes the effects of seasonality is easy in this particular niche market as parenting is a year-around job. Your products can emphasize all the holidays and can easily be fine-tuned to specific childhood ages, such as the early stages of a child's development.
Some consumers think niche markets are over-hyped, but don't let their assumptions sway your ideas if you have done your due diligence before selecting a niche market. You should never, however, implicitly assume that demand for your services or products is constant, as markets can be fickle even in the best times.
Make your business visible. An online presence is a must. If you have already developed a brick and mortar niche business you can make it even more visible with a web presence. You should know what your competition is doing, how they are marketing their goods, and what their online website looks like.
Finding your forte in a niche market can be a daunting task. One thing in your favor is that fact that niche markets are already in the forefront of today's market place. You too can be successful if you know the different strategies to find market segments for your business venture. The secret to surviving a market place dominated by the big players with all the resources and the cash to attract customers is to be able to pick a niche market that hasn't been explored and exploited by the big merchants in your area.
Choose wisely, cater to your customers, and you'll find your forte in a niche market rewarding.
