NICHE MARKETING - A Marketing Strategy with 100% results in Sales

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In business, Niche marketing is very successful method by which you can increase your reach among the customers. A Niche market is a sub-branch of the market on which a specific product is focused on a specific group of customers. It satisfies the customer’s need in various aspects like price range, production quality and demographics (gender, age, income level) that it is intended to target.

It is a very specific strategy that deals with the mindset of people very precisely. Niche marketing takes under consideration specific demographic, specific psychographic and specific geographic. Niche marketing focuses on small market. It does not focus on all kinds of customers. In this it targets the defined audience, destroy competition with others and captures the whole market. Small capital providers usually opt for a Niche market. Narrow demographics in this marketing helps companies to increase their financial gain margins.

For example, there are hundreds of brand that sells milk, bread, butter and all the dairy products. People can buy these products from which-ever company they want but they don’t. In fact people buy the dairy products from a trusted brand. And the first brand that strikes into people’s mind for the dairy products is AMUL. Why is this so? Because AMUL focuses only on the production of dairy products. AMUL do not focuses on the whole market but it focuses on a specific category of market. Such big companies studies and inspect the psychology of customers and design their strategy so that they can get a beneficiary output.

Niche marketing eliminates competition and market size.

How to find Niche market where you can increase your product sale?

1.Identify your interest and skills you offer.
2.Do research about your market.
3.Study your customers (what he/she wants or need)
4.Test your strategy on small market.
5.If successful in small market then repeat it.


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 KEY TAKEAWAYS

    · Niche marketing works on the principle of defined strategies.
    · It take under consideration specific demographic, specific psychographic, specific geography.
    · Focuses on a specific customer. SPECIFIC CUSTOMER – SPECIFIC PRODUCT –     SPECIFIC PRICE.
    · Best for small market. 

So if you want to capture a small market then Niche marketing is the best to increase your reach.
If you have read till here then let me know your thoughts about this in comment section below. For more business strategies keep reading and stay tuned.
Location: India

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