Niche Marketing

Niche Marketing is targeting a specific group of consumers for a certain product or service. Niche Marketing caters to a specialized need amongst a distinct market group while traditional Marketing focuses on generalized needs.

For a Niche Marketing Strategy you must first identify your target audience. But Niche Marketing goes beyond that. Let’s say your own Wal-Mart. (Wouldn’t that be great?) Your primary target audience is a very broad group of consumers searching for everyday products and services at reasonable or reduced pricing. But inside your primary target audience are several niche markets that you can and should target for specialized advertising.

Wal-Mart not only has grocery consumers but grocery consumers that have a choice between the Wal-Mart brand and a name brand. Inside of that are even more niche markets such as those who buy Little Debbie versus those who buy Hostess, etc. There are also bargain shoppers who use coupons and/or price match and those that just shop.

Why do they choose one over the other and how can you cater to each to meet their needs and increase your sales from each? Wal-Mart is an endless supply of niche markets. How many are in your business? Can you identify them?