The Beginner’s Guide To Micro Niches
The Beginner’s Guide To Micro Niches – With the economy stuck in a seemingly permanent decline, (a nosedive is not permanent!), business owners must come up with new ways to generate an income for their particular niches.
The World Wide Web gives an immense opportunity for hopefuls to do just that. This is where micro niche marketing comes in.
This particular type of marketing has started making waves in the world of online business. Why? The flexibility that this type of business strategy provides to budding entrepreneurs is unparalleled by any other marketing strategies of the type.
In other words, even people new to Internet marketing can start raking in sales and making it big if they start to market their businesses this way.
This book will tell you all you need to know about this marketing bonanza. In addition, you will also get to know what are the unique niche marketing strategies and tools that put online businesses on the map.
Also, you will get to know how consumer temperament contributes to generating sales and how you can market your niche via micro marketing.
You will also get to know how you can make money out of such a marketing strategy and not have to spend a lot of your own cash along the way.
What is a Niche Market?
“Niche marketing is a seller’s ability to promote
and sell a product or services to consumers.”
Niche markets can also vary by geography, culture, gender, ethnicity, sexual orientation, etc. No matter the target group, niche marketing directs its efforts to figure out what that market might want and to meet the needs that are the most common to a that particular set of consumers.
It is not surprising that some markets might designate a target market to work with. Contrary to popular belief, this marketing tactic is actually easier. Focusing on a specific niche will spare the Internet marketer a lot of legwork in trying to keep up with ever-growing consumer demand, all the while making sure that services and products appropriate to the niche are always available.
“Once a marketer is successful in identifying a
certain niche and decides to capitalize on it, the best approach is to use marketing strategies that are specific to that group of consumers.”
Using the right approach for the right niche will ensure that the Internet marketer’s group of products will be useful to that particular niche and will prove more beneficial than any other product line in meeting the needs of that niche in the long run.
Benefits of Micro Niche and Niche Marketing
Niche or Micro Niche marketing is a great way to uncover a particular or specific consumer market that is often ignored or overlooked because of small scale value. For instance, large-scale companies in the telecommunications field are more than likely to ignore a smaller (potential) customer base that is related to, say, nonprofit organizations.
“Clients of a faith-based nonprofit organization, for example, would not be interested in anything that such a company sells unless it modifies its selling
strategy to appeal to their temperament.”
In other words, niche or micro niche markets face the task of coming up with unique products and services targeting the members of that particular niche.
For example, smart marketers can choose to tap into niche markets even at the state or local level and modify a marketing strategy that will cater to their needs and win their trust easily.
Niche Marketing v/s Mass Marketing
Marketers to mass markets must create a product that every type of consumer will want to buy. This is the reason that a mass marketing strategy will usually promote brands rather than the product itself. For example, a mass marketing approach might focus on selling all Dell products rather than the laptops it is so famous for, even if the intended purchase is indeed a Dell laptop. Large companies tend to sell such products with more focused marketing techniques.
In comparison, because niche markets include only a specific type of consumer, it is a smaller segment of the larger market normally targeted by a company employing a mass marketing strategy. However, the main advantage of a niche market is that consumers normally are willing to pay more for a product that will cater to their exact needs.
“Companies also tend to use niche marketing since it means little competition from other companies that might be selling other brands.”
In other words, if an individual marketer chooses to market a niche this way, it normally means increased revenues.
The fact that there is very limited competition is an added bonus. An effective niche marketing strategy also means that such a marketer will be able to retain clients for a longer time period.
In the rare case that a niche marketer loses a client to the competition, the loss is not as damaging because the potential revenue per client is not as great. In other words, you won’t lose a high-revenue client since this type of marketing is done on a smaller scale.
Perhaps the best thing about niche marketing is that it can be applied to almost any type of business. For example, real estate agents might choose to market niches that are focused on apartment complexes rather than single homes. The options are nearly endless.
“A bookstore might choose to focus on a niche market that is attracted to books by a certain author. A cosmetic company might choose to target women in a specific age range, which means that their products will be applicable to every age range regardless of where the women live.”
Micro Niche Marketing
Micro niche, as the name implies, is on an even smaller scale than niche marketing. In other words, micro niche marketing is based on marketing to only one segment of a niche market. For example –
1. Mass Market – We sell Samsung products.
2. Niche Marketing tactic – We sell Samsung refrigerators.
3. Micro niche Marketing – We sell Samsung refrigerators in San Francisco.
Get the picture? Locating a niche market might eliminate the competition; however, locating a micro niche market can prove to be even more beneficial to budding online entrepreneurs. If you define an even smaller subgroup in a niche market and find products that are appealing to just that group of consumers, you have in your hands a micro niche.
If you are still unsure of what capitalizing on a smaller version of a niche market might entail, here are some ideas. –
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