Niche Marketing

Niche marketing is an advertising strategy that focuses on a unique target market. Instead of marketing to everyone who could benefit from a product or service, this strategy focuses exclusively on one group—a niche market—or demographic of potential customers who would most benefit from the offerings.

A niche market could stand apart from others because of:

• Geographic area
• Lifestyle
• Occasion
• Profession
• Style
• Culture
• Activity or habits
• Behavior
• Demographic
• Need
• Feature reduction or addition

Description: Niche marketing is a marketing tactic deployed to target a specific market segment which is unique. Niche market is often created by identifying what a customer wants and this can be done if the company knows what the customer needs and then tries to deliver a better solution to a problem which was not presented by other firms. A niche market does not mean a small market, but it involves specific target audience with a specialized offering. By doing so, the company becomes a market leader and it becomes possible for other firms to enter that particular segment. For example, there are various cinema halls across India, but there are few which have recliner seats to offer. Not everybody wants to watch a movie by paying 5x-6x times the cost of a normal ticket. Hence, the target audience is very different and the hall is also only open at places where the company feels that it would be able to tap into target audience especially in posh areas.

There are various advantages of niche marketing. One of the benefits of niche market is that there is no or little competition under that segment. The company is virtually the market leader and enjoys price monopoly. The another benefit is the strong relationship with the customers because of the fact that the company operates in a small segment, the relationship between the company and the brand becomes stronger which is also a key to customer loyalty. Niche businesses are often high margin business. Customers do not mind paying a little extra because, they are only able to get that service in that company or under its brand.

Niche Marketing is a good way to make some extra income and to also help other people in some form or fashion.  First of all, you have to develop a genuine motivation to help others, then find the product that will fill the need.  It would not hurt that you too have tried the product or service so that you can give them a first-hand review of how it works for you.

Be alert to the world around you.  There are ads everywhere.  Find the product to put your own spin on and make it your own.  You never know who you might help along the way.

Examples of Niche Marketing: International

1. Lefty’s San Francisco

To the left, to the left. Everything you own in a box to the left.

Based in San Francisco,Lefty's is a left-handed retail store that sells school supplies, kitchen goods, and gardening tools, and more for lefties. They even offer custom gift sets for the left-handers in your life.

Only 10% of the Population is Left Handed, making lefties a natural niche market. And Lefty’s gets niche marketing right by investing in PPC advertising for search terms that lefties are likely searching.

For example, if someone searches “left handed scissors” on Google, they will see PPC advertisements from Lefty’s. Some small businesses believe that they can’t compete with big retailers when it comes to PPC advertising, but Lefty’s proves that PPC can be valuable for small businesses catering to niche markets.

2. Drybar

Drybar carved a niche in a hot market by providing affordable, high-quality blowouts — when a client’s hair is washed and blow-dried into a style without being cut or colored.

Unlike traditional hair salons, Drybar is set up like a bar where you can watch a movie and relax while getting a blowout named out of a Cocktail Drink

Drybar uses creative content and social media to interact with clients, hear their stories, and enhance the overall Drybar experience. In order to make every experience positive, Drybar responds to every tweet, Facebook post, and Yelp review.

The company also offers a Barfly Membership that includes two blowouts a month and a free birthday blowout in addition to 10% off all products and tools. Members can also receive $5 off any additional blowouts, and you can cancel your membership at any time.

When it comes to hair, Drybar has capitalized on the affordable luxury market with their signature blowout.

Examples of Niche Marketing: Indian

1. Tanjore Paintings:

Tanjore Painting is one of the most popular forms of classical South Indian painting. It is the native art form of Thanjavur (also known as Tanjore) city of Tamil Nadu. The dense composition, surface richness and vibrant colors of Indian Thanjavur Paintings distinguish them from the other types of paintings.

Most of these paintings revolve around the theme of Hindu Gods and Goddesses, along with saints. The main figure is always painted at the center of the painting. Since Tanjore paintings are mainly done on solid wood planks, they are locally known as 'Palagai Padam' (palagai meaning wooden plank and padam meaning picture). 

To sum up, Tanjore painting is the ultimate way of expressing devotion, truth and skill by an artist through his creation. This ancient form of miniature artwork thrives till date through intense craftsmanship and dedication of the artists of Tamil Nadu and is held at high esteem for its indigenous character.

2. Meera Shampoo:

The best example of one such niche product is the brand called "Meera" shampoo, manufactured and marketed by Cavinkare in the sachet segment. It has the traditional shihakkai base and is a hugely herbal product. It is advertised for the special shihakkai context, that lends the hair a very shiny look. This product is very famous in Tamil Nadu, and in Kerala, as rural folks still like to have the lake bath and then a shampoo which is traditional in nature. It is not available in this form in most parts of North India, as people out there, do not prefer the herbal variant. The same company also has a super duper hit product "Nyle" with the traditional chemical base for North Indian markets.