In the small business world, finding a niche has become quite a talking point, with many business owners spending countless hours, researching and developing their business strategy in order to create their own niche, one that is not only in line with the company goals, but one that can also help reach the targeted audience.
But what is a niche?
A niche is a focused, targeted segment of the market, perfect for businesses who are providing specialist products or knowledge, that cater to a specific need and can’t often be addressed by more mainstream businesses. A niche website or niche business often caters to a much more specific audience and while this often gains minimal exposure, niche businesses can be highly profitable.
Understanding the niche allows business owners to identify the needs of their potential audience or target audience, helping them generate new ideas and new products, as well as allowing them to develop tailor their communication with audiences to increase engagement.
What is niche marketing?
Niche marketing is defined as:
“A targeted marketing plan that focuses on one particular section of the market that has high potential to connect with a product or service.”