Niche marketing is becoming more and more popular all around the world as marketers want to reach the specific niche of their market and they do not want to waste their resources on that fraction which will not yield revenues for them.
Niche Marketing
The term niche is used in marketing to describe a subset of a market. Almost all the multinationals today have niche markets which they are using as a very successful marketing strategy.
The main reason why niche marketing has become so popular among the marketers is because it allows them to cater to a huge variety of customers at a single time by having various sub-brands or departments that meet the requirements and cater every niche in that market.
And all these sub-brands which cater to the similar market form a niche market. For example; if there is a sale season going on and all the brands have got a sale, then the sale would be targeting that particular niche which is price conscious and do not have high purchasing power.
In this given case, niche marketing could be defined as attracting all the people who will be looking for sales and discount offers. We can take the example of the bridal shoes outlets, as it targets a very specific segment of the market, i.e. brides and performing marketing activities to attract that particular niche.
Therefore, niche marketing can prove to be a very successful marketing strategy, as it focuses on a specific market segment. It not only helps in increasing the sales and profits but also this helps the business organizations in achieving the strong customer base which is a necessity not only to survive in this competitive business world but also to be able to make a name in the market.
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