Niche marketing meaning and Examples
Creating a niche market and positioning yourself as the go-to brand for a certain audience not only gives you more credibility than generalist competitors but also makes your business more focused. Focusing on a niche market makes it easier for the right customers to say, “This is for me.” This is true for everything from your unique value proposition to adding products to your line.If you’re having trouble coming up with your first product idea, a good place to start is to think of a specific niche. There are a lot of profitable niches you can go after, and you can narrow your focus even more.A niche market is a part of a larger market that has its own needs, tastes, or identity that sets it apart from the market as a whole.
Focusing on a niche is a smart business move that lets you serve a specific group of customers better than competitors who go after the larger market. Let’s look at a couple of examples.
Whole Foods Market
You probably don’t think of Whole Foods as a niche business, but it caters to wealthy, health- and wellness-focused customers. It’s a niche market because not everyone wants to spend all of their money on food. Whole Foods was all about organic foods before they were everywhere. Even now, there is still a lot of talk about the brand because stores hold events to show off new products and the brand keeps its reputation as a luxury shopping experience. People trust the brand to give them good products. In fact, one of the main reasons Amazon bought Whole Foods was to get closer to their customers, who are loyal and have a lot of buying power.
Powell’s Books
Powell’s Books is known as the “legendary independent bookstore.” In the online world of today, Powell’s Books is becoming a niche business. Powell’s flagship store is so big that you need a map to find your way around. It sells both new and used books. The company didn’t try to fight the Internet; instead, it used a detailed social media engagement plan that made good use of hashtags. Powell’s takes part in a lot of online book discussions and forums, and it also puts on local events with authors and prizes. The company’s expertise in its niche is known all over the country.
Facebook
That’s not a specialized product, are you sure? No, not in its latest form, but Facebook originally began as a highly-targeted niche service: a social networking website for Harvard undergraduates. Facebook expanded to colleges and universities all throughout the United States following its success on the Harvard campus. Then, it developed into the global, pervasive social media network we are all familiar with today. This is an excellent illustration of how perfecting your product or service with a select group of people can get it ready to launch to a larger audience (if that’s acceptable or in your plans).
Under Armour
Did you know that the inspiration for the creation of this company came from the founder’s desire to wear a shirt that wouldn’t become saturated in sweating after a short game of football? He created a compression shirt out of a material that stayed dry, and he spent some money to make 500 of them. Former teammates were given those clothes to sample, and they adored them. As word got out, more was asked after, and the business was born. Since then, it has grown to include many different types of sportswear and footwear, but it continues to cater to a certain market: those who prefer not to work out in sweaty clothes.
TaskRabbit
It all started as a service aimed at busy moms in the Boston region who required assistance with shopping and daily tasks. The main goal was to establish a platform for individuals who needed assistance with tasks and those who could give it. TaskRabbit was there to assist with everything from moving to assisting with furniture assembly. The user base increased as word-of-mouth regarding the simplicity of use and incredible range of services offered spread. The business remained with its primary objective while steadily expanding to other cities.
Lefty’s San Francisco
This shop specializes in left-handed products; hence, it serves a certain market. There are certain things designed expressly for left-handers, whereas others are more jokes. Although Lefty’s only has one physical location in San Francisco, it has a sizable online presence. The company uses pay-per-click (PPC) advertising in addition to keywords to rank highly in Google searches. As a result of such efforts, Lefty’s has established itself as a leading authority on left-handed items.
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