Niche is a word often heard in today’s competitive world of service professional. Its actually a place or position suitable or appropriate for a person or thing. “Finding Niche or creating niche” means finding the ways to stand out in the competition or market place. A niche market is a focused targetable portion of a market. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. A niche market may be thought of as a narrowly defined group of potential customers.
A distinct niche market usually evolves when a potential demand for a product or service is not met by any supply, or when a new demand arises due to changes in society, technology, or the general environment.
Niche market ventures may become profitable even though they are by nature small in comparison to the mainstream marketplace due to the benefits of specialization and focus on small identifiable market segments; even without the benefit of economy of scale. Niche markets may be ignored or discounted by large businesses due to what they consider to be small potential; this in turn is part of the process that makes the niche market available to smaller businesses. The key to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already.
The term "niche" (pronounced nich, nēsh, or nish) was first used by ecologists to describe a species' position and use of resources within its environment. When used in business the term implies a situation or an activity perfectly suited to a person or a given type of personality.
This concept has been extended from persons to products on the market.
Whereas a niche in the strict sense can be a working position or an area suited to a person who occupies it, the market niche is perfectly suited for a product of human labour.
Niche marketing is the process of finding and serving profitable market segments and designing custom made products or services for them. For big companies those market segments are often too small in order to serve them profitably as these market segments often lack economies of scale. Niche marketers are often reliant on the loyalty business model to maintain a profitable volume of sales.
An often used technique for affiliate marketers. By seeking out smaller segments of larger markets, a website can be developed and promoted quickly to uniquely serve a targeted and usually loyal customer base, giving the affiliate a small but regular income stream.
So are you ready to create your own niche now. Go out build one, be an expert in your profession or in a branch, subject or in an area of your profession.
Major Nagra, A.B.R., S.R.S.