What Is A Niche Market?
...And Other Niche Market FAQs
Q: What is a niche market?
A: A small and targetable portion of the market.
Q: What are the benefits of serving a niche market?
A: Working a niche market
- makes your work more enjoyable: working seems more like playing when you focus on something you love doing
- builds your confidence
- helps improve your skills
- increase your profile
- decrease marketing costs
- increase profitability
Q: How are niche markets defined?
A: The key factor in defining what is a niche market is commonality of such factors as:
- clients' profession
- ethnic or cultural group
- geographic areas
- socio-economic factors
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Q: What is a niche market as compared to a a market segment?
A: For purposes of self-employed individual and owners of small businesses, these terms mean the same thing.
Q: What is a niche market as compared to a vertical market?
A: A vertical market can be defined as groups of similar businesses and customers which engage in the same occupation or trade.
When you serve these individual markets, and use their terms...you become the right service-provider for clearly identifiable groups such as:
- health care workers
- employees of banks and financial institutions
- professional athletes
- people in the entertainment industry
- corporate movers and shakers
- etc.
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Q: How do I choose a niche market?
A: This process starts with a list of the ethnic, social, religious, leisure, community, and volunteer groups to which you belong and participate.
Repeat the same process for your spouse, partner and immediate family members. Identify any reoccurring themes that identify any potential niches.
In identifying these niches, ask yourself questions such as:
- What’s special about me?
- What unique skills do I have that could be helpful to others?
- What do I most enjoy doing?
- What activities, interests and hobbies am I involved with?
- What area would I like to become an expert in?
- What interests would I like to pursue?
- Which of my present clients do I most enjoy working with?
You need not restrict yourself to one niche market.
Provided you have, or can develop, the requisite interest, skills and resources, you can succeed in several niche markets.
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Q: How do I choose a niche market product or service?
A: The right niche market products are the goods and services that best satisfy your clients.
Succeeding in a niche market depends largely upon making the right choice of:
- niche market...or market segment
- products...or services...to sell in the chosen niche market
Q: How do I develop a niche market strategy?
A: In developing your market segment strategy, there are four key issues to consider:
- market segment
- specific needs that you can satisfy
- strategy for satisfying needs
- communicate your ability to satisfy these needs
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Q: How can I learn more about what is a niche market?
A: See
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