What Is Niche MarketingYou will hear over and over that the quickest way to find success on the net is niche marketing. I second this advice. So, what is niche marketing?
What Is Niche MarketingNiche Marketing can refer to both marketing and business choice. In and of itself, niche marketing refers to finding a segment of the general market for a service or product line. One then develops a solution for the needs of that segment and then markets to it to get the word out. Let’s take a look at an example using one of the biggest companies in the world.
Toyota is a huge multinational company. At first glance, it appears that Toyota focuses on the auto business as a whole both from a marketing and production standpoint. This view is correct. Notwithstanding this fact, Toyota is excellent when it comes to niche marketing.
Toyota will search for niches for which it can supply a product in need. Toyota was one of the first companies to realize there was a group of car buyers who would be very interested in environmentally friendly cars. To answer this need, it came up with the legendary Prius. The Prius is the first mass production hybrid car. Where other car manufacturers saw Toyota taking a huge risk, Toyota saw it as an opportunity to identify a new niche and establish its brand in that niche. In marketing, it is often the first brand on the scene that takes the day.
Once Toyota took the plunge, it pursued an effective niche marketing plan. It didn’t promote the Prius in just any media. It focused on media outlets that were watched, read or listened to by people concerned about the environment. For example, it heavily promoted the car through environmental groups and their publications. As the only game in town at that time, Toyota not only dominated the niche – it was the niche.
Niche marketing translates just as well to the Internet. In fact, your first sites should be focused on identifying niches and providing products or services to accommodate the need of those prospects. One of the biggest mistakes made by new businesses on the web is biting off more than they can chew. You are not going to compete against Amazon for general book sales. On the other hand, you might be able to pound Amazon into the ground in the rare book market or in a specific niche such as home improvement periodicals. The point is to try to focus both your site and marketing on a segment of the market that is not already dominated.
What is niche marketing? The best way to make a lot of money on or off the web.