Another strategy for small and medium-sized businesses to win against the big names in the market industry is niche marketing. Visit http://www.servcorp.com.ph/ for information about serviced offices.
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What You Need to Know About Niche Marketing
1.
2. A niche market is a well-defined subset of a market
wherein a specific product is focused. All marketing
efforts is concentrated on satisfying the needs and
wants of a specific targetable market.
What is a niche market?
3. Creating the right product
The more different it is, the lesser the competition you’ll get.
Unique product but marketable
Must be tailored to what your target market needs.
Something that big companies haven’t provided yet.
The ‘right product’ must be something that you have an expertise of.
4. Unique product = unique market.
The moment you hit the right people to be obsessed in your product,
you almost got the people who will establish your brand equity.
They will help you in the positioning and branding it without them even
realizing it.
Identifying the market
5. Less competition
The more unique your product gets, the lesser competitors you will
have.
Being the first one to provide is already a competitive advantage.
Advantages of a Successful
Niche Marketing
6. The prices of the products will not depend upon what the market has
set for it.
The demand will not be affected whether the price goes up or down,
giving an advantage and freedom for price setting.
Price inelasticity
7. Since this is not much of a large market, having the specialized products
is possible and a good thing, creating a better customer experience.
This will also lead to an easier marketing campaign since products are
not for the mass market.
Product customization