Before winning or succeeding with niche marketing, it may be worthwhile knowing what niche marketing actually is. To be very precise, it is a type of marketing that deals in specific type of products marketed for a specific class or sector of people at prices that are somewhat higher than average market price.

Since the potential value of niche marketing appeals both MNCs as well as small business owners, we are not surprised to see large conglomerates like Hewlett-Packard offering all-in-one machines that can print, scan and fax for small home office niches, along with traditional printers, scanners and faxing machines for the mainstream buyers.

Nouveau Niche

Yes; you have heard it right! Its not Nouveau Riche, but Nouveau Niche that matters so much. The only difference is that today niche marketing is all about narrow, not small business of promoting and selling. Moreover, it is a sort of evolution of our well known mature marketplace that now allows consumers to be in control, while shifting from one-size-fits-all to hundreds of markets of self-interest. But there is nothing amazing about it. As a matter of fact, most mature markets eventually evolve into this kind of financial eco system that gets driven by ever narrower markets of needs and ever-narrower mirrors of individual identities.

Winning with niche marketing

To be honest about it, there is nothing strange about winning with niche marketing, save and except that you need to develop some horse sense to go ahead with it. However, you may follow some the advices given below to become successful with niche marketing.

• Search out what people are searching for online. Apart from talking to friends and colleagues about it, you can take the help of several tools to find out about the most searched niches. For instance, keyword research and general marketing skills would surely help you achieve your goal in finding high paying niche markets. You may also go for subscription services that are known for providing niche information.
• Your next job would be to locate not one but several potential niches and then select the one which will suit you best. An easy way would be to search online stores that sell products or services that are related to your preferred niche. At the same time, try to find out their prices and availability,  because therein lies the root of your success.
• Then comes the question of competition. Use an Excel sheet to jot down the online stores with items of sale (for instance, vitamin enriched pet food) and then see where you stand. Alternatively,  take the help of Word Tracker or similar tools to get an idea of the supply and demand ration to proceed further.
• Now comes the question of selecting your niche product. This could range anything from vitamin added pet food to sundry household DIY software. You may also like to sell shoes fitted with LED for easy ambling in the night. In fact, the sky is the limit so far as niche products are concerned. All you have to do is to use your grey cells to hit upon the right product.
• Once this has been settled, you have won half the battle in winning with niche marketing. The other half, incidentally, comprise in creating a suitable website, highlighting your niche product with suitable content and voila, you have won the game.

Conclusion: Gone are the days of mass marketing. Today’s consumer controlled market is all set to ask for specialized product or services that can serve specialized groups of people where demographics often has the last word.