Niche market: what it is and how to find

In this article I explain on the niche market. In simple words I will explain what is a niche market and How to find a niche market.

A niche market is a group of people with specific characteristics who buy product X. These features may include:

Population: By age or sex. For example, a group of 18 men.Economic: By income level. For example, high economic level.Behavior: To actuán in a specific way. For example, go to the Mall every weekends.Other variables like no. people in the family, social groups with which it interacts, education, if you couple, who is policyholder's decision, etc.

All these variables together, define the niche market for a product.

For example, with all the variables before we illustrate, it can be the niche market for youth apparel brand.

Let's say that to sell youth apparel brand, my niche are: men of 18 years, high economic level, to visit on weekends the Mall, and come with a social group of friends. (If you don't know where start, check all business ideas)

To identify niche market exactly, you can make decisions focused on the target client. (You can read more in the Administration section)

For example, some decisions identifying niche market helps us are:

Advertising: Advertising focused on the niche. In the example of the youth of 18, could be a poster outside my tent, with its older persons wearing the clothes that I sell.Marketing: Know what media to use to send marketing. For example, it could promote me in private schools in the area, with a dramatic announcement, a fashion show, a special discount for the school, etc.Store design: how to make accessible to a niche store. For example, you would put the store in a mall.Sales strategies: define how to sell him. In the example, can be a double-edged weapon put women aged 18 to attend the customers. This can attract young people, or to others give them penalty enter.Price: know how much you are willing to pay for my niche. In the example, if a high economic level, I can then upload my prices.

To find or analyze niche market, you have to do a market research. This research will identify the characteristics of people who bought or may buy (i.e. niche)

The research can be done by a survey, observation method, or a focus group.

I recommend you read these articles from market research to find out more.

We offer demo version to try it before, enter click on course of market research.

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