Targeting with Niche Products

It is quite obvious that when a company has a product or service to offer, it is very unlikely that every consumer in the society would purchase that product or service. In the domain of niche market, your entire marketing efforts are focused on a specific segment in the society. This is the segment that reflects promising demand for your product. Hence, before targeting that particular segment of the society, it is always better to implement niche research which will assist you in exploring the different characteristics of your segment. With this knowledge at hand, you will find your product in strong selling position.

There are various things that need to be considered while analyzing the niche market. First and foremost is the identification of the important demographic variables that may include gender, age, income level, ethnic groups of the market. The next step is to focus on the 3 Ws which are outlined below:

  • Who you are marketing your product?
  • Where are they located?
  • Why are they considered “very likely” in purchasing your product?

As far as the advertising is concerned, the accumulated information on the market can give you the right direction and assistance in carving out the strategies for your niche products. If the products are offered online, it demands thorough research on the keywords that will be used for the niche goods. It may include words as well as the phrases that will play a vital role in promoting your niche products. Targeting will niche products would be beneficial in two ways. First, it will increase the revenue for the firm. Secondly, it can give you the option of being selective in the advertising program you want to pursue. This becomes easy and achievable when you are aware of your target segment. In addition, you can also make use of the affiliate marketing. With the support of the affiliates, it becomes easy to pull more users to the website. At the same time, the content on the website has to original and interesting for the users. Apart from this, you can also implement the interactive approach whereby you use social networking sites such as LinkedIn, Facebook and Orkut. These websites enables you to create associations which have the potential to convert into future customers. Another important platform for the niche products is the various discussion forums on the internet which can provide you valuable information on the potential niches and the targeting strategies.

Once the niche market has been identified or the niche products have been developed, it is imperative to attract them with the medium of advertising. In this way, they will become aware that you have the product that they are looking for. On top of this, once there is healthy and strong interaction with the target market, they will know more about you and your niche product. This will increase your customer base due to the exposure of your niche products in the market place and in the minds of the targeted niche.

Niche Product Ideas

“Your wealth is in the wealth of your knowledge. Transform your uncommon wisdom into uncommon wealth because nobody has your unique experience. Turn your thinking process into your word processor. Then take your packaged information to the marketplace where your good ideas make the cash register ring.” -Uzo Onukwugha

Good advice – but not always followed.

The task of launching niche product ideas can often be difficult.  However, there are some fresh  ideas that can provide you a stepping stone to move forward. Hence, you should start by taking into consideration the obvious, which is that every individual is confronted with problems. It is with these problems in mind that you can get started on your first product.  People are always caught up in one problem or the other in their lives. The best way to think about this is to be helping and solving their problems, and delivering something of value to those people.

Solve Problems First

The most important thing that you need to do is come up with the unique product ideas that can provide relief to their problems.

  • Health Problems
  • Money Problems
  • Relationship Problems

If this task seems too demanding, then the next idea that you can think about is the latest trends that have taken centre stage in the market place.  Try and update yourself with the latest trends, you can use assistance from the internet, television, magazines and newspapers. Once you become aware of the newest and hottest developments in the market place, you are in a better position to invent a product that is associated with the existing trend.

Look at existing trends

  • Fashion Trends
  • Digital Trends
  • Nutrition Trends

Another great idea from which you can create a niche product or products is exploring the old products.   All you have to do is catch any old product, analyse its features and benefits and to which segment it is targeted at, then identify any weaknesses.  The next step would be to come up with the ways though which the old product can be improved, modified or enhanced.  Finally, give it a new brand name along with the novel features and promote it in the market.

Segmented Niche Product

There can be another idea whereby you create a niche for your product that is entirely different from the previous targeted market. The development of this niche requires experience and a great knowledge of the different brands in the market. When you have a separate niche for your product, it will automatically make it easy for you to differentiate your product from the regular products and would be highly valued in this new segment.  Take for example Money Problems a product on helping and providing useful and valuable information would be different if you were to segment your target audience.

  • University Students
  • Stay at home mums
  • Retired people, over 60’s

Yet another idea that can be capitalised on is by adding related products to an existing product.  For example, if your product is in the dieting niche, you can add related items like, keep fit routines and body and mind programs to keep people on course.  With creative styling and branding, you could be on to a winner, exploding sales of your product.

Apart from the ideas mentioned above, there are many others that can be researched. You can then make improvements to older products by making changes in its design.  You can reach out to consumers with surveys and questions in order to know their likes and dislikes. Then look at new features they would like to see in a product. This exercise will help boost your ideas about more niche products.

Disclosure: Some of the links in this post are 'affiliate links.' This means if you click on the link and purchase the item, I will receive an affiliate commission.
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