Niche in Marketing refers to the business of promoting or selling a product or service to a very targeted segment of the market. It focuses on a particular target market. Compared to the Mass Market, Niche is a particular segment of the market.
Benefit of Niche in Marketing
There are a lot of benefits of Niche in Marketing. It allows companies to understand specific needs and to focus on that. As it helps to focus on the specific needs and customers, it benefits the customer most. Besides companies get benefits like,
- Brand Loyalty: Since companies focus on specific goods and specific customers it helps them to produce better products and services. They also can develop good relationships with the customers which benefits them by getting repeated customers.
- Fewer Competition: When your business is focused on a specific product or service, you have less competition. Here you do not need to worry about your competitor that much.
- Less Marketing Cost: If you focus on a specific audience you have to invest less money in advertising and you also will get more profit.
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