The word “niche” comes from a French word that means to nest. Niche marketing is targeting a product or service to a small portion of a market that is not being readily served by the mainstream product or service marketers. Nearly every business—fast food chains, convenience stores, even Wal-Mart—was begun to fill perceived voids in the market place. However, niche marketing usually refers to small or moderate size businesses or farms that produce a speciality product or service for a limited segment of the market. Market niches can be geographic areas, a specialty industry, ethnic or age groups, or any other particular group of people. Sometimes a niche product can be a variation of a common product that is not produced and marketed by the main marketing firms.
Niche marketing is marketing a product or service in a small portion of a market that is not being readily served by the main stream product or service markets.
There is often little difference between recognizing a potential business opportunity and recognizing a niche marketing opportunity. Sometimes people find themselves in a niche market without planning it. Perhaps there is a product or service you need but that is difficult to obtain in your area, so you begin providing the service for yourself. You might soon find that others are asking you to provide it for them also. Examples are custom welding and hoof trimming. So, one way to recognize the potent is tial for a niche market is to think about those goods and services you need.
Perhaps others in your community come to you for advice, help or a certain kind of service. Do you seem to be recognized as the expert at something everyone needs? Is this service or product something you could do for a fee?
