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Marketing Niche: Examples & Overview

Marketing Niche: Examples & Overview
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  • 0:00 What Is A Marketing Niche?
  • 0:15 Example
  • 0:40 Key Concepts
  • 2:00 Lesson Summary
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Lesson Transcript
Instructor: Shawn Grimsley
If you want to start a business, consider niche marketing to get a foothold. In this lesson, you'll learn what niche marketing is, some of its key concepts, and be provided some examples.

What Is A Marketing Niche?

A marketing niche is a small segment of an entire market where you target a very specific group of committed buyers. You don't try to capture a share of the entire market but rather try to own a very specific slice.

Example

Let's take a look at a quick example. You may start a dog food company, but instead of trying to compete with major brands, you develop gourmet, fresh, organic dog food that is fit and tasty enough even for human consumption. Your target market is dog owners that view their pets almost like human children. Your product is very expensive compared to the standard bag of dog chow, but your target consumers are a discerning lot and have the cash to throw down for Fido's refined palate.

Key Concepts

Niche marketing is a way for a new business to enter a market. It allows you to concentrate your time and resources narrowly to maximize your effectiveness in gaining a foothold in a market. Ideally, you will find an unmet need or want that currently exists in the market and fill it. This can be accomplished through careful market research including such techniques as consumer surveys.

Niche market products typically aren't affected by the price elasticity of demand, so they can be sold for a higher price without fear of lower prices from competitors. Just like the dog food example, your organic food isn't comparable to all the different kibbles on the market, so you don't have to worry about selling it at a competitive price.

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