Niche Marketing Strategy for Startup Business

Niche Marketing Strategy for Startup Business video 03:15

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Niche Marketing Strategy for Startup business-Text

One of the biggest mistakes Entrepreneurs and business owners do is marketing their offer to a large general market rather than concentrating on a small niche market.

Entrepreneurs think that everybody could make use of their product and why should they restrict themselves to sell only to a few customers. But the point they don’t realize is, they spend money to market the products to everyone rather than those who need the most. This means their conversion rates are down at the floor and a large portion of their marketing spend goes in the drain.

A niche market is a group of consumers or businesses that all have a very specific need or want. For example, let’s say you sell fairly expensive dog cages. Your niche market consists of people who own dogs, and particularly people who own dogs and earn an income large enough that they can afford to buy your cages.

If you decide to market your cages to everybody in India, who owns a dog, you are marketing to a large general market and the money you spend on marketing will be wasted because nearly all of the people who will see your marketing will NOT have a need or interest in buying an expensive dog cage. Instead, you should focus on marketing it to the dog owners who earn above a certain income level and can afford to buy your cage.

So the key point here is to identify a group of people that need your product the most and market it to them

Niche marketing strategy is decided, taking into consideration the customers’ needs and wants. For example, under the main brand, a niche brand is created to meet the special needs of niche customers.

Niche Marketing Strategy for Startup Business video 03:15

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