If you think niche marketing is a thing of the past then you might want to think again. Even in this recessed economy the importance of this type of marketing strategy is still very useful in generating higher sales. A niche marketing strategy is a very precise type of marketing plan and hardly has anything to do with the state of an economy.
It is about targeting the consumer base accurately with a product that meets a perceived need or desire. Niche marketing has existed in the offline business world for a long time. Hence, the strategy involved in this type of marketing can be modified in order to serve the consumers better online.
The most common mistake that beginners in niche marketing make is trying to create a commodity that will satisfy the maximum number of individuals. The loophole in such a naive plan is that everyone in the business is trying to do the same thing. Therefore, there exists fierce competition in the market for such a commodity.
The most basic point of niche marketing fails when you try to create a generalized product. The goal is to be as specific as possible within a market. You will not accomplish this by creating a product that will be demanded by everyone, because everyone is doing just the same.
The solution is to create a product that is specific in nature, and make sure that it has great potential by meeting the demand of the market. If you specialize in a commodity that satisfies the wants of a particular section of the consumer base then you will also find your product listed high on the list of search results in search engines like Google and Yahoo! The keywords used to search your product will be specific; hence it will have less competition from other products and you will win every time.