Online, the word niche is used in various technologies to refer to a specific subject, topic, or category. Blogs and websites may provide news and content on a niche (i.e. a finance or sports blog), while online sellers often sell in niche categories.
But, what exactly does niche mean? What is a niche market? How do you develop a niche? What is a niche audience? In this article, we answer these questions and more!
What Does Niche Mean? Niche Definition
By definition, the word niche may refer to a position or job that is very suitable for someone (i.e. She has made a niche for herself as a mortgage broker.). It may also refer to something that is aimed at or is interesting to only a small number of people (i.e. niche marketing). In marketing, niche may also refer to an opportunity for a business to offer a service or product that is not offered by other businesses (i.e. The company has made a niche for itself in the candle-making business.)
What is a Niche Market?
A niche market is a targetable, focused portion of a bigger market in which specialized services or products can be sold. Catering to the unique demands that are not being addressed by mainstream providers, many businesses pursue niche markets as a way to create revenue and build loyalty with a largely-overlooked audience.
For instance, within the market for women’s shoes are various niches, such as shoes for plus-sized women, shoes for nurses, and vegan luxury shoes. These are all niche markets within the larger women’s shoe market.
What Makes a Niche
Nearly every market can be further refined based on the particular preferences and needs of consumers. Some of the common ways to define a niche are centered on:
- Demographic Base (age, gender, income level, etc.)
- Price (discount, moderate, high)
- Geographic (the buyer’s exact location)
- Quality Level (cheap, low, moderate, high, premium)
- Psychographics (attitudes, interests, values, etc.)
Niche Market Benefits
There are numerous benefits of targeting a niche market:
- Reduced Competition
Small businesses may not be aware of a particular niche market, and large businesses may not want to bother with it. However, take note that this is not usually a long-term condition – once one business establishes a profitable niche, others will be quick to follow.
- Providing Expertise
Becoming known as a specialist in a specific service or product makes a business more likely to be recommended by its customers.
- Focused Business Efforts
Targeting a more specific audience allows businesses to focus their efforts on addressing the specific interests, wants, and needs of their customers.
- Establishing a Strong First Position
Establishing and solidifying a position in a niche market can help a business expand their offering into new, broader markets in the long run.
What is a Niche Audience?
Unlike mass audiences that represent a large number of people, a niche audience is a smaller audience.
A niche audience is a subgroup of a company’s key targeted audience. This specific audience is a selective group of people who have specific interests, wants, and needs. Small but might, niche audiences hold great value for brands and their success. Niche audiences are so valuable because they are usually more active, responsive, and engaged users. Moreover, due to their specific likes and dislikes, it is easier for marketers to target content to them, instead of worrying about a bigger crowd with different interests.
Tips to Attract a Niche Audience
Here are some effective tips and strategies to help you attract your target niche audience:
- Research Your Target Niche Audience
Before you do anything, make sure to do your research first – this is one of the keys to your brand’s marketing success. To create engaging and impactful promotions, advertising, and content, it is crucial to understand the target audience that you are hoping to reach. Yes, your niche audience is out there, but it is up to you to discover that audience and their characteristics.
A niche audience can be anything from vegan eaters, beach lovers, to fitness enthusiasts who live in your area. Decide who you want to reach and do your research. Find other brands that your niche audience follows, understand why and when they are online, and get a big picture of the type of content that they are attracted to – as well as the types of content they won’t enjoy.
- Create Specific Content
Now that you know the type of content your niche audience wants to see, start creating it! Create specific content that will attract your target niche audience and grow your follower base. As much as possible, vary the format of your content from blog posts, digital publications, website content to social media. Also, don’t forget to use today’s popular media formats, such as Facebook Stories, Instagram Stories, and more. Engage your niche audience across different platforms and formats.
Also, consider adding niche hashtags to your publications, blog posts, and social content. If you are looking to target a location-specific audience, don’t forget to add your location on all your posts and within your hashtags. The more information you provide – through hashtags, beautiful photos, engaging contents – the more engagement you will get in return.
- Engage and Interact with Your Niche Audience
Your work doesn’t stop once you have gained the loyal following of a niche audience – in fact, it is just getting started! To keep those followers loyal and engaged to your brand, it is highly important for you to interact with your niche audience. Niche audiences value their small size and ability to have more personal connections with their brands. Reply to their post comments, host Facebook Live Q&As, hold contests, or perhaps you can repost contents from your followers! Anything that you can do to keep the conversation going between your brand and its followers will help you build a strong relationship with your niche audience.
How Do You Develop a Niche?
By diligently researching niche markets, a business can determine what unique sectors already exist, and explore where new ones could be developed successfully. Profitably meeting the demands of a given audience depends on quality assurance, specialization, and communication with one’s target niche audience.
The Bottom Line
A niche market is a targetable, focused portion of a bigger market in which specialized services or products can be sold.
In today’s very competitive marketplace, developing a niche can help businesses focus their business efforts, reduce competition, and establish a strong first position in any given market.
To target a niche audience, businesses must conduct thorough research, create specific content, and interact with their niche audience.
Hopefully, this article was able to answer all of your questions regarding niche, niche markets, and niche audiences.