There are a number of advantages and disadvantages of niche marketing. By definition, a niche market is a subset of a market on which a particular product is focused. Niche marketing defines product features, production qualities, demographics and price range to satisfy specific marketing needs.
Understanding the market means you are able to identify the unique needs of your potential audience, provide new and compelling products, tailor your products in the right way, communicate efficiently with the target group and identify how you will position against your competition.
The Advantages are:
- Less competition
- Brand loyalty
- Best for giving marketing insight
- Saving on your marketing dollars
The Disadvantages are:
- Smaller market means smaller profits
- Limited growth potential
- Fickle nature of your patrons
Lets explore.
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