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  Niche Products  

Niche is a term that has been used by the majority of the businesses in recent years. Let us discuss its actual meaning.

A niche

  • is not a product of mainstream.
  • a product that is not easily available in the regular shops of the society.
  • a product that incorporates an important application and interest to a particular segment of the society which creates a desire for purchase for that particular segment only.
  • a product that is assured of dependability and forecasted selling power due to its specialist attraction to that segment.

It may appear odd to many people but its reality that when discusses and make strategies to find niche products, they are actually promoting a strategy of “playing safe” or “follow the crowd strategy.  For instance, your business decides to aim a promising established product category, but for selling purpose, you choose a specific narrow band of products. In addition, you procure its raw material from the same supplier as your rivals, but you make innovative changes while marketing this product to your niche that earns you success.

The other method of identifying “niche products” is by getting ahead of your competitors by discovering a specific demand that is unique and special in the society and is under-supplied. As soon as the special demand is identified, you can start searching out the supplies that can cater to this demand. The supplies can be searched in ways not followed by the majority.

  • Identifying foreign markets or much localized markets that are ignorant of the regular products.
  • In-depth internet search to unearth suppliers who possesses promising products but ineffective marketing tools.
  • Exploring new products at various trade shows.
  • Making close relations with the manufactures to come up with innovative designs, features and functions for the niche products.

Furthermore, it is also observed that the product you are selling may not be a “niche”, but the market spot to which you are promoting. In other words, you can shift from “niche product” strategy to “customer group niche” strategy that enables you to earn revenue from non-niche products.  For instance, markets that are renowned as enthusiasts markets will contain ultra-specialists products, but there is also a high probability to sell generic products to the same segment at a much higher price. To be more specific, people who love fishing will normally buy fishing rods and lines, but they will also be paying attention to non-specialist items that may consist of drinks, flasks, bags, camping chairs, outdoor clothes etc.

In this way, you can save the customer’s time by placing the related products besides the specialist items which has a higher chance of consumers willing to pay higher prices. It will be convenient for the people as it provides the element of “one stop shopping” as exercised in huge supermarkets. Hence, people with the enthusiast mindset, can be easily targeted with the non-specialist items at a slightly higher price and can earn you substantial profits.