Niche Market Strategy - Explained
What is a Niche Market Strategy?
Written by J. Mance Gordon
Updated at April 21st, 2024
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What is a Niche Market Strategy?
A niche market caters to the specialized needs of a select segment of the market. It offers products or services in an industry vertical that is oft neglected.
The strategic advantage of establishing a niche market include:
- It facilitates ease of market share capture in the given niche by meeting a majority of the demand in the niche category.
- There is less competition as another small business might not want to take on an already established brand locally.
- Large businesses mostly ignore such brands and don't directly give them any competition.
- It's a good toehold to enter into an established market with larger scope.
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- Organic Growth
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