Niche Marketing is defined as that marketing strategy which is a more focusing approach towards the targeted audience. Niche is marketing tactics designed for targeting a specific population instead of competing in a large number of audiences. Niche marketing strategy is formed according to the needs of the customers to provide them with the best offer which is not offered by any other company. The market strategy is designed according to a particular segment. This helps a company to become a master of that particular segment and other companies can enter different segments. For example, a firm is making Kids clothes as they will be strategizing their whole market strategy to target the parents to get their kids clothes from them. This is called Niche Marketing. For more understanding can consult the Best Digital marketing company in Ludhiana.

Niche Marketing Advantages and Disadvantages:

Advantages

The main advantages of niche marketing are: 

• Less Competition: If you follow niche marketing you will face less competition because only few parties will be offering the same thing in particular as you are offering to the targeted audience. With the less competition there will be less audience or customers as well. So it is important to target organic traffic which is genuinely interested in your product.

• Quality Product: In niche marketing you focus on the needs of the targeted audience, due to which you focus more on quality than quantity. When you target a specific audience then you focus on becoming the right partner for fulfilling their specific needs.

• Less expenditure on Marketing: In Niche marketing strategy you save a lot with less expenditure on marketing and advertising. Marketing in Niche strategy is highly targetable which makes it cost effective as well.

• Higher Profit: Niche marketing strategy focuses on the specific needs of their targeted audience which requires special attention and quality maintenance which also increases the rate of interest in niche marketing as the targeted don’t mind paying extra for their required needs.

• Allocation of resources efficiently: In Niche marketing strategy while focusing on the specific targeted audience needs helps you in allocation of the resources in a much more efficient manner.

Disadvantages

1. As the target audience is limited in the Niche marketing strategy, so it may take time to reach the targeted audience which may impact the growth of the company.
2. In the niche marketing strategy the demand is specific which increases the interest rate. But this also influences the competitors as well. So there is a high chance of facing competitors in the Niche market.
3. Required more deep knowledge and efforts to fulfill the specific need and interest of the customer.
4. As the targeted audience is small in quantity. So the company may get rewards late or delayed.
5. The growth in niche marketing is limited as the targeted audience is limited.
6. Marketing is important in each strategy. In Niche marketing, maintaining good marketing with the targeted audience is important. For maintaining good marketing you should be consulting the Best Digital marketing company in India.

So these are the general advantages and disadvantages related to Niche Marketing. It is built to focus on the needs of a specific audience.