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Follow us on. Let's understand the concept with the help of an example. MVP is a popular concept in the online space, where a website is launched with basic features to find out how consumers respond to the product displayed on the website. It could be a consumable product, daily use product or even a service provided by a website provider.
The idea is to start small and then take cues from the users as to what exactly are they expecting from the product. Some of the noted examples are Dropbox, Groupon, Zappos, etc. Penetration Penetration defines how many users are there for a product. Definition: Niche marketing is defined as channeling all marketing efforts towards one well-defined segment of the population. Description: Niche marketing is a marketing tactic deployed to target a specific market segment which is unique.
Niche market is often created by identifying what a customer wants and this can be done if the company knows what the customer needs and then tries to deliver a better solution to a problem which was not presented by other firms. A niche market does not mean a small market, but it involves specific target audience with a specialized offering. By doing so, the company becomes a market leader and it becomes possible for other firms to enter that particular segment.
For example, there are various cinema halls across India, but there are few which have recliner seats to offer. Not everybody wants to watch a movie by paying 5x-6x times the cost of a normal ticket. Hence, the target audience is very different and the hall is also only open at places where the company feels that it would be able to tap into target audience especially in posh areas. There are various advantages of niche marketing. One of the benefits of niche market is that there is no or little competition under that segment.
The company is virtually the market leader and enjoys price monopoly. The another benefit is the strong relationship with the customers because of the fact that the company operates in a small segment, the relationship between the company and the brand becomes stronger which is also a key to customer loyalty.
Niche businesses are often high margin business. Customers do not mind paying a little extra because, they are only able to get that service in that company or under its brand.
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