Unlock the Hidden Goldmine: How Finding Your Perfect Niche Market Can Skyrocket Your Brand Beyond Your Wildest Dreams
The audience for these trainers is much smaller but also much more specific. Catering to this particular group of consumers means adhering to their specific needs and preferences, which in this example would be trainers with a flatter sole and a wide toe box.
When deciding whether or not you have identified a niche market, here’s a quick checklist you can use:
- What is the size of the market? Niche markets tend to be much smaller than broader ones.
- What is the target audience? For a niche market, you should be able to identify a well-defined group of customers with shared interests, characteristics, and needs.
- Does this audience show signs of brand loyalty? Customers in nice markets are often incredibly loyal to brands that cater to their unique needs.
Why Are Niche Markets so Important for Startups?
Now I know what you’re probably thinking. ‘Why on earth would I cut my target audience by as much as 75%? Surely, as a new brand, I should be trying to reach as many people as possible?”
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