Art of Making Money Online

Genius of Human Mind and Murmurs of the Human Heart

5 Ways to Promote Niche Businesses Online

Posted on | October 5, 2016 | No Comments

Recently, Google’s CEO, Mr. Sundar Pichai, praised a businessman from an emerging Asian market who has made a fortune out of selling water pumps online. While water pump is not a niche product in itself, selling it to online shoppers is much like creating a niche segment in a highly fragmented market. Niche markets don’t exist in themselves; rather they are generated by introducing products or services that resonate with a relatively small section of the consumers. Niche businesses charge a premium price and tend to be more profitable than other firms. They usually face less competition due to their unique value proposition to a well-targeted audience. However, in online space, where maddening competition is almost inescapable, marketers need to have a sound strategy to promote specialized businesses. A marketing strategy that works well in mass markets will be inefficient and expensive, and therefore, unsuited for niche businesses. In the niche market, the target audience must be defined as precisely as the value proposition and the message.

Related Blogs

    Comments

    Leave a Reply