They realised that in tier 1 or metro cities products were easily available. Bajaao’s yearly revenue is about $32 million. Fig. As our entire personal lives are being digitized and stored in the cloud, along with … Young fitness enthusiasts. Gaming. The long term interest of the potential customer on the product or service. HealthKart focused on digital marketing as their go to marketing campaign. A financial advice coaching service is another option. Actions for understanding your target market: Know the business and demographics of your potential customers. A niche is an identifiable target market that has unique preferences. It specializes by focusing on one identity, need or preference. They used Google’s PPC to rank for terms that left-handed people are more likely to search for. Niche marketing requires an organization that is customer-focused, competition oriented and responsive. But even these products are becoming more segmented. All Rights Reserved. For example, Apple’s iPhone is widely hailed as a disrupter, but it didn’t disrupt the smartphone market itself. Most small or medium business owners have one common complaint. How to choose the focus area (niche market benefits) Once the target audience has been identified, … Early salary started with the motto “Your month end’s best buddy!”. What is new is the increased diversity in the market and advanced technologies enabling new marketing practice. Niche marketing has been with us for some time. Booming e-commerce and absence of big players was a recipe for success. 1a, while consequent patented solution is shown in Fig. The definition of taxation risk with examples. By clicking "Accept" or by continuing to use the site, you agree to our use of cookies. But as the days went by things became grim and by the end of the month it was rock bottom. It can be argued that mass marketing is more beneficial but the existing and rapidly changing mini markets demands niche marketing. The most popular articles on Simplicable in the past day. It is one of the most successful detergents of all time with a brand value of $9.1 billion. But diet coke contributes more net profit than the classic coke. Niche businesses that could work really well in this market include informational sites about budgeting. EarlySalary is an innovative lending platform that offers customers the convenience of availing small loans at minimum hassle and in short notice. They proved that PPC advertising and digital marketing can be beneficial for even small businesses. We are not telling you to channel your marketing efforts in a similar manner as your competitor, but it helps to understand how your competitor got to their current state. It was a no brainer that any company whose niche audience was corporate employees, Vantage Circle was their answer. You also have content type — the “how” you write about it, or the form your writing takes. All rights reserved. Products like sugar, salt, milk, etc. The segmentation of a big market is fine, but multiple segmentation in the same area is not. Identify your strengths and interests. Insightful articles, best practices and trends in HR innovation, A free resource center with practical guides on HR management, Listen to thought leaders on best HR practices and trends. Just the mention of the word creates mental pictures of computers, smart devices, software, and data centers, mention them; that’s how dynamic the niche of information technology is. For any related queries, contact editor@vantagecircle.com, We safeguard your personal information in accordance with our Privacy Policy. The original coke. Definition: Niche marketing is defined as channeling all marketing efforts towards one well-defined segment of the population. Learn more. Cyber security. Ashutosh Pande founded Bajaao when he was 26 years is now India’s largest and oldest e-commerce retailer of musical instruments. This material may not be published, broadcast, rewritten, redistributed or translated. A Niche Ideas List to Make Money from a Website. Bajaao will most probably their answer. Lefty’s San Francisco. You can offer water filtration products, ion products, water treatment systems. The basic idea was to focus on the common needs of the people rather than focusing on the difference. A definition of service positioning with examples. traditional 35mm film cameras and films have become a niche. Everything About Niche Marketing With Examples. At the time it was released, it was an improvement on existing smartphone models and targeted the same customers—a hallmark of sustaining innovation. Technology has become a massive part of our everyday lives. There is no longer the same economies of scale, but some consumers still like to use it. Life couldn’t be any better. But where do we begin? Learn more. Let’s tackle the interesting topic of niche marketing with examples. A large company can also be decentralized in order to serve different market segments. This makes sure that any new company looking to enter your market should climb a high barrier. But with today’s technology and mindset of the people, small markets tend to be more beneficial for both small and large businesses. Here we are going to go through some well-established strategies and also look at niche marketing with examples. niche technology meaning: a product designed for a small part of the technology market: . Automate, simplify and streamline all types of recognition and rewards into one easy-to-manage system. In many cases, a niche is a small subset of the total market. It had one bottle and one flavor. Even though booking.com had a global presence in the travel e-commerce industry, making an entry into the fierce Indian market was always a challenge. HealthKart is an e-commerce site which specialises in nutritional products from mass gainers to whey protein and everything in between. Then comes its sister brand, Ariel. Where mass marketing focuses on standardization and niche marketing focuses on customization or tailored products for a segmented market, it seems a bit difficult to choose a side. The year 2019 will see technology companies upping their hiring game with a focus on individuals equipped with niche talent across the technology space. © Vantage Circle. Here in this blog, not only are we going to look at niche marketing with examples but we will also learn a few strategies. Diet coke contributes to only 4% of Coca-Cola's total sales volume and it is considered to be a niche product for a segmented audience since it targets a specific group. The definition of lifestyle with examples. Learn about niche markets and how you can find one for your brand. Latching relays technology niche example: (a) Linear actuator technology virtual map; (b) Magnetic latching relay patent & sample. Check. We have seen many big players compete with themselves when they enter a segmented market. But in the Indian subcontinent not only is the availability of nutritional products limited but also faked to a high degree. EarlySalary is now worth over $20 million. Examples of Niche Technology. The definition of product extension with examples. He states how not only markets but also information and production are being broken into smaller and smaller markets. And Invest in PPC Advertising. It was a gamble at that time to target tier 2 indian cities. Goods and services were marketed with a mindset that the market was one and not segmented. Loyal customer base? The definition of product depth with examples. An overview of business concepts with complete examples. The definition of credit risk with examples. While this is fine for companies with an endless money-pit but a small industry suffers when its resources are not managed properly. It all started with a high. Ask any Indian musicians about their favorite musical instrument retailer. Successive quarters of losses ended Ariel’s run in multiple countries. © 2010-2020 Simplicable. Don’t get me wrong, mass marketing is still prevalent today. The definition of secondary risk with examples. Prasant Tandon and Sameer Maheswari founded HealthKart in 2010. 1b [14], together with a photo of industrially manufacturing sample from a leading global corporation. To help further illustrate what niche technology means, we’ll look examine technology being implemented in certain niche markets. The timing couldn’t have been more right for HealthKart. Based in San … Due to intense competition usually a shakeout takes place in the market. An example of such a map is featured in Fig. Ask any fitness enthusiast what is their top priority. Lefty’s. Since all the hard work's been done, time for some fun. Below I’m sharing example of some of the common types of technology niche blog: News tech blog: If you are building news tech blog, you are suppose to be one of the early news breaker. General commodity producers like milk companies have also ventured into the “healthier” or a smaller market to realize more profits. It is crucial that you understand their products and marketing campaigns before you take any big steps. Lenskart. Real Estate. Let's take an example of P&G. 2.1.2. Niche Technology is a company engaged in the development, implementation, and support of law enforcement software. Many failed niche industries spread their wings too far into different market segments. The definition of exchange rate risk with several examples. EarlySalary focused their marketing campaigns on employee engagement platforms like Vantage Circle. Top of the line employee engagement platforms like Vantage Circle has 400+ corporate partners and has 1,000,000+ salaried professionals using their platform. HealthKart’s aim was to target a specific segment of the Indian market segment. Niche marketing is the exact opposite of the phrase “Jack of all trades, master of none.” Niche Marketing is all about targeting a defined segment of the population with a specific product. To the left, to the left. What skills do you need to engage more people in your advertisement? Location. If you’re offering a niche, boutique product to a small market, paid … 1. Before going ahead, here's an infographic depicting the most important areas needed for nailing niche marketing. Their highest sales came from cities in Mizoram and Kanpur. Insignificant to no competition? We know, choosing a niche strategy can be difficult. The Niche Notebook: This list contains 300+ niche market examples for creative freelancers & small creative businesses! The definition of product class with examples. Just like Walter White built a close relationship with his associates, build a lasting and close relationship with your target audience. The gaming niche is a growing one: More females are entering the market, there are several genres (First person … … Companies like IBM and Coca-Cola have changed their marketing stance from a single market to multitudes of smaller markets. Niche Marketing With Examples. It should function in balance with the market and should be in pursuit of long-lasting relationships with the customers. We believe in building niche technology to solve specific problems in order to improve the lives for SMEs in a number of different verticals. Understand the product or service your defined segment is using. Tailoring a product to a location such as a traditional food product that is popular in a … Collaborate with us to provide your employees an engaging and rewarding experience. No, it's not an excerpt from a best selling novel but the monthly struggle of salaried people at the end of the month! are still being marketed as an “undifferentiated” product. Bajaao, when founded in 2005, targeted tier 2 cities in India as their desired segment of the population for their target market. He got the idea to transform the sleeping habits of millions of people. Since all the hard work's been done, time for some fun. In platforms like Facebook or Instagram, the CPC on their advertisements were too high because of their diverse audience group. Cookies help us deliver our site. 1. There is one important thing to understand that ‘niche’ does not exist, but is created by smart marketing techniques and identifying what the customer wants. But Lefty’s proved everyone wrong. A Complete Guide to Decoding and Driving Employee Engagement. Do all the groundwork and make sure you cover all the bases to deter competition. It is seen that even when a product is intended for a mass-market the niche campaign is generally more successful. Visit our, Copyright 2002-2021 Simplicable. The existence of niches represents an opportunity for small companies to compete with larger firms who may have a strong hold on the mainstream market. When he is not playing guitar or solving puzzles, he is often seen fussing over foods he can't eat because he is on a perennial dieting spree. Start by considering what you offer and what you’re good at. But Bajaao’s gamble was spot on. Your industry is supersaturated, and you are finding it hard to implement a good marketing plan. Companies have various strategic units that cater to their target audience. It offers NicheRMS, a police records management system that can be used for crime, general incident, custody/prisoner, intelligence, and … The biggest brands in this niche develop strong relationships with their respective consumers through a variety of marketing mediums such as television and radio, but focus primarily on internet-based channels to conduct social media marketing and content marketing strategies. The service was available as a mobile app whose target audience was salaried professionals who often struggled during the month-end till their salary gets credited. Here are 13 niche market examples to help you brainstorm your own! Or you could come up with ideas for family meals that cost less than $10 each. They target keywords related to health and wellness, invested in PPC search ads and display ads. This is the Niche Technology company profile. Why is digital advertising so successful? He works as a Content Creator and Digital Marketer at Vantage Circle. Playing to your strengths. We promised you some fun and we don't back out from our promises. Where Tide is sold in 142 countries, Ariel's presence is graced on only 22 countries. niche technology definition: a product designed for a small part of the technology market: . Anyway, it makes sense right? For their marketing strategy, they targeted their niche audience in appropriate platforms. Those questions will be answered in this article. Everything was falling into place and nothing could ruin. Suite 1A Level 2, 802-808 Pacific Highway. If you enjoyed this page, please consider bookmarking Simplicable. Identifying your company’s strengths and weaknesses goes a long way. Instead of focusing on a general product, niche marketers focus only on one product or one target market. The best part about starting a niche site is there are limited barriers to entry. Download our step-by-step guide to devise an effective strategy to ensure a happier and productive workforce. Disadvantages of Niche Marketing Smaller markets : By definition, niche marketing serves a small segment of one market. Retro style – e.g. Niche 1: Dressage Rider + Health and Fitness If you entered a niche industry, then it is likely that you are going to discover a few more. There are ample examples of niche marketers who have succeeded and failed. A list of common types of product positioning. In the product-oriented era of marketing, the so-called mass marketing campaign was pursued by many companies. You can use a site like Bluehost to create a website for as little as $3.95/month.. You will get a FREE domain when you use my link.It’s a low-risk way to test a niche and let you find your way. Look at Existing Groups. Ankit Garg, the co-founder of Wakefit, got a fantastic idea. Use digital marketing to understand your market’s internet activity. 2021 All rights reserved. Flint Michigan is an extreme example of this, however countless cities around the country are facing water issues which makes this an important niche market to fill. For example, companies like Omron, Cognex and Keyence Corporation sell niche sensors, lasers and measurement equipment that feed into the technology sector, benefiting from the growth whilst avoiding the limelight and intense competition. Find out how your competitor is having the big chunk of the market share. Niche is a privately held company wholly owned by its founders, who remain active in day-to-day operations. But in today’s competitive market, there is a debate between mass marketing and niche marketing. According to Leflaang, these points should be considered before going into niche marketing-. HealthKart stepped in when the time was right and targeted a desperate, niche and loyal market. Soaking losses is easier for Goliath corporations than the Davids of the industry. For each listed creative niche, you will also find a real-world business example. Lots of avenues to learn from. Note: Some of these topics could be considered evergreen, however saturation also needs to be considered. In the Third Wave, Tofler talks about how a desmassified society was transforming the corporate industry. Although an initial success, Ariel ended up taking a hit. A definition of market fit with examples. Realizing the advantage of your product or service in the specific market segment. Let's take the example of coca-cola. Not only did they enter into the e-commerce domain but they also used digital marketing to increase their presence on the internet. To sell products or services to potential customers you need to extract the right information from your target markets. Many small businesses think that they cannot compete with big companies when it comes to PPC advertising. Report violations. In that era, targeting a niche market was not common. Lefty’s is a San Francisco based retail outlet for, no prizes for guessing, left-handed people. The real estate industry is another billion-dollar industry where there are a ton of agents … Lenskart is India’s first omnichannel eCommerce fashion brand that only sells eyeglasses, … Let’s tackle the interesting topic of niche marketing with examples. Tide is one of their most celebrated products. The difference between mass marketing is that you need to know your audience when targeting a niche market. The year 2019 will see technology companies upping their hiring game with a focus on individuals equipped with niche talent across the technology space. When 90% of the world is right-handed,a left-handed store might not seem like a good idea. Identifying if an emotional connection is possible or not( niche marketing banks heavily on the loyalty of the target market). Founded in 1992, Niche Technology Inc. is a private Canadian corporation based in Winnipeg, Manitoba with additional offices in Canada, the US (Niche Technology USA Limited), and the UK (Niche Technology UK Limited). All content is posted anonymously by employees working at Niche Technology. The answer will definitely be right nutrition. 2019 will see high requisitions for 6 niche skills. Targeting a niche market of salaried millennials, EarlySalary struck a gold mine here. Glassdoor gives you an inside look at what it's like to work at Niche Technology, including salaries, reviews, office photos, and more. Reproduction of materials found on this site, in any form, without explicit permission is prohibited. EarlySalary was founded in 2016 and already has 1,000,000+ downloads in Play Store. This is because markets are being “demassified”. A topic is “what” you write about, and it’s probably the first thing you think of when you think of a “freelance writing niche.” Examples include personal finance, digital marketing, and technology. Everything you own in a box to the left. When 90% of the world is right-handed,a left-handed store might not seem like a good idea. This article is written by Iftekar Ahmed. Another sub-niche is how to live without cable TV. Let's face it there is a TON of competition out there. Finding a profitable niche to connect with you potential customers is not easy. You should be able to identify which target audience you will be catering to. We promised you some fun and we don't back out from our promises. A definition of product benefits with examples. It makes sense for not only small businesses but also medium-sized businesses to cash in niche markets. People in a particular niche tend to gravitate toward other people in that … Regardless of whether you know about niche marketing or not, its difficult to stand out from the chaos without a good niche marketing strategy. Most managers are taught to concentrate on mass marketing which delivers the most desirable output. In the era of Flipkart and myntra , Bajaao(founded before both these sites) grew slowly but steadily and dominated the niche market. This is not just limited to Coca-Cola. Check. Bajaao has over 12,000 products listed and ships over 15,000 products every month. Leaving behind only the strongest amongst the competition. But that did not deter Lefty's from entering the industry. For example, if you rock the pet food niche, you can quickly build, network, and promote sites that focus on pet toys or training classes. Healthkart taps into a $22 billion market and are now valued at about $27 million. A niche market is a specific segment of a general market. This is the most important part of a niche marketing campaign.
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