A business niche refers to a specific area or segment of the market that businesses can target in order to distinguish themselves from their competitors.
A niche is often a part of a bigger business and the niche strategy involves identifying and focusing on a specific target audience, understanding their unique needs that have not been properly addressed, conducting thorough research to gain insights about your customer base, developing a comprehensive business plan, and implementing targeted marketing strategies tailored to reach your specific audience.
Here are two examples of niche markets:
1) Lefty's the Left Hand Store - Approximately 10 to 12% of the global population is known to be left-handed. In light of this reality, a specialized store called Lefty's in San Francisco has taken it upon themselves to cater specifically to these individuals who are often overlooked by mainstream retailers.
Lefty’s primary approach is to focus on individuals who are active online and frequently use search engines. For instance, if an individual searches for 'left-handed pens or cups', they will highly likely come across an advertisement from Lefty's.
2) UNTUCKit - The commercial clothing industry is a highly saturated market where it may seem like every possible innovation has already been explored. Nevertheless, UNTUCKit stands as an exemplary brand that demonstrates the viability of carving out a distinct niche within this long-established sector. The business target’s people who like their shirts untucked.
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