Niche Market – Definition
If you are servicing a niche market, you are servicing a specific segment of those in the market for your products or services.

As with defining a target market, defining a niche market involves generating insight as to age, gender, income, employment, special interest, purchasing behaviour, perception and location.

Niche Market – Examples
There are two ways to select a niche market:

• Differentiated – a number of customer groups in the market for your products or services is your niche market or, alternatively, you service one group with several products or services. For example, if you are a naturopathic doctor with a special interest in fertility, pregnancy, birth, postpartum care and women’s health, your niche market could include all of these groups.
• Concentrated marketing – a very specific segment of those in the market for your products or services is your niche market. For example, if you are a dentist specialized in cleaning children’s teeth, your niche market is children.

Related articles: Target Market – Definition, Scared to Specialize?, Tips to Analyze Your Point of Difference and Unique Selling Proposition (USP) – Definition.