Niche Marketing Business
By Phil Johnson
Getting the Right Flavor for Your Business: Niche Marketing vs Mass Marketing
Mass marketing is like vanilla; it’s a taste that’s familiar and well-suited to all types of people. Niche marketing, on the other hand, is like all other ice cream flavors. Some may go for pistachio and others may prefer chocolate while a few may go for blueberry. When you’re putting up a business, you need to identify whether it needs a vanilla kind of marketing or if it should cater to a particular flavor and niche.
What is Mass Marketing?
There are two ways for a business, big or small, to employ mass marketing: it can either sell different product variations to different target markets or sell one product in various ways. Mass marketing is best suited for businesses which sell products or services which can be modified easily to suit a particular market or those that have appeal to all kinds of market.
Types of Businesses that Can Use Mass Marketing
Food Businesses – By placing a lot of variety in their menus, restaurants and other similar businesses can easily make use of one advertising template for all its target markets.
Banks and Financial Institutions – Money is a commodity that’s constantly in demand and needed by everyone. As such, banks and financial institutions need not make use of various advertising strategies for their target markets. Specifying the basic and obvious reasons for consumers to avail of their products or services are more than enough to help them obtain profit.
Other Necessities – As long as the product or service you’re selling can be easily classified as a necessity, there’s every chance you can make efficient use of mass marketing for your company.
Pros and Cons of Advertising
PLUS / MINUS: Advertising Cost – Since you’re only using one advertising strategy for all your intended markets, you’ll definitely spend less than other companies which are required to make use of niche marketing strategies. Advertising costs however could be comparatively higher if your rival is focusing on just one target market and you’re focusing on several.
MINUS: Lack of Target – Employing a mass marketing strategy can sometimes backfire on you if your advertising strategy fails in taking into consideration certain and unique characteristics of a particular target market.
What is Niche Marketing?
On the other hand, some businesses are essentially unsuitable to mass marketing. As such, they’re left with niche marketing, which requires them to focus on a small but specific market. Niche marketing strategies are primarily for companies that are more interested in building a presence for themselves first before concentrating on obtaining high sales and profit.
Types of Business that Can Use Niche Marketing
Healthcare Products – Obviously, medicines and drugs are generally manufactured to treat a particular disease or condition, and that’s the only thing that the marketing department should concentrate on. Food supplements, healthy cuisine, and alternative foods specifically produced for diabetics can naturally use niche marketing.
Luxury Items – Jewelry, sports cars, and other high-end products will definitely fare in the market better if they make use of niche market strategies. Obviously, these items are only for the small percentage of population that can afford their price tags.
PROS AND CONS OF NICHE MARKETING
PLUS: Advertising Cost – Since you’re only focusing on one target market, advertising fees can be limited to a small amount only.
PLUS: Well-Targeted – Niche marketing strategies also have better focus than marketing strategies because it’s easier to identify the wants, needs, and preferences of a small market than a large one.
MINUS: Inapplicable to Other Markets – Niche marketing strategies aren’t reusable; they can only be implemented for a particular market and perhaps even at a particular time only.
MINUS: Finding Your Niche – Some products or services are difficult to place in a particular niche market. It’s important however that you find the right niche for your market or all your advertising strategies are simply doomed to fail.
Get to know your business well in order to determine if it will benefit more from a niche or mass marketing strategy. Know your business’ strengths and weaknesses as well as the opportunities and threats it could encounter. Both niche and mass marketing strategies can increase your business’ income potential as long as they’re the right match for your business, and they’re implemented effectively.
About the Author
Phil Johnson is the author of Viral Marketing Advertising .com, a resource on the wide topic of marketing. He also contributes to article sites such as Information Junkie and The A-Z of. Writing mainly about the various aspects of marketing Phil has vast experience of both online and offline methods having over 15 years in the marketing business after a sucessful career as an accountant.
Source: Viral Marketing
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