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What is and how to identify a market niche?

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What is and how to identify a market niche?

More and more companies are focusing their efforts on meeting the needs and demands of a specific market niche. In fact, both in the business sector and in the world of online marketing, it is very common to hear about the niche of a company or the “nicheros”

but, how to search and find a market niche to exploit? Why is it important to do it? What are the most profitable niches?

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In this post, we will solve all these doubts. Go for it!

What is a market niche? Concept
by definition, a market niche is a very specific group of consumers within a broader market Georgia Phone Numbers segment that have a series of characteristics, needs and problems in common that are not currently being solved by any corporation.

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But what characteristics must this group of people have to be considered a market niche?

It brings together a group of people who have common, specific characteristics and needs that are not so easy to satisfy.
It has the potential to be commercially profitable over time.
Their demands are not satisfied by any company of the competition or few are satisfying them at the moment.
People who belong to this group are willing to pay money in exchange for a solution to their problems or needs.
If we continue to delve into the characteristics of a market niche and find another group of consumers with common needs, we would be facing a micro-niche.

On many occasions, in the world of sales and marketing, the concept of niche is confused with the market segment. Let’s see how they differ.

Market niche vs. Market segment

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the difference is very simple: a niche is a differentiated and smaller group that is encompassed within a market segment.

That is, a subgroup of consumers with common characteristics within each group resulting from market segmentation.

Let’s see it more easily with an example.

Imagine that you have a salon specialized in color that, in addition, only uses vegan products. In this case:

the market segment would be made up of all those people close to the location of the premises who are interested in undergoing a hair color treatment.
The niche would be people with environmental and animal awareness who want to have a hair color treatment and who are close to the location of the premises.
You see the difference?

In this way, we could establish a segmentation categorization from more to less.

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