Niche marketing has grown in importance due to the globalisation of business. Business growth has been helped hugely by the Internet - increasing the size of the market but as the size has grown it has meant that understanding your market segmentation becomes even more important.
Niche marketing allows you to attract people by location, by need, by interests, by anything that you can determine which differentiates you from the competition.
Niche marketing has to balance two aspects
- To understand the consumer and their needs to a much greater than extent than 10 years ago. Your global competition means that consumers have choice, so you have to show a stronger personal connection, a stronger understanding of the life of your customer. In a sense marketing to the individual not the market.
- To understand that the consumer is a global citizen. That their life is not lived in a bubble and therefore niche marketing must understand the problems, needs of a global citizen. In a sense marketing to an individual who has to live under the pressures of the fast moving global world.
The Internet is not just a global market, it is not just giving the consumer more power than ever...it is also a combination of the two.
Social media marketing can be the bridge between mass marketing to a global world and recognising the personal needs of your consumer.