From Wikipedia: A niche market is the subset of the market on which a specific product is focusing; therefore the market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact.
Think of a niche market as a small market segment, targeted toward a very specific group of people. For instance, women’s shoes is not a niche market because it’s too broad; however, bridal shoes a very niche and targeted to a very specific population. Using the same concept with wine, Cabernet would be considered niche, while red wine would not.
Other niche market: think local. Cabernet lovers of Marin, CA, or Hoboken, NJ. The exciting thing is the Internet aggregates content or curates content based on the niche market. So you as a business owner can create and curate content based on your expertise and passion. The Internet allows you to market to your niche on a global scale.
Some examples of niche markets:
- Women over 50 who likes scrap-booking.
- Bust business owners that are aspiring authors.
- parents who want to heal their child without medicine
- Filipino women who want to start a business so that they can have finical independence
- MBA graduates who want to secure a job offer from the top Consulting Firms
- People who want to cure back pain fast
- Business owners who want to use worthy cause marketing to make a difference and build visibility