Business Tools Downloadable checklists, model business plans, forms and other documents. Our small business online advice columnist. If you could identify that key 20 percent and find others like them, you could sell much more product with much less effort. Niche marketing today means targeting, communicating with, selling, and obtaining feedback on the heaviest users of your business's products or services. Picking the right segment of the market is important to achieving sufficiently large sales volume and profitability to survive and prosper as a company.
Consumers become increasingly more sophisticated and demanding.
And product choices continue to expand with prosperity and world market competition. Even large companies have embraced niche marketing, continuing to refine and target their product offerings to different buyer groups. As an example, Nike restaged a multi-billion dollar company that had plateaued by pursuing a segmentation strategy. It is also important to be able to identify and estimate the size of your target market , particularly if you're thinking about a new venture, so that you can tell if the customer base is large enough to support your business or new product idea. Remember that it's not enough that people like your business concept.