Niche vs Mass Market Product Marketing
When you have a product to market, it seems obvious to market it to your target audience. They have needs and wants that you can cater to and will be your most likely customers. Niche marketing a niche product has its benefits, but if you’ve never considered mass marketing, you may be missing out on an additional audience and customer base. Here’s what you should know about niche marketing and mass market product marketing:
Niche Market Product Marketing
Niche market product marketing has its place. When you have a niche product, there is often a niche audience to go with it. Marketing to this specific audience makes sense. With a niche, you don’t have much competition because you serve a limited audience. There are fewer competitors who are targeting the same customers as you. This is good for your bottom line because you are offering a product that others aren’t.
Niche marketing can also save you money on your advertising because it is tightly targeted. As a business who is marketing a niche product, you can be seen as an expert in your field. The knowledge you have and share will draw more of your target audience to you. With niche marketing, you may also improve brand loyalty between you and your target audience.
There are a few disadvantages of niche market product marketing to be aware of. With a niche product, even marketing has its limits. After all, your target audience is only going to be so large, which can affect the growth of your business. The threat of new competition is something to consider as well. People are going to eventually come up with a similar product, which will require your marketing strategy to adjust.
Mass Market Product Marketing
In contrast to niche market product marketing, mass marketing is meant to target a larger group of demographics. If you have a niche product, you may choose to focus solely on the niche audience who will be most interested in it. This is a good idea because you want your target audience to be aware of your product and your business. You want to build brand loyalty with this group of consumers.
So why mass market when you have the perfect audience for your niche product? If you have the resources to market to a wider audience, you have the potential to expose your product to people who may otherwise not know your product (or business) exists. You will get your product in front of more eyes. While they won’t all be interested, you will appeal to more consumers who need your product or are simply curious about it.
As your product becomes more successful within your niche audience, you can use feedback you’re given to improve the product itself or expand your brand with new products for the same audience. As products and lines become more successful, launching a mass marketing strategy allows a new audience to discover your brand and products.
Before deciding on mass marketing for a niche product and throughout the process, you want to do market research to understand the changing preferences of consumers. This will help you to remain competitive in a large market.
Deciding whether to niche product market or mass product market is a not a decision businesses take lightly. There are pros and cons to both options and sometimes only time and testing will reveal if it’s right to take a niche product to mass marketing.
Categorized in: Digital Marketing
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