Some fo the benefits of niche marketing are as follows. So let us check it out its benefits to know more about niche marketing.
Points on benefits of niche marketing are :
- Niche market can be identified and premium price can be charged for highly differentiated products which are highly valued by the target niche market
- Loyal customer base can be established if the company is the first to exploit a niche market.
- Niche market in future may grow into mass market.
- Little or very low competition is seen while focusing on niche market.
- Niche market product are not very price sensitive so higher profit is possible.
- In niche marketing, Small firms are able to survive and can earn profits even in the markets that are dominated by the large firms.