Niche Market
A very specific segment of a larger market. https://getsling.com/blog/business-terms/
A narrowly defined segment of a larger market that is comprised of individuals with specific needs, preferences, and interests that are not being fully addressed by mainstream offerings. These consumers are often willing to pay a premium for products or services that meet their unique requirements, making them an attractive target for businesses looking to differentiate themselves and gain a competitive advantage. Niche markets can be identified through market research, and successful businesses often develop specialized expertise in catering to their needs.
A niche market in business coaching could be focusing on coaching services for a specific industry, such as healthcare or tech. Another example could be providing coaching services for a particular type of business owner, such as solopreneurs or startups. By targeting a specific niche market, coaches can differentiate themselves from competitors and tailor their services to meet the unique needs and challenges of their clients. This can result in a more effective coaching experience and better outcomes for the client.
Niche Market DEFINITION:
Niche Market QUOTE:
1."Niche market: because who needs a broad customer base when you can have a tiny, loyal following?" 2."Niche market: where you can be the big fish in a really small pond."