Even though it’s called a “niche market,” it’s just a part of a larger market that can be split up differently. These include, but are not limited to, price point, demographic indicators like age or sex, product/service quality level, psychographic factors (like values, interests, and attitudes), location, and more. For example, there are many subsets in the huge shoe business, such as vegan shoes, shoes for people with wide feet, and shoes for babies.
Even though examples of niche market are already parts of a larger whole, they can be broken down even further. Some sub-niches of the hiking backpack market include ultra-light and running backpacks and packs made for long trail runs and hot weather.
Lefty’s (left-handed people)
In the middle of Lefty’s niche, there is nothing. They have a lot of different kinds, and people of all ages in many countries like them. On the other hand, what they offer is very specific and aimed at a certain group: lefties. Even though this group is very big, only 10% of the people in the world belong to it.
Wrap Bee’s (conscious consumers)
The number of people participating in the “Conscious Consumer” movement has grown recently. Products that are vegan, good for the environment, and don’t hurt animals are in high demand because the debate as a whole has changed. It has changed what people expect, and businesses like Bee’s Wrap have changed. They offer an alternative to plastic food storage that is both long-lasting and good for the environment. Their business is based on this idea.
Listen to what people are saying around you. Ten or twenty years ago, there probably wouldn’t have been a market for Bee’s Wrap’s products. The topic is important to their message because they expect their target audience to grow.
Patricia’s Couture (pet owners)
In 2020, dog owners would likely spend $99 billion on their pets. There are only a few big companies that run this huge market. But Patrica’s Couture shows different submarkets within this large industry. Patricia makes one-of-a-kind clothes for people and animals by using a picture of your pet as a pattern. She does this for picky customers.
Most of the time, one starts in a large, well-established market (the pet industry). From there, think about how you can best serve a small but loyal group of people. Patricia’s Couture may charge more for their goods than other stores because they are the only ones who offer this service. For some pet owners, a service like this is both nice to look at and useful.
TomboyX (the LGBTQ+ community)
The LGBTQ+ community is one of the most active and growing in the country. It’s something people talk about, just like the “aware customer.” It has made it possible for there to be peace where there was once strife (as well as education for the masses). Men’s and women’s clothes aren’t as important as they used to be, and people want businesses that help them. TomboyX has come out with clothes for all sizes.
To say it again:
- Pay attention to the conversations going on and changing.
- Extrapolate this and use it to defend a person.
- Get your point across in a way that will make someone listen.
- Make sure someone has no other choice but you!
TomboyX does more than sell products. They also offer services. A large group of people could back this statement. Even though it has a small audience, the people who watch it are loud.
The Middle Finger Project (female business owners)
Ash Ambirge is a pro at being a pro at being a pro. She talks to both women in business and women in business who want to start a business that is unique and takes risks. Ash and her company are completely against the mainstream in every way you can think of, from their words to how their products look. Do you think you’ll see this kind of behavior in the business world? No. Is this the best situation for all business-owning women? NO! This is the whole point. Ash has found a place where he can do well and has quickly risen to the top as a leader.
No matter what path you take, remember that your main goal is to help someone else. Finding the right people to talk to might make you a respected leader. You can be successful in any job if you have authority, respect, and power, even if that doesn’t always mean being famous and having a huge fan base.