There is power in a monopoly. Being sole distributor of a certain product, service or to a certain group ensures a strong and solid base for any business. It’s no wonder why smaller businesses always either try to target larger groups when they want to expand, and smaller groups when wishing to entrench themselves within a certain market.
The ebb and flow of online trends can give us an idea of how capricious online marketing can be, with its constantly shifting website visibility and user communities. One of the best ideas garnered from the chaos of online trend-setting is the marketability of certain groups that form around persons, places or things.
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An example of this would be the marketability of products and merchandise pandering to consumers of popular YouTube videos such as Pewdiepie and others. Another one is the huge surge in sales of Hasbro’s My Little Pony product line due to a newfound popularity online amongst adult male fans.
What sets these types of consumers from others is their consistency and inherent predilections towards a form of brand loyalty. There is a community factor at play here where consumers reward a business for prolonged patronage.
One does not have to look far for opportunities in acquiring a select market for a good or service. The explosion in user-created content online is ripe for an enterprising business owner if he knows where to look. From art sites where people post their art to specialized sites like the ones that handle the shipping of certain goods.
A more specific example of a group that has shown all of the before mentioned traits of brand loyalty and patronage would be table-top hobbyists who have moved on to online retail in the acquisition of their games and other paraphernalia. Lessons are garnered from this specific group of customers in that they show a strong consumer base that regularly spends large amounts of money to purchase constantly changing product lines online.
New cards, board games, books and other such “gaming” products usually change with time yet, barring and large scale negative feedback to a bad product, the demand remains constant and keeps the small number of companies that provide said products afloat and thriving even in a congested online market place.
The only drawback to this type of markets is that the potentiality for growth is a bit stifled, what with the same stability that is sensibly a defense against sudden crashes also serving to prevent skyrocketing booms. It can be argued that the lack of growth is mitigated by the fact that risk is reduced to a more comfortable level as an offset.
After deciding on a market one wants to focus on and provide for, the next big hurdle is advertising, but never worry for niche markets tend to already have this one covered for any young entrepreneur.
A close-knit group of online users usually ensures the prominence of a specific product provider amongst their circle due to either word of mouth alone or successful low-cost advertising campaigns aimed at smaller number of highly visible individuals within a community.
In conclusion, the niche markets are a veritable spawning ground of business opportunities for people willing to appeal to equally niche tastes. It may not over large short-term rewards like more general markets but it offer a long-term pay-off if successfully penetrated. load more…