Niche market is a way of identifying a large target market into a more specific consumer range. The niche market strategy will be very useful, especially when we are going to build a business, so that the target achievement will be clearer and the sales profit rate will be higher. But my main problem is how to determine a niche market for business?
How to Determine Niche Market for Business?
- Thread starter Suba
- Start date
I think one of the most effective strategies to understand about your niche market is by using questionnaires and conducting surveys in your region to find out what people are interested in specifically and then go about your business after analyzing the results you get from the surveys and questionnaires
Before you can get a reliable niche market, you will need to carry out feasibility studies. Thus can be carry out by outsourcing to third parties who will study the markets and some other factors before arriving at a conclusion.
