A niche market is a targeted subsection of a larger market.
Most companies, whether big or small, segment their markets for their marketing. deliver tailored messages and offers that are more relevant to targeted audiences.
Using basic niche marketing principles, often a small business owner or entrepreneur can find or create an opportunity to serve a need that is not recognized or underserved by the larger more mainstream market. These ventures are able to thrive because they’re smaller, more nimble, and don’t have the overhead of larger, more complacent competitors.
The key to capitalizing on a niche market is to find or develop a niche that has (1) customers who are looking for solutions (2) that represents a worthwhile opportunity, and (3) is not already ‘owned’ by an established business.
Being first to market is everything.
You can usually carry this out with very some very rudimentary market research. Talk to potential customers. Find a group of people who are unhappy, and solve their problem. They’ll in turn become your greatest advocates.
Niches are literally everywhere. And creative minds are inventing more new niches every day.
If you can’t find your niche, you haven’t thought about it (or wanted it) enough.