A niche market defines the product features aimed at satisfying specific target audience. It is the act of segmenting the market for a specific product and marketing intently to a small subset of the market.
Small and medium scale enterprises in Nigeria have resorted to niche marketing to provide a product or service that focuses on specific client group’s needs. Managing Director of Nigeria’s leading online marketplace Kaymu.com.ng, Massimiliano Spalazzi has expounded on the concept of niche marketing and how it trends SMEs in Nigeria
According to Spalazzi, niche marketing provides an attractive opportunity for small and medium scale enterprises to compete against the scale economies that mass marketing competitors are able to achieve. As opposed to mass marketing, niche marketing encourages business owners to stake out unique market spots especially online.
Niche markets consist of groups of customers who have a similar demographic, buying behavior and lifestyle characteristics. Understanding target customer segments is a crucial factor in determining whether an operation has the resources, interest and business elements necessary to meet the needs of the prospective consumers.
“It is no doubt the internet is here to stay and has brought with it amazing opportunities like marketing a niche product to a wider audience. Small scale business owners on Kaymu.com.ng are using the online marketplace and leveraging online platforms to grab the attention of their target audience, and obtain a wider audience reach while taking full advantages of the marketing opportunities provided by the online marketplace”, Spalazzi stated.
Many Nigerians appreciate the convenience and speed of online shopping and SMEs who operate niche markets make use of online marketplace to grow the size and reach of their targeted operations.
“Shopping has never been simpler as individuals who seek a specific niche product can search for variety on the Kaymu platform at the click of a button. Some examples of fast selling niche products on Kaymu.com.ng are weight-loss products, fish food and natural health products”, he added.
Specializing in niche marketing allows SMEs enjoy a competitive advantage over mass marketers on the online marketplace. This is because online shoppers shop majorly by category. A niche marketer owning a shop on the Kaymu is easily identified by the buyer when the result of their filtered search comes up.
In addition offering an innovative product provides the ‘all in one’ solution to meet client’s demands that mass marketers who offer a larger selections lack.
