niche

Niche markets refer to specific and distinct segments within a broader industry or market. These segments are characterized by their specialized needs, preferences, and interests. Companies that target niche markets focus on catering to the specific requirements of a select group of customers, often creating products or services tailored to their unique demands. Embracing a niche strategy allows businesses to differentiate themselves from competitors, build strong customer loyalty, and establish a deeper connection with their audience. Identifying and serving niche markets effectively can lead to increased customer satisfaction, higher profit margins, and a sustainable competitive advantage in the long run.