A niche market is a very specific segment of consumers who share characteristics and, because of those characteristics, are likely to buy a particular product or service. As a result, niche markets comprise small, highly specific groups within a broader target market you may be trying to reach.

Identifying a niche market and learning everything you can about it enables you to do several things:

Develop products and services that meet your niche’s unique needs and desires

Show empathy for your niche through your marketing messaging  

Build trust with your niche and turn them into loyal customers 

Compete with larger brands

Become a credible “go-toâ€ brand for the specific solution you provide and ultimately attract more customers