A niche market is a subset of a larger market that has distinct requirements, tastes, or identity that distinguishes it from the rest of the market.
Some of the most frequent methods for defining a niche are:
– The cost (luxury, moderate, discount)
– The demographics (gender, age, income level, education level)
– Quality level (premium, handmade, economical)
– Personality traits (values, interests, attitudes)
– Geographical terms (residents of a certain country, city, or even neighborhood)
While you may have certain trendy items in mind, you may boost your chances of success by beginning with a niche market and then drilling down to locate niche products with the potential market fit.
