Niche markets are sort of like finding a little cubby hole with benefits and negatives to be carefully weighed out. Finding a niche is somewhat difficult in the agriculture field. Very few people are able to find something that will work for them; however, the niche market is becoming a much more achievable concept and will continue to improve.
This improvement can be attributed to the current move in industry toward variation and versatility. As an example, one hundred years ago farming was marked by self-sufficiency. One farmer may have had cattle, hogs, horses, 40 acres of corn and a huge melon patch. Being able to provide for ones own needs was imperative. Generally the concept of raising something different is looked down upon.
The key to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already.
It is critical to identify a niche and serve it properly. First, there are plenty of niche markets to choose from. There are literally thousands of underserved niche markets within real estate and more developing every day.
Have a good idea for a new business or product? Friends and relatives aren’t always the most objective evaluators of a new business concept, nor do they know where to find the hard data and industry operating ratios you’ll need.
The most common mistake most people make is to overestimate potential sales of their new product or service. Many also spend tens or hundreds of thousands of dollars developing their product or company in a vacuum without spending a dime on market research.
In essence, niche marketing is a business strategy in which, depending on the needs and interests, real products are marketed to real people. Niches are essentially small markets. Niche markets are run by the fervor of real people.
But in conclusion the niche marketer beware ensure you have a real chance of profiting by doing the research that is necessary so as not to implode with a business that really wasn’t.