What is a niche?

A niche refers to a specialized or targeted segment of a market that caters to the unique and specific needs, preferences, and interests of a particular group of consumers. It is a subset of the larger market and focuses on a specific product, service, or demographic group, as opposed to a broader and general audience. A niche market may be defined by various factors, such as location, ethnicity, age, income level, lifestyle, or interests. Niche marketing involves identifying and targeting a specific niche market with tailor-made marketing strategies and products to meet the specialized needs and demands of the customers. Niche businesses may have lower competition as they cater to a specific market, making it easier to reach and engage with the target audience.