How to Sell Niche Products
Niche marketing is a great way to obtain a high profit margin. In niche marketing you find a small segment of the population that is under-served and market a relevant product to them. An example of niche marketing would be marketing an organic soy burger to a small vegetarian community in a city consisting mainly of meat eaters. If there are few, or even no, competitors offering a similar product to this niche market, you can demand a premium price for your product. Niche marketing is not difficult, by following a few steps almost anyone should be able to sell niche products.
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Instructions
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Go to your local public library to perform research. If, for example, the product you are trying to sell is teff flour, you should already know that this grain is rare in the United States, but that it is a staple food in Ethiopia. You will want to gather census information that tells you where to find the nearest Ethiopian community. You may need to ask a librarian for help to do this.
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Using a business directory such as the Yellow Pages, locate stores in the neighborhood where your niche community lives. If you are selling a food product like teff flour, you will want to find grocery stores and restaurants. Write down the addresses of all the restaurants and stores within the area.
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Visit each of the stores on your list and bring a sample of your product. Ask to speak to the owner or manager. If you are able to speak to the manager, let her know about your product. Because this product is very suited to the niche of that neighborhood, the manager should be very happy to see you. Be prepared to answer any questions about the product and be ready to take orders because people should be eager to buy your product.
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Identify publications that your niche market are likely to read, such as local community newspapers and newsletters, and focus your advertising on those.
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Tips & Warnings
Remember that niche marketing only works if your product is suited to your niche, you won't have any luck selling combs for bald men or snowshoes to Florida retirees. Make sure that you have a good fit between your product and market before you do anything else.
Be aware that if you have success in a niche market you may soon find competitors breathing down your neck to try to get a piece of the pie. You should establish strong relationships with your retailers to avoid losing them in the future. You may be their only supplier now, but don't take advantage of them or you may regret it in the long term.
References
- Photo Credit ethiopia flag icon. (with clipping path) image by Andrey Zyk from Fotolia.com
