Is It Better to Build a Niche or a Brand?
This blog entry was posted on August 29, 2010.
Should you focus on building up a prominent brand and use that name recognition to market your products? Or should you find smaller niche markets to dominate? Both are forms of brand building. The difference is the size and costs involved.
Prominent brands take a lot of time and money to build up. Brands are very important in helping you sell to a broad market. They help you win customers and help you to keep them.
Want to create another Amazon.com? You would need to invest millions in brand building before you could build market wide name recognition. The advantage is you are creating “top of mind” awareness and it will take on a life of its own, building a natural sales momentum.
Niche marketing certainly is one of the buzz-words in online marketing. Here you concentrate on a small and focused target market. Branding in a niche market has a lower cost of entry and it is easier to dominate.
The perception today is that big is not better. A smaller organization that specializes in a niche market is seen as a better authority and more knowledgeable about the market needs and market trends. Communications are specific to the needs of that market. Products are developed with features specific to the specialized needs of that market making the products produced superior for that niche.
Even though a niche is a subset of a market, this does not necessarily mean lower potential sales volume. The goal in niche marketing is to gain a very high market share by supplying specialized products to that niche and more focused marketing.
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Filed under: Internet Marketing
This entry was posted on Sunday, August 29th, 2010 at 5:49 am and is filed under Internet Marketing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.No Comments
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