A niche market is a small but profitable segment of a market that inevitably draws the attention of the marketer. Market niches do not exist by themselves, but are createdby identifying needs and wants that competitors have not fulfilled yet and furthermore offering products that are capable of satisfying those needs and wants .
Therefore, it will not be wrong to saythat a niche market is a highly specialized market for a specific demand of a product with little or no competitors satisfying those client needs.
The star products that we have chosen as an exampleof our niche market are the watches that Richard Mille (French businessman) manufactures and commercializes.
There are several differences between RM watches and the rest of the watches thatanybody can find in the market: RM watches are made out of outstanding premium material such a sapphire crystal, titanium, materials that are used in the NASA and first class jewels not accessible by alleconomies, so that their target audience could also be considered a niche, being their products and clients very limited. The main goal that Richard Mille pursues is to produce unique and exclusivewatches difficult to find anywhere else.
However, it could also be highlighted that this type of market definitely incurs higher risk rates than non-niche markets, thismight be caused by its exclusivity and limited clientele. There is nevertheless a high risk of copywriting that would therefore imply no longer being a niche market. In order to prevent copywritingfrom your competitors, niche markets must be innovative and always in a constant development of new ideas and strategies to maintain their market position and satisfy the high demands and expectationsof their exclusive clients.
2. WHY IS OUR PRODUCT A NICHE?
As we have already mentioned, Richard Mille is focused on a product that is not being satisfied by mainstream providers: luxury watches...