The age of generic is over. If the success of craft beers or gluten-free, high-protein, organic nutrition bars are any example, the name of the game is now niche products that are low-volume and high-margin, the Wall Street Journal reported.
The success of niche products has been encouraged by the growth of social media and customer reviews, which means that marketers of niche offerings need to develop a presence in these areas and truly listen to customers.
"All that information … eliminates much of consumers' uncertainty about new niche products, since they can easily find reviews, ratings and comments on everything that hits the market," the Journal reported. "For decades consumer uncertainty blocked the launch of new offerings that were too focused to be supported by national ad campaigns; today's empowered consumer is truly listening to word-of-mouth."
For this kind of marketing, campaigns should be highly targeted and focused on consumer-generated content, said the Journal, adding that "marketing executives should watch for the first online comments about their wares with the same excitement and apprehension as Broadway producers waiting for opening-night reviews."
One audience in particular that niche marketers may want to pay attention to is Generation Y, the Globe and Mail recently reported. This generation tends to research purchases more so than other generations, and values unique offerings instead of trends.
more information :-http://www.ricg.com/marketing_articles/creative_design/nail_down_niche_marketing_with_social_media_word_of_mouth/
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