What are the differences between niche marketing and mass marketing?

What are the differences between niche marketing and mass marketing?

Niche marketing focuses on a specific segment of the market, while mass marketing targets a broad audience. Niche marketing aims to meet the unique needs of a smaller group, whereas mass marketing seeks to appeal to the largest number of consumers.

Can you give me examples of each?

Sure! An example of niche marketing is a company that sells vegan skincare products, targeting environmentally conscious consumers. Mass marketing example would be a soft drink brand that advertises to everyone, regardless of age or lifestyle.

Which strategy is more effective?

It depends on the business goals. Niche marketing can lead to higher customer loyalty and less competition, while mass marketing can generate larger sales volumes but may have lower customer retention.

What are the risks of niche marketing?

The main risks include limited market size, which can affect sales, and the potential for changing consumer preferences that may leave a niche market vulnerable.