Three most important things to find your niche in Nepal

Three most important things to find your niche in Nepal

It’s been nearly two months since I first visited “Harissidhi Newa Suhlee”, a famous Newari Restaurant just about four km away from Satdobato. The first thing you will notice if you happen to visit there is an authentic sense of Newaripan. You will see few women adorned in traditional Newari dress (Haku Patasi) preparing Bara and other Newari cuisines.

You go there, sit on a Sukul (traditional handmade carpet made of straw), and simply order the Newari set of your choice. Yes, you can add a few drinks if you like, but your normal confusion created by Menu ends right there. Then all you need to do is probably wait for around 5 mins for the authentic Newari dish of your choice.  

Despite its relatively off-location and limited menu, the place attracts a big crowd. And I was curious why? Why do people love the place so much? Is it only because of the taste? Or is there something more? What makes Newa Suhlee stand out?

And the answer I figured lied in two words: Niche Marketing.

So, what exactly is niche marketing?

According to Philip Kotler, “a niche is a part of the market in which individuals possess homogeneous needs and characteristics, and the latter is not covered by the general offer available in the market.”

So, a niche market positions businesses for an exact audience with an exact product/service. For example, if you open a clothing store, you can either sell every size of clothes or target just the plus-sized customers. The plus-sized customers are your niche and a clear one. In essence, Niche Marketing strategy aims to earn big by targeting small.

Unlike commonly prevalent Mass Marketing, where a brand/product target all and sundry, a niche marketing strategy has a pointed focus. As such the business puts all of its effort into gaining that target market while leaving the rest for others.

While many companies hesitate to adopt niche marketing strategy due to the fear of losing a “bigger pie”, the companies that pursue it religiously are making a good name for themselves. Himalayan Java (the coffee trendsetter in Nepal), Dulla Shoes (focused on high-end leather shoes), Helmets Nepal (focused on delivering branded helmets online) are just a few Nepali brands that specialized and made a name via Niche Marketing. Internationally acclaimed brands like Harley Davidson, Victoria’s Secret, and Southwest Airlines all have found their niches and made a name from them.

Undoubtedly, riches are in the niches. But what are the important things Nepalese Brands should consider while finding their Niche Market?

1. Target Market

Niche marketing, first of all, requires a specific target market and a deeper understanding of this target market. Nepal’s estimated population of 29.6 million can be further divided into various market segments on the basis of demographics, interests, needs, values, shopping habits, etc. And if you look at the behavioral pattern of a selected group you will find that some of them share plenty of common traits and behaviors. 

Latido Leathers- a brand that sells customized leather products has targeted a niche audience interested in buying customized leather products. The brand segmented the market on the basis of customer’s need for customized apparel and then targeted the specific need for leather products. This helped the brand target the specific needs of their defined target audience.

Thus, specifying the target market and fulfilling their specific need is one of the important things to consider while finding your niche market.

2. Competitors

The definite goal of a niche is to enter into a specific market segment and master it. In niche marketing, you only win when you fulfill the need differently than your competitors. So, while analyzing your competitors, identify your Unique Selling Proposition (USP) and find out ways to benefit your target audience differently.

For example, Chiya Ghar simply sells tea. Talking about their competition, there are tea shops in every corner of Nepal. So, what made Chiya Ghar stand out? Unlike other teashops, they made a name by adding a premium feel to Tea. They did this by serving various different flavors of tea in Matka, while also setting up premises to fit into their target audience's needs. It would have become just another tea shop if not for these differentiators. In niche marketing no matter how big your competition is you will need to find ways to stand out in the market.

3. Brand Loyalty

Customers are always looking for their kind of brand. From a customer’s point of view when they know what they want, they can filter unnecessary searches and look for the best option that suits their requirement.

Apple is one of the finest examples of brand loyalty created via Niche Marketing. Instead of focusing on making their product less expensive, they made sure to give the best possible for those who can afford it. This formed a loyal base around Apple products. According to the survey by Sellcell, nearly 92% of iPhone users intend to buy another iPhone while for Samsung users the figure stands at just 74% in 2021.

I agree identifying a profitable niche market in Nepal can be challenging, however it can be rewarding as well as profitable if done right.

Do you also feel like Niche Marketing has a huge potential in Nepal? Let us know your view via your comments below.

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BitishaMaharjan
Published : 3 weeks ago
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