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Growing Untapped Markets Through Niche Marketing & Technology

Niche marketing has become a byword in business, and entrepreneurs' main aim in applying this strategy is “being a big fish in a small pond instead of being a small fish in a big pond.” And due to continuous rapid development of technology, we have seen how social media has evolved from being a means of communication and connection between friends & families to being a platform for marketing.

Then we see how niche marketing is also evolving from just merely targeting one's preferred group of customers to discovering other potential markets that are either emerging or untapped by the bigger players in the business game. Social online networking greatly helps as one small genius idea or business can grow viral.

In an article,“Search for a Market Niche, and You Might Find a Crowd,” which appeared recently in nytimes.com, Jenna Wortham wrote that in November, The Wall Street Journal reported that Twitter had hired a multicultural strategist to help advertisers target black, Hispanic and Asian-American users. Google has Project Loon, which aims to “use a global network of high-altitude balloons to connect people in rural and remote areas who have no Internet access at all.” And Facebook has worked to make its service more accessible on cellphones; its executives have expressed interest in penetrating markets in Africa, South America and Asia.

Also in the same article, she noted that Kartik Hosanagar, a professor of online commerce at the Wharton School of the University of Pennsylvania, said that even the smallest companies would soon have to start paying attention to so-called unconventional markets. Thus, the example of the African-American market being tapped by one entrepreneur, Tristan Walker, who hopes to “revolutionize the skin-care and beauty-product industry for African-Americans.”

“The demographic is starved for a company that cares about it,” he said, noting that while blacks tend to be among the early adopters and consumers of social technologies, it is rare for companies to acknowledge that or to market to them directly.”

The idea is to grow these untapped markets. One article published by www.huawei.com, Growing big in niche markets states: All markets begin in small niches, as mighty forests start with one tiny fertile seed. The trick is to find and propagate niche markets in a timely manner.

All it takes are a spark of creativity, guts and perseverance, as the Wortham quotes “There are still two Silicon Valleys,” Mr. Hosanagar said. “Young entrepreneurs in San Francisco, working at a tech firm, surrounded by the tech 1 percent, solving problems for the 1 percent. And there are companies that manage to break through that and become relevant. The Googles, Twitters and Facebooks of the world.” The companies that break out, he said, are successful because they are adept at appealing to all users.

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