Niche Marketing Strategy for SMEs

Abstract

According to the statistics, over 90% of businesses in the world are small and medium-sized enterprises. They are also contributing to the growth of the economies and are capable of creating jobs. In developing countries, they play a vital role in the development of the country- One of the most successful strategies that businesses can implement is the use of social media. It has been shown that it can help them reach their target market and improve their efficiency. According to a study, over 50% of businesses in the country are small and medium-sized enterprises. These types of businesses are vital to the development of the country and contribute to the employment of many people. In developing nations such as India, they play a vital role in the reduction of poverty and improving the quality of life. One of the most effective strategies that businesses can use is the niche marketing. This strategy is very beneficial for small and medium-sized enterprises as it allows them to build a strong relationship with their customers. A good relationship with customers is very important for a successful business. In India, this strategy is being followed by various companies to expand their operations and find new opportunities. Uttarakhand is a perfect state for upcoming businesses. One of the most effective strategies that businesses can use is the niche marketing. It has been reported that many companies around the world have been able to successfully implement this strategy. This strategy allows the managers and owners of small and medium-sized enterprises to build a strong relationship with their customers.