What is a niche market and why should you consider it in the first place for your stuffed toys? A niche market is not reserved for plush toys alone. Most entrepreneurial people would focus on this market because they know that it can be very profitable. It is a very specific market need and is usually very small compared to the main markets. Because it is so small, not many people attend to meet this demand. That is why if you can meet the needs of this niche market, you can be very profitable because you have little to no competition.
It goes without saying that this is a very desirable market. Take stuffed animals, for example. It goes without saying that teddy bears are very popular because of the teddy bear. This is a very big market, so a lot of people would think that it is going to be very easy to make a lot of profit from this big market. But if you’re not offering something new with your teddy bears, what makes you different from the other inventors of stuffed toys? You will have a lot of competition, and some of them would be in this business many years before you introduce your stuffed animal. So people would rather go to them because they have been in the industry for a long time and would have earned the loyalty of the market.
So how can you target a niche market? It’s just a matter of making it more specific. Let’s go back to the example of stuffed animals. Stuffed dogs are very popular because there are many dog lovers. This is why it is often the target of stuffed toy inventors. But what a lot of people don’t realize is that you can make them more specific. Instead of making a Labrador, why not make one for a Basenji? It is still a dog, but it is less common compared to the Labrador. You can be sure that there are already many stuffed dogs in the pattern of a Labrador. But for a Basenji, I’m sure there are only a few. There is a market for it, although it is relatively smaller compared to the market for the more popular dogs, keep in mind that there is also very little competition. The market is actually waiting for someone to fill that need and if you can fill that need with your stuffed toys then it can be a win-win situation for you and your market.
You can also target a very specific audience geographically speaking. You can work in the area where you are. Offer your toys from the retail store closest to you. Then work from the inside out. Target a very small market like your neighborhood first and expand your market as the need arises. It’s easier to do that than to go toe-to-toe with toy companies that are popular across the country. It’s easier to achieve success that way too.
It doesn’t matter if you offer stuffed animals or other designs. Go ahead and find out what niche market you can work in. Satisfy their need and your stuffed animals will be a hit.