Plush Toys – Targeting a Niche Market
What is a niche market and why should you even consider it in the first place for your plush toys? A niche market is not just reserved for stuffed toys. Most enterprising individuals would focus on this market because they know that it can be very profitable. It is a very specific market need and usually is very small compared to the mainstream markets. Because it’s very small, not a lot of people cater to satisfy this demand. That’s why if you’re able to satisfy the needs of this niche market, it can be very profitable because you have little to no competition.
Needless to say, this is a market that is very desirable. Let’s take the stuffed animals for example. It goes without saying that stuffed bears are very popular due to the Teddy Bear. This is a very big market, so a lot of people would think that it’s going to be very easy to gain a lot of profit from this big market. But if you’re not offering something new with your stuffed bears, what makes you different from the other plush toy inventors? You will have a lot of competition, and some of them would be in this business many years before you even introduce your stuffed animal. So people would rather go to them because they’ve been in the industry for a long time and would have gained loyalty from 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 a lot of dog lovers out there. This is the reason why it’s often targeted by inventors of plush toys. But what a lot of people don’t realize is you can make them more specific. Instead of making a Labrador, why not make one for a Basenji? It’s still a dog but it’s more uncommon compared to the Labrador. You can be sure that there are already a lot of stuffed dogs patterned after a Labrador. But for a Basenji, I’m sure there’s only a few. There is a market for it, although it’s relatively smaller compared to the market of the more popular dogs, you have to consider that there is also very little competition. The market is actually waiting for someone to satisfy that need and if you can satisfy that with your plush 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 on the area where you’re in. Offer your toys starting from the retail store nearest you. Then work your way from the inside out. Target a very small market first like your neighborhood and widen your market as the need arises. It’s easier to do that than to go head to head with toy companies that are popular with the whole nation. It’s easier to achieve success that way as well.
It doesn’t matter if you’re offering stuffed animals or other designs. Go ahead and find out what niche market you can work on. Satisfy their need and your plush toys will be a success.