Often times, I have heard branding experts, talked about niche market and personal branding, in the same light, as if they are one and the same and serve the same purpose.
For me, I believe this is a misconception, that needs to be corrected, as, a niche market and personal branding, are two separate terms, with different meanings.
According to Wikipedia, A niche market, is the subset of the market, in which a specific product is focused.
The market niche, defines the products features, aimed at satisfying specific market needs, as well as, the price range, production quality and the demographics, that it is intended to target.
Niche market, gives a business venture, the privilege to distribute products and services overlooked, or, clearly, not interested in, by other business ventures.
Niche marketing, is about reaching out and catering, to more specific customers.
Personal branding, on the other hand, however, refers to the act, of promoting what you stand for.
It has to do, with the unique qualities that, set you apart, as well as, differentiates you, from others.
We all have unique qualities, that set us apart from others and if we do not learn how to use it effectively, other people will coin one for us, which can, sometimes, be unfavorable.
Personal brand development, is the surest proactive way, of controlling your career development and how you are viewed upon, generally.
According to Susan Chritton, Niche, however, is “a place, employment status, or, activity, for which a person, or, thing, is best fitted; a specialized market”.
This is, in line with how it is defined, by the Merriam-Webster dictionary.
Your personal brand is, thus, the intersection, between, who you are (the authentic you), the values you deliver to your target market, (niche) and the differentiation, between you and your competitors, who may be serving the same niche.
It is, essentially, important that, an organization understands this difference, as it will ensure the uniqueness of the business, in terms of identification.
