"The Long Tail: Why the Future of Business is Selling Less of More" by Chris Anderson claims that thar's gold in them thar hills. He tells us it is not a few big chunks we want, but many small nuggets.
Modern examples are Amazon.com and NetFlix, both of which sell plenty of Harry Potter products and the like. They also (or rent, as is with NetFlix) lots of less popular products. They hit the niche market hard. That's the gold.
The long tail is the curve's far end. At the top of the curve is Harry Potter, for example, along with other New York Times Bestsellers. These products certainly represent a significant amount of sales. However, so do the accumulated number of books and movies which might sell only a few copies a year. Add those up, and there is serious profit. While the tail in the curve is not high, it is long. One copy of, say. The Love, a Hungarian film, and one copy of The Very Best of Ralph Stanley, a bluegrass CD, might not sound like much, but the tail is long. Those, with thousands of other products sold each month, would make their seller very happy.
My own business is built on a long tail method. The market for Hungarian products is not like the Billboard Top 40. It is like the Billboard Bottom 20,000, if there were such a thing. It works.
Anderson's principles can be applied by small businesses like mine, and massive Fortune 500s looking to reach where few are reaching. The markets are there, and, by considering Anderson's ideas, so is the process.
I fully recommend "The Long Tail: Why the Future of Business is Selling Less of More" by Chris Anderson.