What Are the Best Ways to Advertise a Niche Product? Social media advertising is effective or other forms of advertising is required?

Well i believe that social media marketing will not be enough for targeting the niche segment of the market. We can market our niche product by using street advertising i.e billboards, banners etc

I believe Above the Line Marketing will hold good for Improving Sales for the Niche Product.Social Media is a medium which only will help when you have already gained ground through conventional selling.

What kind of marketing support is the manufacturer giving you? Do you have any sales sheets? Do they do any social media or other forms of advertising? Next big question: What's your advertising budget? If you want "a lot of sales," you need to identify your target markets. Ask yourself: Who are you selling to? Mom-and-pop shops, delis, gourmet food stores, high-end caterers, etc.? You'll also need to determine your geographic footprint -- where you will ship your product to. Once you have all this info in hand, you can begin to develop a smart, strategic action plan. This should include some mixture of social media, pay per click, online advertising, trade shows, public relations and personal networking. All of these will help support your advertising objective.