The power of having a niche and how to create one.
Definition of a niche – A service or product, that fills an unmet customer need. A specialization.
Creating a product or service niche is a vital business skill. History is full of stories where average people saw small niches others didn’t, yet reaped huge earnings.
As you read and follow the tips in this article, you’ll soon have a valuable business skill. Imagine having a skill that will not only increase your income, but also continue to pay you for years to come.
Studying the principles in this article will be like putting on a pair of 3-D glasses. You’ll start noticing ways to create a niche easier and easier. You’ll start seeing obvious (to you) niche opportunities others walk pass, ignore, and neglect. Including your competitors.
Are you a small business? History has proven the best way to overcome a lack of money, experience, or a special connection is to create a unique product or service niche.
A niche will put you on a level playing field with your larger competitors. Would you like that? Of course, you would.
Creating product and service niches doesn’t require you to re-invent the wheel, it only requires thinking of ways to IMPROVE it. That’s where most of the money is made.
History has long proven that more fortunes have been made from improving on a product or service idea, than by inventing a new idea. For example, take Japan. As of this writing, Japan dominates the world in product quality.
Japan is tops in cars, electronics, steel and a host of other products and services, none of which they are credited with inventing. It’s less risk to improve than it is to invent a product.
If you weren’t born with the gift of invention like Edison or George Washington Carver, don’t worry. You can still enjoy huge earnings by finding ways to improve on ideas that already exist. This is where most of the money and opportunities are.
Question! If you’re a small business, what’s the best way to compete with the multi-million dollar Goliaths in your business? Answer: To know how to create unique market niches, haven’t you been listening?
With the skill to create and develop market niches, you can be in the drivers seat. Having this skill gives you the stone and slingshot to compete with the Goliaths in your industry.
History is packed with stories of people who had limited skills, money, time, or education but created a unique niche and went on to fame and fortune.
In days gone by it was said, “If you build a better mousetrap (product or service), people will build a pathway to your door. But in today’s highly competitive and crowded market place, that saying is no longer true. Now the saying is “create a better niche-and people will beat a pathway to your door.”
Our society rewards the creative person the most. The person whose born with a special niche or talent, finds a special niche, or creates a special niche, receives the cream of our societies financial rewards.
Our schools teach us how to think logically and critically, but they spend the least amount of time teaching us how to think creatively. This could be why it’s so valuable an asset. The demand for creative solutions is unlimited, but the supply of creative thinkers is limited.
You name the industry or business, and I’ll show you people in it who are starving for fresh niche ideas. Hundreds of businesses are willing to pay top dollar to the people who can provide a steady supply of niche ideas to them.
As the world gets more crowded, unique niche ideas will be the only thing that will separate one company or product from the other. The niche will be the main factor that separates one product from the 10 or 15 others for sale.
Do you happen to be lucky enough to enjoy a business, product, or service that have no competitors yet? You can be sure if it’s successful, they’ll be 20 copycats before you can say “competition.” That’s why it’s so vital for you to learn how to create a niche, because the person, product, or company with the most niches wins.
If you have a product or service simply ask yourself the following 5 questions. If your looking for a product or service use these questions to judge whether the product or service you’re considering has strong niche potential.
1.Does this product or service have something extra other similar products don’t have? Can you add something that will make the product or service stand out from the herd? For example, can you add an extra service, discount, or convenience?
2.Does this product or service add more ease and convenience than your competitors? Today people not only buy quality, service, and reputation - they buy convenience. Can you make it easier to buy your product or service than your competitors?
3.Does this product or service give faster results than your competitors? In this hurry up, got to have it yesterday society, people hate to wait. Can you get results faster than your competitors without losing quality? Can you give faster customer service, handle complaints faster, or answer the phone faster? Etc.
4.Does this product or service help reduce more risk than your competitor?Today savvy consumers are not only willing to pay top dollar for what’s in a product, they are also willing to pay for what’s “not” in a product. No salt, no sugar, no fat, no waiting, no caffeine, no this, and no that. Can you find some negative you can eliminate for your customers that your competitor can’t or won’t? Think safety!
5.Does this product or service encourage repeat business? Very few if any businesses can survive without some form of repeat business. If your product or service fails this question, you’re living on borrowed time. Either you have to find another product that compliments your present product or find a service that’s compatible. In short, one-shot sales are very expensive.
If you ask yourself the above 5 questions you’ll be well on your way to creating a strong niche that will be hard for your competitors to beat.
About the Author
To get a free list of the "Newest" (Kick Butt) niche products and services - to explode your earnings, or add punch to your product line go to www.ezinfocenter.com/8235426/FREE... Or to learn how to create your own niches go to www.booklocker.com/books/1015.html