7 More Niche Creation Secrets That Build Wealth From Scratch
Niche creation continues to grow in popularity as more entrepreneurs and companies seek to gain an edge on competitors. With so many businesses flooding the market with me-too product and services having a solid program for creating niche products and services continues to grow more essential each day.
Consumers crave for that product or service niche that fills an unmet, overlooked or ignored need and they’re willing to pay top dollar for the person or company that provides it to them. But the question of how to create a niche comes up when this comes up to most people. Why? Because when you mention niche, most people think of finding a niche instead of creating a niche. That term is new to most people, even those in marketing and advertising circles.
Creating a product or service niche is a vital business skill today that continues to grow in demand. In fact, history bulges with stories where average people saw small needs others didn’t and reaped huge earnings as a result.
Time and history continues to prove the best way to overcome a lack of money, experience, or special connections is to create a unique product or service niche.
One of the last ways for an individual or small business to put themselves on a level playing field with your larger competitors comes by creating a niche.
Based on the study, the good news is creating product and service niches doesn’t require re-inventing the wheel, it only requires thinking of little ways to “improve it.” In fact, that’s where most of the money is made.
For example, history reveals more fortunes come from improving on a product or service idea, than by inventing a new idea. To illustrate, take Japan.
As of this writing, Japan dominates the world in product quality, sales and customer loyalty. For example, in cars, electronics, steel and a host of other products, none of which they invented. But few would argue they’re the best at improving on original ideas. This one trait helps them dominate global markets over countries ten times their size and population.
The good news is a small company or even individual can adapt the same principle Japan uses to dominate larger competitors. What’s that? Look for ways to improve existing products or services. Here’s some examples.
1. Add Value To A Product or Service:
Can a product or service be improved by adding something extra to it?
2. Eliminate A Negative:
Can a product or service be improved by eliminating a disadvantage, shortcoming, danger, risk or customer irritation of some sort.
3. Make it Easier:
Can a product be made easier to buy, use, maintain or repair, etc.
4. Make it Last Longer:
Can a product or service be made to last longer than normal? Products and services that help preserve things is always in high demand, especially in hard economic times.
5. Personal Service:
In a world full of account numbers, people crave personal service. Can a way be found to give the personal touch that means so much, and do it better than your competition.
6. Safety Pays:
Can a way be found to make a product or service safer? How about reducing risk in the mind of skeptical customers?
7. Can You Speed It Up:
Today more than ever people hate to wait. You should always be thinking, What could I do faster than my competitors, without losing quality?
