CREATING A SUCCESSFUL MARKET NICHE
The person who finds or creates a special niche, gets the cream of our societies financial rewards e.g Bill Gates of Microsoft Corporation. The niche, and the person who creates them, is the main factor that separates one product from others.
To out-niche your competitors you must focus on these "14 Principles" of niche creation at all times. Observe the ones you apply to your business, product, or service .
1. The Principle of Adaptation
The simplest way to create a new idea is to do what others in another business or industry are doing. Next, see if you can adapt it to your own business, product, or service.
2. The Principle of Addition
Can you add something extra to your product or service that your competition doesn't have or isn't doing?
3. The Principle of Combination
What positive elements can you combine from another product or service to make yours better?"
4. The Principle of Customization
Can you find little ways to personalize a part of your product or service? That's a quick, easy, and cheap way to create niches. Can you make your product or service more personal?
5. The Principle of Ease and Convenience
Can you find more ways to make your product or service easier and more convenient to buy, use, or own? Then you'll have a strong niche.
6. The Principle of Elimination
What negative or inconvenience can you eliminate for your customer, with your product or service. People not only pay for more they'll pay for less. Less irritations, less waiting, less inconveniences.
7. The Principle of Enlargement
Do people like your service or product? Then it's a sure-fire bet there is a segment of your market that would like even more of it. Can you super-size something?
8. The Principle of Entertainment
From cradle to grave, we all have this inner urge to be entertained, amused, or fascinated - especially before we spend our money. A relaxed customer spends more. Find little ways to amuse customers before, while, or after they buy your product or service.
9. The Principle of Longevity
It's making some feature of your product or service last longer. It can also include making a positive experience or feeling last longer. If you can do either, you will have a niche that's hard to match.
10. The Principle of Portability
People hate to be tied down. So, if your product allows people the freedom to use your product or service in more than one place, that's a powerful niche.
11. The Principle of Reduction
If you sell a product or service, is there any way to reduce a certain feature to make it more convenient? More portable? Or easier to use? Can you reduce it and make it more affordable for another type of customer?
12. The Principle of Reversal
Look at what features or services your competition is offering or not offering and reverse them. If they close on weekends, can you be open? If they cater to seniors, target more young people. Or if they cater to high-end customers, target more low-end volume customers etc? The list is endless.
13. The Principle of Safety
If you can show others how your product or service can add safety or reduce risk, you'd have a powerful niche. People hate to experience loss, feel insecure, or waste money. Try to think of little ways you can help people avoid the above with your product or service.
14. The Principle of Speed
You should always be thinking, "What can I do faster than my competitors-without reducing quality?" Can you fill your orders faster? Can you give faster service? Can your product get faster results? Can you resolve customer issues faster? Think speed!
By following the above suggestions, you'll be able to create powerful money-making niches and outperform your competitors.
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