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OTHER ITA SITES:
15 Commandments Of Creating A Wealth Pulling Niche
Niches are like bathrooms; you never notice them until you need one.”
- Primm (From NicheBrain.com)
Fact: The person who finds or creates a special niche gets the cream of our societies financial rewards. Whether you’re Bill Gates or Joe Average.
The niche, and the person who creates them, is the main factor that separates one product from 12 others.
To out-niche your competitors you must focus on these “15 commandments” of niche creation at all times. Observe the ones you can apply to your business, product, or service - and watch your profits soar.
15 Principles of Creating A Niche (In alphabetical order)
1. The Principle of "Adaptation" - The easiest way to create a new idea is to do what others in another business or industry is 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?” A candy bar did it with simple peanut butter and chocolate, and made a successful new product. So can you!
4. The Principle of "Customization" - Can you find little ways to personalize a part of your product or service for your customers? People love the personal touch - that means so much. Can you make your product or service more personal and less cookie-cutter?
5. The Principle of "Easier" - Can you find more ways to make your product or service easier to buy, use, own, recommend to others, or attract repeat customers?
6. The Principle of "Elimination" - What negative or inconvenience can you eliminate for your customer with your product or service? Today people not only pay extra for more, they’ll pay extra for less. Less irritations, less waiting, less inconveniences, less risk, less pain, etc.
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 your customers before, while, and 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.
10. The Principle of "Portability" - People hate to be tied down. can people use your product or service in more than one place? Or Can you find a way to take your product or service to your customer instead of them having to come to you?
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? Easier to store or carry? Or easier to use? Can you reduce it and make it more affordable?
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.
13. The Principle of "Safety" - Show others how your product or service can add safety or reduce risk. 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" - Today more than ever people hate to wait. You should always be thinking, “What could I do faster than my competitors-without-losing quality?” Can you fill your orders faster? Can you give faster service? Can your product get faster results? Can you resolve customer issues faster? Can you ship your orders faster? Think speed!
15. The Principle of "Yucky" - A billionaire once said the secret to success is to be willing to do what most people don’t like to do. So find out what people don’t like to do, find irritating or disgusting, and charge them to do it. If you have a business, find out what your competition doesn’t like to do for their customers and you start doing it. You could literally steal customers from your competition overnight.
By following the above suggestions, you’ll be able to create powerful money-making niches. And leave your competition in the dust.
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