There are 1000 things in our lives that we never see until we need something in them. “Niches are like bathrooms; you never notice one until you need it.” -Primm (The Niche Man)
#1 The person who finds a new niche claims the cream of the financial awards.
Gates built a platform for computers to operate on and made billions. Someone made pulpless orange juice.
It’s shocking at how few books are written on the subject of niche buildings. An under marketed niche is worth a billion dollar marketing campaign.
#2 The best niches are built on the foundations of success.
A niche is a new idea, but it is marketed on a foundation that has been proven successful. Never think that a new product is all you need. You also need a strong marketing platform.
#3 The best new product is an old one that has been adapted.
The simplest way to create a new idea is to do what others have been doing for years, and improve it. Adapting a current product to solve more problems and add more value for the money.
#4 The best way to increase profit is by adding to a current product.
The best selling product can be improved by adding something to it. This is a twist on the adaptation principal. Both adding and adapting products that are currently big sellers is one way to increase profit.
#5 Two is always better than one.
Combining two products that compliment each other is a way to let business owners increase the price of both – even if both products are currently on the market. Convenience sells. People would rather buy a product that is adapted to improve its effectiveness, has something added to increase value, and then is combined with something that improves is usefulness.
#6 Customize the product.
Too much choice can loose the sale. However, offering a customized program will increase sales. A company that sells ‘how to start a business’ products can increase sales by directing customers to a work at home, small business, and big business packages.
#7 Give people a chance to grow with the product.
People hate change. That is why computer programs have plug-ins, expansions, and upgrades. In truth, it would cost nothing to package the original program in every new version. However, people would be more likely to change products if they believe that they are getting a whole new package. However, loyalty is built if they believe they are improving their ‘tried and true’ product.
#8 Entertainment sells.
Entertainment has become a focal point of our culture. Many people need to be entertained, amused, or fascinated before they spend their money. A relaxed customer spends more. A few ‘tools’ that entertain customers before they buy can make a big difference when it comes to their attitude when hit with the ‘buy now’ decision.
#9 Guarantees and Promises sell.
Consumers want to know how long their product will last and what they can expect. If people can expect to live longer, happier, wealthier, or with less work, then they will buy the product.
People hate to be tied down. They are always looking for anything that will break their chains and set them free.
Bringing together as many of the 10 commandments of Profit Building will help business owners improve their bottom line, and build their own wealth.