7 More Niche Building Secrets That Create Wealth From Scratch

Niche building continues to grow in popularity as more entrepreneurs and businesses seek to gain an edge over competitors. With so many businesses flooding the market with products and services and so do I, having a solid program for creating niche products and services continues to become more essential every day.

Consumers crave that niche product or service that fills an unmet, overlooked, or ignored need and are willing to pay top dollar for the person or company that provides it. But the question of how to create a niche arises when this happens to most people. Why? Because when you mention a niche, most people think of finding a niche instead of creating a niche. That term is new to most people, even 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 is replete with stories where average people saw little needs that others didn’t, and made big profits as a result.

Time and history continue to show that 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 an individual or small business can put themselves on an equal footing with their larger competitors is by creating a niche.

According to the study, the good news is that creating niche products and services doesn’t require reinventing the wheel, it just requires thinking of small ways to “improve” it. In fact, that’s where most of the money is made.

For example, history reveals that more fortunes come from improving a product or service idea than from inventing a new one. 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 say that they are the best at improving original ideas. This trait helps them dominate global markets in countries ten times their size and population.

The good news is that a small business or even an individual can adapt the same principle that Japan uses to dominate larger competitors. What’s that? Look for ways to improve existing products or services. Here are some examples.

1. Add value to a product or service:

Can a product or service be improved by adding something extra?

2. Remove a negative:

Can a product or service be improved by eliminating a drawback, deficiency, hazard, risk, or customer irritation of some kind?

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 are always in high demand, especially in tough economic times.

5. Customized service:

In a world filled with account numbers, people crave personal service. Can you find a way to give that personal touch that means so much and do it better than the competition?

6. Country of security:

Can you find a way to make a product or service more secure? What about reducing risk in the minds 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?