Profiting From A Good Niche Is Like Hunting For Gold it’s Fun, Exciting And When You Hit One It Pays Well!
There are thousands of mundane things in our daily lives which we hardly ever notice. Until we find ourselves in need of these things. Roy J. Primm, better known as The Niche Man and a published author who neatly explained how to find and profit from a niche, says that “Niches are like bathrooms; you never notice one until you need it.”
1. The first one to discover a new niche gets the most of the financial rewards.
Bill Gates made billions as the first individual to build a PC operating system. Someone similarly made a killing with pulp-free orange juice. It is a shocker that so few books actually focus on how to find and profit from a niche. Such under-marketed niches are worth billion dollar marketing campaigns.
In fact anyone can come up with a new idea on how to find and profit from a niche, but it needs to be marketed on a proven and successful foundation. A new product is not a guarantee of success. It needs a robust platform for marketing that will put it in front of your target audience.
3. New products that work best are many times adapted from old ones.
The easy way to come up with a new idea is by doing what others are doing but adding to it or taking away from it to make it better. You just have to do it better by making changes and adding improvements to make it more useful and provide more value.
When you find the right niche it’s like tripping over gold!
4. Two products into one is always a winner.
A multi-functional product that combines two complementary products allow the sellers to hike prices for items currently available individually. Convenience always sells, and customers will buy products that are more effective and add value. It’s even better to combine two products to improve their net usability.
5. People want the ability to grow with the product.
Most of the individuals hate change, and this is why we have plug-ins and regular upgrades. Truth be told, it would be just as easy to repackage it as a new product. Customers often switch to a fresh product, but loyalty comes with a ‘tested and tried’ product.
6. Nothing Sells Like Entertainment, Guarantees and Warranties.
Entertainment is a focal point of today’s culture. People want to be amused before they will even think about spending money. Entertainment tools can put customers at ease and get them to hit the ‘buy now’ button. Warranties and guarantees make it even easier.
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Nobody likes to be tied down. People are always searching for those products that gives them enough freedom. However, too much choice is also not helpful in making the sale. In order to increase sales, offer a program that is customized.
By utilizing together these 7 fundamental rules on how to find and profit from a niche, business owners can improve their outcome and get better results.