7 Ways to Create a Niche Product
First, find what is missing and fill it.
Once you’ve determined the best area for your business, it’s time to do some brainstorming and research. Find out what your industry is missing, and develop a product or service that will fill that need—this will be your niche.
Before you begin your brainstorming process, keep two things in mind.
One: have a notebook and pen with you at all times to write down ideas as they occur. And two: write down any idea that occurs, no matter how far-fetched it may seem. One of your crazy ideas might just develop into a viable niche product.
With that in mind, here are some ways to discover the missing link in your business area.
1. Improve an existing product. Have you ever bought something with great expectations, only to find out it didn’t quite meet your needs? Is there anything related to your business topic you can think of that could be improved—and do you think you can improve it? If you can make an existing product better, you can present your improvements to the existing market.
2. Adapt an existing product. You can “borrow” ideas from other business areas and adapt them to fit your niche. One way to do this is to determine a common problem in another market sector, find the solution that sector uses, and then adapt the solution to your target market.
3. Repackage an existing product. There are hundreds of reseller programs out there on the Internet. Reseller programs generally consist of e-books and e-courses on a number of subjects, which you can purchase the rights to and then resell for 100 percent profit. However, when it comes to reseller programs, many Internet marketers end up vying for a portion of a shared consumer group, since they’re all selling the exact same product to the same market.
4. If you’re interested in reseller programs, you can differentiate yourself from the crowd by combining multiple related products into a “package.” For example, you could combine web templates with script applications and an e-book on Internet marketing to create a complete product set for webmasters. There are endless combination possibilities available through reseller programs.
5. Solve a problem. Every business area has problems. Some are inherent, and some are generated by industry changes that can leave gaps to be filled. Discover some of the unmet problems in your business area by hanging around forums, message boards and blogs related to your topic. Find out what people are talking about, and try to identify what’s missing, then develop a product or service that will fill that need.
6. Tap a trend. What’s hot in your market today? Pay attention to advertisement on television, in magazines and newspapers, and on the Internet. Keep track of what types of products are generating the most interest, and then focus on your business area to find out how you can tap in to the trend.
An example: assume beauty products are currently popular (and generally, they are). If you’ve decided your niche market is new moms, you could write an ebook or series of tips designed to help moms with babies or young children save time and money in their daily beauty regimes.
7. Profit from the public domain. Every day, more copyrights expire. Books, movies, television shows, songs, and images enter the public domain and become available for anyone to use.
Public domain content can be used in a variety of ways to generate a viable business. You can recreate public domain books, modernize or alter their contents, and sell them as e-books. You can create calendars, posters, tee shirts, and other custom products using familiar public domain images. You can use public domain movie footage and audio content to create new products.
Interested in learning more about what is considered in the public domain? Use the following links to find extensive databases of public domain content:
Project Gutenberg: www.gutenberg.org
Wikipedia’s public domain catalogue: http://en.wikipedia.org/wiki/public_domain
E-books from Project Gutenberg: www.promo.net/pg
So get started, play with the options, and hone in on a hungry market for what you’re passionate about.
Tracy Repchuk
Your Recurring Riches for Life Coach
PS – If you need help, be sure to check out Internet Success University where you can learn and earn.
