Develop Niche Product/Service Ideas - #7
Create a Niche Product in Your Area of Expertise
This is Step #7 for 30 Days to Starting a Niche Business.
Each of the steps to creating a niche business will be documented in more detail. Developing your niche product or service is definitely easier said than done, but do not be overly intimidated by this step. You have spent most of the first few steps researching your niche industry so you should start having an idea of what type of products and services work in your niche industry.
Use Your Expertise
This is the most important part of the whole process of developing your niche business. You need to build a niche product or service by doing what you do best. Otherwise, you are going to have to learn 2 new industries - the niche industry and the one you are building the product for. The point of building your niche business is to focus your expertiese on creating a high demand product that niche customers are willing to pay for.
What Are You an Expert In?
Our expertise lies in several different Internet/Software areas:
- Web Application Development
- Web Site Development
- Pay-Per-Click (PPC) Management
- Search Engine Optimization
- Direct Response Marketing (sort of)
With these skills in mind, and an industry picked out already (dentistry, orthodontics), we built our niche product around those skills and focused them on something that dentists and orthodontists would want.
Something You’re Not Good At
One of our original ideas when focusing on the dental and orthodontic industry was to built a direct mail niche product. We had some experience in the area and had gotten some good guidance on it that we wanted to put to use. However, we quickly found at that there was a lot that we didn’t know as well as we should. Too much time was spent learning this new product medium that should have been spent perfecting the product.
Niche Product and Service Ideas
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Web Design - Create several great looking website that you can sell over and over to your niche industry.
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Software - Create a software tool that companies in your chosen niche can use to operate a part of their business or to market to new customers.
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Video - If you’re great at creating videos, create a set of videos that you can sell to clients in your niche industry that they can use as marketing material or to educate their customers.
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Direct Mail - Create a direct mail piece that your niche industry clients can send out to their targeted market. Maybe it’s a birthday mailing or a new homeowner mailing.
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Professional Services - If you’re a lawyer or accountant, focus your business solely on your chosen niche industry. Offer services that no other professional can offer them.
If You Want to Learn the Next Steps . . .
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2 Responses to “Develop Niche Product/Service Ideas - #7”
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February 8th, 2008 at 2:57 am
Just a quick question really if you are still monitoring this entry. All of the niche businesses that you speak about involve non-physical products. What considerations does one need for say an ecommerce shop for a niche product, lets say one for which you already have a manufacturer/source for.
February 9th, 2008 at 9:14 am
I’m always monitoring all my comments!
The “30 Days” isn’t about physical or non-physical products. In fact, it’s really my own variation of something that was originally put together for mailing products - so the products can be physical.
However, if you’re talking about a product like a desk or a table, you’re right, it would be difficult to sell that using this program. The real key is that it’s focused on a niche market. If your physical product is something that only a small subset of people might be interested in, then this program will work. For example, if you had some incredible new chiropractic adjustment tool, you can sell that to chiropractors using this. But if it’s a desk that home owners and any type of business might want, this would be tough to do because it’s not a targeted market and it’s just a commodity.
If you want, shoot me an e-mail through the contact form and I can give you some more specific direction.