"Discover the Ground Breaking Method to Find an Untapped Niche Market"
It is far less risky to find out what problems people are having and bring out products or services to solve these issues than it is to risk your capital developing a product or service that you then have to gamble on trying to sell to people. The easiest way to do this is to use a product that already exists but find a new application for it. This strategy will certainly help you to grow your business, but how?
Niche Markets
I have always been a strong believer in strategic planning for business development. One of the primary areas for new and existing business development is Market Research, specifically finding out what products or services to sell, who to sell them to, how to sell the product and how to develop or source and test the product. You will want to grow your business on solid foundations based on facts and not grow your business on guess work.
After many very expensive trial and error exercises involving what I now perceive as naive blind faith in my ideas at the time, inexperience and wasting a lot of time and money, I have found a way to develop products that people want, cheaply and effectively.
I cannot take full credit for this technique although I have customized it for my own industry and to make it quick and easy to identify hungry niche markets and source products to sell. This same method has proven to work time and time again and can help you grow your business. I initially learnt the principles of this method of market research from a savvy American entrepreneur who's main business is selling training manuals in printed or digital format to millions of people worldwide.
I will sum up the basic process for you below so you can use it to help you come up with plans to grow your business. But to learn this invaluable technique I would recommend that you sign up to my essential success strategies newsletter ,which includes more in depth advice on this technique, and lots of other marketing and business development strategies that will be instrumental in growing your business.
People Buy What they want, not what they need
The first thing to realize is that people are far more likely to buy something that they actually want as opposed to something they need. When I left school I got a job at sainsbury's and used to study consumer patterns closely. People used to buy the cheapest orange juice they could buy (as opposed to the types that had vitamins and minerals in and are not watered down) but then would go and pay for the most luxurious brand of beer in the beer aisle, this made no sense to me at the time, why didn't they buy an economy brand of beer if they bought an economy brand of juice? - it's because they want the beer! I suspect their family might like juice so they need to get it, but don't want it. So its an important point to bear in mind that to grow your business sell things that people want, not need!
Another example on the subject of the beverage industry is if somebody wants a drink they could have water, which is essentially free and quiches their thirst (what they need) but they don't want water so they will actually pay more to get an ice cold glass of coca cola or whatever drink they want. A principle that the Coca-Cola company have used to make billions (if not trillions) of dollars in the last few decades
An easy way to figure out what people want
There is an easy way to do this and a hard way. The hard way involves you going out and asking people lots of questions about what they want, how much they want to pay for it etc. If you try to grow your business this way it will then progress will be slower. This involves drawing up surveys, holding focus groups, making sure you question all demographic types to get accurate results and all kinds of other expensive methods. These methods are expensive and time consuming but that doesn't mean they don't work. They all are still valid and useful. I do use them to a certain extent in conjunction with the easy way.
The easy way to grow your business by finding out what people want to buy from you is to use a system that will study market trends automatically and archive the results for you to use any time to find out what problems people are having, how many people have that problem and how to solve it. You then can either develop or source a product that does exactly that.
The advantage that this gives is tremendous. You know exactly what people want, who wants it, how much they are willing to pay for it etc. This reduces the risk of launching a new product or service tremendously and allows you to really fine tune the product to your customers needs. This truly is an easy way to grow your business.
Part 2 of this article will explain exactly how to find out what people want, how to find or develop a product that suits and what to do to grow your business when you get to that stage. Part 2 will be published shortly!
In the mean time, feel free to visit the Ziaf Lathwe website for free reports and articles on how to grow your business.
All the Best
Ziaf Lathwe
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Ziaf Lathwe, MArketing & Business Development. Grow Your Business 100-300%
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