{"id":465,"date":"2017-07-10T08:22:04","date_gmt":"2017-07-10T13:22:04","guid":{"rendered":"http:\/\/blog.harveker.com\/?p=465"},"modified":"2017-07-10T08:22:04","modified_gmt":"2017-07-10T13:22:04","slug":"niche-market-product-strategy","status":"publish","type":"post","link":"https:\/\/www.harveker.com\/blog\/niche-market-product-strategy\/","title":{"rendered":"Choosing A Niche Market and Product | Business Strategies"},"content":{"rendered":"<p>When starting your business, you need to choose a niche market and come up with a unique product strategy. Find out why this is essential to your business&#8217; success below.<\/p>\n<h2>Selecting A Niche Market And Product Strategy<\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-5137 size-full\" src=\"https:\/\/www.harveker.com\/blog\/wp-content\/blogs.dir\/4\/files\/2017\/07\/Selecting-A-Niche-Market-And-Product-Strategy.png\" alt=\"\" width=\"1200\" height=\"900\" srcset=\"https:\/\/www.harveker.com\/blog\/files\/2017\/07\/Selecting-A-Niche-Market-And-Product-Strategy.png 1200w, https:\/\/www.harveker.com\/blog\/files\/2017\/07\/Selecting-A-Niche-Market-And-Product-Strategy-300x225.png 300w, https:\/\/www.harveker.com\/blog\/files\/2017\/07\/Selecting-A-Niche-Market-And-Product-Strategy-1024x768.png 1024w, https:\/\/www.harveker.com\/blog\/files\/2017\/07\/Selecting-A-Niche-Market-And-Product-Strategy-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p>The names get called out, excited people jump out of their seats and clamber down the stairway; each time with that familiar voice screaming, \u201cCome on down! You\u2019re the next contestant on The Price Is Right!\u201d Anybody who has been home sick from school, work or just had a day off within the last 25 years knows what I\u2019m talking about.<\/p>\n<p>It\u2019s too bad, though, that a lot of business people and entrepreneurs don\u2019t realize the power of pricing within their business success strategies. Their impulse is to sell more of something at a cheaper price under the pretense that people want cheaper products, yes?<\/p>\n<p>True enough, but let\u2019s take institutional brands like Walmart or Home Depot. Who sells cheaper than them, and who competes? <strong>In our march to millions, we want to dream big but not start out swimming upstream against whales. <\/strong>Home Depot can lose money for years in a row but its owners will barely feel it. Most business people aren\u2019t in that enviable position. If that were you in your business, you\u2019d be feeling those losses alright.<\/p>\n<h3>Creating a Business Plan<\/h3>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Before seeking any <a href=\"https:\/\/twitter.com\/hashtag\/startup?src=hash&amp;ref_src=twsrc%5Etfw\">#startup<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/funding?src=hash&amp;ref_src=twsrc%5Etfw\">#funding<\/a>, it\u2019s vital to have a solid <a href=\"https:\/\/twitter.com\/hashtag\/business?src=hash&amp;ref_src=twsrc%5Etfw\">#business<\/a> plan in place: <a href=\"https:\/\/t.co\/d1LCxS2RWi\">https:\/\/t.co\/d1LCxS2RWi<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/SME?src=hash&amp;ref_src=twsrc%5Etfw\">#SME<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Vid?src=hash&amp;ref_src=twsrc%5Etfw\">#Vid<\/a> <a href=\"https:\/\/t.co\/vHcuX0Da5K\">pic.twitter.com\/vHcuX0Da5K<\/a><\/p>\n<p>&mdash; Innovate UK (@innovateuk) <a href=\"https:\/\/twitter.com\/innovateuk\/status\/882964889827934210?ref_src=twsrc%5Etfw\">July 6, 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As a growing business or start-up, you want to play where the big kids aren\u2019t playing. <strong>It&#8217;s essential that you select a niche market with specialty products and\/or services that certain people are willing to pay more for<\/strong>\u2014certain qualities and customizations that you multiply but others aren\u2019t doing. No matter what the economy, there are people out there who care about certain things and are willing to pay more for them because it matters to them.<\/p>\n<p><strong>Rich business people understand the true meaning of the Price is Right: they offer higher ticket items!<\/strong> Poor business people tend to offer low ticket items. People always think that if the item is cheap enough, they\u2019ll sell millions.<\/p>\n<p>Don\u2019t get me wrong. Selling $20 dollar items to one person at a time would make sense if that one person is buying 10,000 units from you. I&#8217;m not saying everything you sell has to be at a higher price. Sometimes it\u2019s a good idea to have a lower price on some entry-level products and then offer the higher priced products once your customers know and trust you.<\/p>\n<h3>Understanding Your Money Blueprint<\/h3>\n<p><iframe style=\"border: none; overflow: hidden;\" src=\"https:\/\/web.facebook.com\/plugins\/post.php?href=https%3A%2F%2Fweb.facebook.com%2FHarvEker%2Fposts%2F10152202869233390&amp;width=500\" width=\"500\" height=\"218\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Rich people who have the money just want the item! And that&#8217;s why it helps to understand a little bit about the money blueprint behind the dynamics of selling fewer products for a higher cost versus more products for less money.<\/p>\n<p><strong>Most business people do not offer higher ticket items because their own self-worth is low<\/strong>. Their price isn\u2019t right with the intention of getting rich. Sell for a higher price, and then increase the value to get rich. It is always a good idea to<strong>\u00a0deal with high volume buyers rather than one-on-ones selling cheaper products. <\/strong>Don\u2019t bother with that.<\/p>\n<h3><strong>Exercise: Ask Yourself This<\/strong><\/h3>\n<ul>\n<li>What\u00a0is your business&#8217; niche market?<\/li>\n<li>What are some higher ticket products or services that other people in your industry might be offering that you might be able to add to your business?<\/li>\n<li>How can you make your products special?<\/li>\n<\/ul>\n<p><iframe style=\"border: none; overflow: hidden;\" src=\"https:\/\/web.facebook.com\/plugins\/post.php?href=https%3A%2F%2Fweb.facebook.com%2FEntMagazine%2Fposts%2F10154231960103896&amp;width=500\" width=\"500\" height=\"463\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Take this opportunity to share some of your insights on niche markets and product pricing. Are you struggling with volume or finding customers willing to buy a lot of your product? Have you had better luck selling less for more versus more and cheaper? The Million Mind community is that forum for like-minded visionaries to bounce ideas and suggestions.<\/p>\n<p><strong>UP NEXT:\u00a0<a href=\"https:\/\/www.harveker.com\/blog\/deliver-your-true-value\/\" target=\"_blank\" rel=\"noopener noreferrer\">Deliver Your True Value: Commit To Product Creation<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When starting your business, you need to choose a niche market and come up with a unique product strategy. Find out why this is essential to your business&#8217; success below. Selecting A Niche Market And Product Strategy The names get called out, excited people jump out of their seats and clamber down the stairway; each&#8230;<\/p>\n","protected":false},"author":5,"featured_media":5136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[12,17,31],"tags":[],"class_list":{"0":"post-465","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-entrepreneurship-2","9":"category-innovation","10":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Choosing A Niche Market and Product | Business Strategies<\/title>\n<meta name=\"description\" content=\"When starting your business, choose a niche market and a unique product strategy. 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