Niche Product Ideas

“Your wealth is in the wealth of your knowledge. Transform your uncommon wisdom into uncommon wealth because nobody has your unique experience. Turn your thinking process into your word processor. Then take your packaged information to the marketplace where your good ideas make the cash register ring.” -Uzo Onukwugha

Good advice – but not always followed.

The task of launching niche product ideas can often be difficult.  However, there are some fresh  ideas that can provide you a stepping stone to move forward. Hence, you should start by taking into consideration the obvious, which is that every individual is confronted with problems. It is with these problems in mind that you can get started on your first product.  People are always caught up in one problem or the other in their lives. The best way to think about this is to be helping and solving their problems, and delivering something of value to those people.

Solve Problems First

The most important thing that you need to do is come up with the unique product ideas that can provide relief to their problems.

• Health Problems
• Money Problems
• Relationship Problems

If this task seems too demanding, then the next idea that you can think about is the latest trends that have taken centre stage in the market place.  Try and update yourself with the latest trends, you can use assistance from the internet, television, magazines and newspapers. Once you become aware of the newest and hottest developments in the market place, you are in a better position to invent a product that is associated with the existing trend.

Look at existing trends

• Fashion Trends
• Digital Trends
• Nutrition Trends

Another great idea from which you can create a niche product or products is exploring the old products.   All you have to do is catch any old product, analyse its features and benefits and to which segment it is targeted at, then identify any weaknesses.  The next step would be to come up with the ways though which the old product can be improved, modified or enhanced.  Finally, give it a new brand name along with the novel features and promote it in the market.

Segmented Niche Product

There can be another idea whereby you create a niche for your product that is entirely different from the previous targeted market. The development of this niche requires experience and a great knowledge of the different brands in the market. When you have a separate niche for your product, it will automatically make it easy for you to differentiate your product from the regular products and would be highly valued in this new segment.  Take for example Money Problems a product on helping and providing useful and valuable information would be different if you were to segment your target audience.

• University Students
• Stay at home mums
• Retired people, over 60’s

Yet another idea that can be capitalised on is by adding related products to an existing product.  For example, if your product is in the dieting niche, you can add related items like, keep fit routines and body and mind programs to keep people on course.  With creative styling and branding, you could be on to a winner, exploding sales of your product.

Apart from the ideas mentioned above, there are many others that can be researched. You can then make improvements to older products by making changes in its design.  You can reach out to consumers with surveys and questions in order to know their likes and dislikes. Then look at new features they would like to see in a product. This exercise will help boost your ideas about more niche products.