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10 Commandments You Must Follow to Define a Novel Product Marketing Niche
By
Geoff Ficke
Article Word Count: 357 [View Summary] Comments (0) |
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The following are 10 of the most important Commandments the entrepreneur or inventor can follow when seeking to define a fresh niche to be attached with new products, services or business concepts.
1. Speed
People, especially in the industrialized developed world hate to wait for services, delivery or fulfillment. Figure a way to deliver your product faster that competitors and you will enjoy a huge competitive advantage.
2. Addition
What can your product add to an already existing product that creates an obvious advance, improvement or new usage feature or benefit for the consumer.
3. Customization
In a world of mass marketed, high volume production goods the opportunity to customize a product or service is often a sure fire way to break through market clutter.
4. Portability
The ability to use a product in as many places, as many ways and at any time creates huge opportunities to expand a category with a portability feature that is highly prized in a mobile modern society.
5. Safety
Can your product innovation improve the personal safety of users? Mitigation of risk is always a winning feature in new products.
6. Entertainment
People love to be entertained. This can be achieved by incorporating humor, novelty, history, pro-activity or clever branding in your new item.
7. Adaptation
If there are already successful products in your space, look to adapt and improve those products by adding convergent features and benefits to differentiate your offering.
8. Reversal
Identify a service or product feature that competitors are highlighting and reverse engineer the offering to highlight a performance difference.
9. Elimination
Life is hectic, cluttered. People will pay more for a product or service that provides a service that eliminates or lessens wait, pain, risk, inconvenience, etc.
10. Easier
People crave products and services that make life easier. Just look at the modern kitchen, laundry room or tool shed in any modern home.
Consider each of these 10 Commandments when evaluating your new product or business idea. If you can shape the idea to include one or more of these keys you will have an exponentially greater chance to successfully sell into the contemporary marketplace.
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Geoff Ficke has been a serial entrepreneur for almost 50 years. As a small boy, earning his spending money doing odd jobs in the neighborhood, he learned the value of selling himself, offering service and value for money. After putting himself through the University of Kentucky (B.A. Broadcast Journalism, 1969) and serving in the United States Marine Corp, Mr. Ficke commenced a career in the cosmetic industry. After rising to National Sales Manager for Vidal Sassoon Hair Care at age 28, he then launched a number of ventures, including Rubigo Cosmetics, Parfums Pierre Wulff Paris, Le Bain Couture and Fashion Fragrance. Geoff Ficke and his consulting firm, Duquesa Marketing, Inc. (http://www.duquesamarketing.com) has assisted businesses large and small, domestic and international, entrepreneurs, inventors and students in new product development, capital formation, licensing, marketing, sales and business plans and successful implementation of his customized strategies. He is a Senior Fellow at the Page Center for Entrepreneurial Studies, Business School, Miami University, Oxford, Ohio. Article Source: http://EzineArticles.com/?expert=Geoff_Ficke |
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Article Submitted On: November 02, 2009
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MLA Style Citation:
Ficke, Geoff "10 Commandments You Must Follow to Define a Novel Product Marketing Niche." 10 Commandments You Must Follow to Define a Novel Product Marketing Niche. 2 Nov. 2009 EzineArticles.com. 25 Nov. 2009 <http://ezinearticles.com/?10-Commandments-You-Must-Follow-to-Define-a-Novel-Product-Marketing-Niche&id=3195167>.
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APA Style Citation:
Ficke, G. (2009, November 2). 10 Commandments You Must Follow to Define a Novel Product Marketing Niche. Retrieved November 25, 2009, from http://ezinearticles.com/?10-Commandments-You-Must-Follow-to-Define-a-Novel-Product-Marketing-Niche&id=3195167
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Chicago Style Citation:
Ficke, Geoff "10 Commandments You Must Follow to Define a Novel Product Marketing Niche." 10 Commandments You Must Follow to Define a Novel Product Marketing Niche EzineArticles.com. http://ezinearticles.com/?10-Commandments-You-Must-Follow-to-Define-a-Novel-Product-Marketing-Niche&id=3195167