Trend 16: More 100% Fit Products in Global Niches

Jan 23, 2011 Comments Off by

Tightly defined niches can have tightly defined solutions. With increasing online access to these niches, trusted suppliers with global scale can more easily and viably create and sell 100% fit solutions.

In the search to buy products and services that are the best-fit to meet a specific need or requirement, customers often have to settle for something less than a perfect solution.

Purchasing is usually a process of defining essential and desirable product features and requirements. Then the purchaser does their shopping research, looking to see which must-have, nice to have and non-essential features are included or available in different products.

For customers, this shopping process generally involves compromises, with the perfect solution often hard or impossible to find.

Potential manufacturers of products and services to a small local niche market are often put off producing, or even contemplating products that may be the perfect fit for a handful of customers or a single customer.

Small run small scale manufacturing is seldom viable, and custom-built products for a single customer can become prohibitively expensive and non-competitive.
 
 

Viable Scale in the Global Marketplace

However, now with Internet we have increasing access to the global marketplace.

Globally, the specific needs and requirements of a customer in a small or tiny local niche may be identical to the needs of other customers in the same niche in other local geographic areas around the world.

When a manufacturer or supplier can extrapolate the production and sales of a 100% perfect fit solution from a local market to the global marketplace through the global scale offered by the Internet, the question of viability and cost-effectiveness balance can change dramatically.
 
 

The Perfect Solution

Entire new products and services can be produced which can be easily bought by customers in the niche around the world who will quickly recognize the perfect solution when they see it.

These customers will often pay a price premium to have the solution that is just right for them, and can become extremely loyal to the first provider of the 100% solution.

Any supplier who can demonstrate a sincere and deep understanding of the needs of a tightly defined niche of customers by developing a 100% solution to meet these needs will quickly establish a reputation that will be hard to compete against.

Whilst it can be cost-effective for one or even several suppliers to sell into such small global niches, the niche itself may appear to be an unattractive opportunity to other larger businesses looking for new markets in which they can easily compete, especially if the first supplier has established a substantial market share.

The tighter a niche can be defined, the easier it becomes to identify and understand the needs of customers within the niche.

In a world in which it is possible to produce, sell and buy a 100% perfect-fit solution, trying to produce and sell a good fit solution may no longer be good enough.

Increasing access to global niches will result in an increasing understanding of the needs and wants of members of the niche.

Attract the people in the niche, gain their trust and make products to meet their needs and wants – and the products can virtually sell themselves.
 
 

Questions To Ponder

  1. How much business could you lose if your best customers were offered a 100% fit perfect solution by a competitor?
  2. Who could be developing better 100% fit products in your industry at the moment?  How do you know? How can you find out?
  3. What 100% fit niche solution could you create and sell to others? Do you know how to produce, promote and provide it?
  4. What 100% perfect fit solution would you like to buy and use in your business?  Do you know where to find it?

 

Go to next trend: Increasing 1 to 1 Marketing

Go to previous trend: Increasing Globalization

 

Strategies & Roadmap, The Big Picture, Trends
Add A Facebook Comment
Comments are closed.