Afraid? Nope, There’s Money to be Made!

by Dan on October 19, 2011

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Looking at people who make their money by selling things to people who do outrageously dangerous things.

I decided to write this post after spending the last few days reading stories about people who do hilariously dangerous (and in some cases, fun) things to get paid. Not only do they have nerves of steel (or brains of jelly – likely both), but they also use some pretty unique pieces of equipment. This got me thinking about niche markets and the businesses that produce the equipment these people use to have fun.

The niche sector is an area of business that is, so to speak, specialised. It focusses on the needs of an identifiable group, rather than of the needs of the wider market (e.g. diabetic jam). At the end of the post I’ll explain how using niche markets can help your business grow, but first I’ll give you some colourful examples of niche markets.   These people have got their niches down to a tee:

1) Manufacturers of the Vampire wingsuit. Top of my list because the Vampire’s target market is a unique subset of the already fearless parachute market: the fearless, crazy, adrenaline-loving base jumpers that love nothing more than proximity flying. Don’t know what proximity flying is? It basically involves flying as close as you can to cliffs in a wingsuit. Inrigued? Check this out:

2)Manufacturers of free climbing power grip gloves. This is pretty much level-pegging with the craziness of 1) (if not more crazy, but just not quite as cool). Free climbers climb mountains or buildings without any safety equipment. I’m sure you’ve all heard of ‘human spiderman’, Alain Robert. He’s about as nuts as you can get, scaling incredibly tall buildings with nothing but the clothes on his back. Some free climbers go au natural, others – some would say the ‘less hardcore’  – use the specialist free climbing gloves that give you extra grip.  I know what you’re thinking, ‘wimps, using gloves?! pffft’. Still, the kind of person that only relies on gloves to scale a building musat have bull cajones. And the people that make the gloves? You’ve guessed it, they’ve got their niche sorted.

3) People who make the kevlar vest. This niche isn’t quite as exotic or exiting as the top two, but still, anyone who wears a kevlar fest isn’t wearing it because they’re expecting to get stabbed with a banana*. They’re probably thinking more along the lines of getting shot.And anyone who expects to get shot or stabbed is still fairly ballsy. Again, the makers of the kevlar vest have their niche nailed.

*getting stabbed by an unpeeled banana is actually quite painful.

So, where do you and niches fit in?!

Well, as you may have guessed, if you can identify a niche that no-one else has, you have the potential to make a load of money. This is because you can be the only person delivering, or producing, a unique service or product. The benefits of this are obvious: fewer competitors, easy to develop brand loyalty and lower marketing costs (as you already know your potential market, so you can target ad campaigns rather than using inefficient generic marketing campaigns).  If you think you know something that could suit a specific group of people, then try it out. Why not? You could make an absolute fortune.

Cheers for reading another post,

Dan Little

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