7-20-09

Exclusivity Can Go a Long Way

Is there a way to run a successful, moneymaking business without having to come up with a brand new idea?

Creating a little club for your customers can be exactly what you need to start making big-time money. People love to feel that they are "in the know" or that they are a part of a special group that is exclusive, which comes with certain benefits.

Think about Starbucks, the coffee giant. Well, they used to just offer coffee, but now they sell everything that you could possibly think of cramming into a coffee shop. Particularly, Starbucks has been selling everything from travel mugs, to serving sets, to CDs -- they even offer wireless Internet service in their shops -- and they're making good money out of it as well.

They have exclusive CDs from artists such as Bob Dylan and Elvis Costello that you can't buy anywhere else. Talk about exclusive! People know that if they want an exclusive CD, then
they have to go to Starbucks to get it -- and you (and the Starbucks execs) just know that customers are picking up a latte while they are there.

If you can offer your customers an exclusive product, then they will come back to do more business with you in the future. Even if they can buy what you have elsewhere, you can still
sell your product as being exclusive. Meaning that you can sell them on the fact that you're the only place that offers a particular version of the product.

If it is, in fact, a product that you have created, then you will have no problem with this task. People are attracted to the concept that they are privy to something that not everyone else
is. Consider this: have you ever gone to a little-known restaurant and had a fantastic meal? Well, did you avoid telling anyone about it afterward because you wanted to keep it your little secret? Sure you have; a lot of people do this with all sorts of businesses. People love to have little secrets like this. What you want to do is have many people in the know about your business' little secret -- and you want them to keep coming back to you because of it.

If your exclusive product is handcrafted, made from all-natural products, or environmentally safe, then these are aspects that make it exclusive. Be sure to bank on this. Anything that
makes it unique and interesting also makes it exclusive. It's also about specifying that the customer is not going to find this product at their local Wal-Mart. If they want it, then they have
to buy it from you.

This way, you know that, if they're happy with the product, they will definitely come back to your store. This is where, as a small business, you have a huge advantage over large department stores. You can give your customers something that they wouldn't be able to find even if they scoured 12 different stores within a five-block radius.

How do you know your idea is worth the exclusivity treatment?

One specific part of my own business has to do with ideas and inventions. The only thing better than coming up with a great idea is watching it turn from a thought into a reality.

I've been fortunate enough to see some of my ideas take shape and turn into real moneymakers. But I'm being honest with you when I say that not all of my ideas have worked. In fact, more than a few of them have been complete bombs.

However, the one thing that I've never done is let those failures stop me from trying to attain future successes. Here's what I've learned in my experiences:

1) Always look at an idea objectively, even negatively. When I come up with an idea, my adrenaline starts to flow like a raging river. I get so excited, because I think it's the best idea ever! However, after that initial rush of excitement ends, I calm myself down so I can enter into a state of rational thought.

I look at my idea objectively. Because ideas and inventions in the business world are conceived in order to make money, I have to ask myself if there is a market for my idea. I ask myself questions such as, "Who can I sell this new product to and how much can I get for it?" and "Is there even a demand for something like this?"

I'll even take my objective thinking one step further. I'll play devil's advocate and think of all the negatives that might be associated with my idea. For example, I'll ask myself questions such as, "Why would anyone need this product?" and "Who would want to pay for something like this, at this price?"

This way, I can get the full spectrum of positives and negatives when it comes to my ideas. However, nothing is better than getting reactions from others, which leads me to my next step.

2) Get other people's opinions. I love bouncing ideas off of other people. However, the one thing that I've learned is to be selective of who I pitch my ideas to.

I used to pitch ideas to my friends and family. Bad idea. My family would try to be as supportive as possible and rave about my ideas. Plus, they weren't my target market. I couldn't ask their opinion on a new business product, because none of them had any interest on the subject.

If you want to find out if your idea is really worthwhile, ask people who are specifically interested in the subject. For example, if you have a product aimed at pets, go to a pet store and ask the employees what they think about it. Heck, ask the customers for their opinions on your idea, so long as the store owner doesn't mind. If they aren't interested in your new pet invention, then you can bet it won't sell.

It's a simple way to do market research, but it will really help you determine if you should invest any more time or effort into an idea. Sometimes, the feedback you get from this market research can help you modify your existing idea or even come up with something new.

Once you have your idea then you can build on it and make your business stand out with an exclusive offer. Whether you have one of a kind products or allow customers to join an exclusive club the choice is yours.

Businesses such as Starbucks have made a lot of money by creating this exclusive shopping experience and you can, too -- if you take the time to show your customers that they can be a part of something really special.

About the author: Today, Adrian is the Publisher of Lombardi Publishing's Business Opportunities Division which publishes many different business opportunity titles...reaching over 100,000 customers each month. In 2003, Adrian founded what is now the hugely successful e-Wealth Daily Bulletin, helping average working people achieve a life of wealth and financial success. To get Adrian's insights and see more ways to make money visit http://www.ewealthdaily.com/subscribe.html and sign up for the e-Wealth Daily Bulletin today.

 

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