How to Fill a Need and Make Big Time Money

05 Nov 2009

Just yesterday, my wife and I faced a problem with the military health care system that had us really pissed off.

Although I don’t want to get off topic and start bashing this out of date and out of touch system (whoops, too late!), I should probably explain the problem so that you can see how genius the solution was.

So, we are expecting child number 3 early next year, which will be the first we’ve had since I’ve been in the military.

Everything is going great, but like most parents, we wanted to have an ultrasound to make sure everything was OK and to see if the baby would be a boy or a girl.

Great right? Almost…the hospital actually said that I wouldn’t be able to attend the ultrasound because of privacy issues.

Are You Serious?

Aside from the obvious WTF…we were angry and looking for a solution to the problem. Having dealt with traditional health care systems for the previous children, we never expected that we would have to fight for my right to attend an ultrasound.

There’s Money in the Solution

Well, rather than fight the system, my ever resourceful wife started calling around for one of those cool 3D ultrasounds. Turns out, there was a local office that could not only see us within the week (had to wait another 4 otherwise), but had 3 different packages to offer!

Hold up…my creative marketing mind was going crazy with the realization of what was going on here. It was genius!

*on a side note, as my wife was telling me about this I actually blurted out: “that’s a blog post.” Again, whoops.*

This company recognized a need, one that is primarily fueled by emotion and irrational decision making, and found a way to provide value and charge a premium in doing so. When my wife told me about the options, it was like I was looking over a long page sales letter.

Package 1: Basic content – only $129

Package 2: Basic content + DVD (I kid you not) – only $179

Package 3: The works – only $229

This is a perfect example of how to take an ordinary service, improve upon it, and charge more money than the other guy. Typically, just increasing the value is good enough to help you earn your share of the market, but being able to increase value and beat the timeline of another provider? That’s priceless.

Find a Gap – Fill it

I know that most of us don’t have ultrasound machines sitting around our home offices, but use this example to fuel new ideas for how you can turn what you do best into a relevant and useful service. What can you provide that other businesses can’t? Where can you improve on quality, timeliness, or customer service to edge out the competition?

One person I can think of that does this extremely well is Sean Platt, Writer Dad, who has a great service that can fill immediate content needs for bloggers and internet marketers. Another is JB Glossinger, who does this by consistently reinventing the concept of a motivation guru. Lastly there’s Rich Lazzara, who does this by bridging the gap between social media and big business.

There’s an entrepreneur in all of us, but sometimes it just takes an extraordinary example to get the gears churning. I’ve already used this to set the wheels in motion for an exciting new project, what about you?

Image Credit: gruntzooki

http://nathanhangen.com/blog/what-is-a-webrepreneur/

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Walter

I think not all are capable of awakening the entrepreneurship within themselves. Probably because of the challenges inherent in its pursuit. I came to know what I'm good at and now I'm thinking of ways to extend it to those who are in need. :-)

Nathan Hangen

You are probably right about that, which is fine. The world needs people of all types. The important thing, IMO, is to just be what makes you happy.

Mike CJ

First of all congratulations! I didn't know you were pregnant, well you know what I mean! I like what you said in the post and the analogy. There are so many gaps in the market, because what we're all doing is still so new. The trick is not to keep doing a little bit on each, and then moving on to the next new idea or project.

Nathan Hangen

Thanks Mike...yeah I don't talk about family stuff that often, but I was truly inspired to write this one :)

On your 2nd point...guilty as charged :)

Antti Kokkonen

I've pondered about this before, and came to the conclusion, that a business doesn't have to be "something totally new" or "the latest hot thing". It just needs to offer something that is not out there, or offer something that's already out there, but make it better in one or more ways than the competition. Filling the gap, I like the concept.

Nathan Hangen

Exactly. I learned during my first online venture that swinging for the fences isn't the best way to go. Just try to get a base hit.

Rich Lazzara

I'm not even sure what to say about the "privacy issue"!! I am floored by that bs! VERY disappointing US Military.

Great example. I think it also speaks to investing in the latest technology. As a business owner you need to be looking to utilize the newest technology to gain an advantage over your competition. The 3D Ultra Sound is an example of this. So are all the new media tools. Use video to show your product, twitter to interact, blogs to create dialogue, podcasts for testimonials, etc etc.

Gordie, may I suggest that you not think about your blog (literally) as a business. I'm not saying don't treat it as a business. Just your blog in an of itself is not a business. If you monetize it with ads, your in the ad business. If you sell a product, then that's your business. If you focus on affiliate marketing then your in sales/reputation business.

A blog is merely a marketing tool to further your message and ultimately build your business. But first you must have something to sell. Good luck.

Nathan Hangen

Good tips there Rich, and something I'm working hard to implement myself. As for the technology, with the playing field being leveled like it is now...there is SO much opportunity that it's almost ridiculous.

Gordie

It's amazing how many entrepreneur opportunities there are. I'm slowly coming to a realization though that blogging is perhaps not so great to spend so much time on until you've actually successfully built your business.

I think of all the time I've put into my blog, when really I perhaps should have been building a proper business first.

Have so much to think about.

Nathan Hangen

It's hard, because on one hand you want to build a platform but on the other you don't really want to talk out of your ass. (When I say you I mean all of us).

I have found that it is much easier to draw traffic and make money on more obscure niche sites than in the blogging niche. There is just so much competition that it takes time to build a solid base.