1) Create A New Niche
Create a new niche for a current product. You can set yourself apart from your competition by creating a niche. Your product could be faster, bigger, smaller, or quicker than you competitor’s product. For example, if you sell downloadable software, your niche could be that it downloads faster than your leading competitor’s.
2) Add On To It
Add on to an existing product. You could package your current product with other related products. For example, you could package a football with a team jersey and football cards. Another example, you could package flowers with greeting cards, gifts, candy, etc.
3) Create A New Market
You could create a new market for your existing product. For example, if you’re selling plastic bottles to a pop company, you could turn around and sell those bottles to a fruit drink company. For example, if you are selling an e-book about dating tips, you could also sell it at a bulk group rate to online dating web sites.
4) Combine It With Others
Combine two or more products together to create a new one. For example, you could take a briefcase and add a thermos compartment inside to keep a drink hot or cold. Another example, you could take an e-book and link it to a related online message board.
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