The November 2008 issue of Money Magazine landed in my mailbox a couple days ago, and inside it I was pleased to find an interview with an entrepreneur who typifies the idea of filling a niche to find success. Below is a summary of the interview he gave to Josh Hyatt.
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Name: Navarre Joseph
Age: 37
Business: Ribbit Films, a NY based company providing stock video footage for use in ads and promotions
Started: 2004
Annual Revenue: $900,000
How He Got the Idea:
Navarre was working as a photographer at an ad agency when a retailer came to them in a hurry wanting a video clip of a couple being cuddly. Navarre suggested they find a place that could sell the footage without the background, and it turned out there was no such place! Immediately he saw a niche to build an online library of moving images that could be superimposed on any backdrop. He started shooting clips of "iconic" moments: Three seconds of a soccer kick, a home-run swing, a handshake, that could be used by the designers on any backdrop they wanted.
Greatest Challenge:
Navarre found it difficult to educate the desisgners about his services. Designers at first did not see a need, and using their clips which cost $299 each did not appeal to them. Nobody wanted to use the clips, until they saw someone else using them.
How He Overcame It:
He put the footage in peoples hands. He sent potential clients a disk of his work, and put free clips on their website that people could download and play with. Pretty soon people were asking "Where have you been!"
To win clients, I had to show them why they needed my pioneering video service
Navarre Joseph
Advice To Others:
When you're talking about something people haven't seen before, it's hard for them to envision. So wherever you can, show them rather than tell them.
Navarre used many techniques we have talked about here at SmallBizbee.com. He essentially gave his product away for free so people could get used to working with it, and then found they couldn't live without it. He put is product in their hands, which we know is a way to get word of mouth advertising started. And he has made sure he has a top notch product and service which is the foundation of building a successful business.
Are you a successful entrepreneur, or do you know one? Why not submit their story to us so they can be featured here?
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{ 3 comments… read them below or add one }
Love to hear this kind of success story! And it’s oh so true about letting people view or try whatever it is your business offers. I have spent numerous hours crafting graphic mockups of small business websites or emarketing newsletters – after prospects claimed they had no need for them. Letting someone actually see an example of their business name “up in lights” often succeeds when talk of marketplace value, ROI and necessity falls flat!
Kim Washetas
http://scoutforsuccess.com
@Kim Washetas
Me too, I’ve always been drawn to knowing how successful people became successful. You can learn so much from people who have already done it, and whats really inspiring is when you find out they’re just like you and me, no super powers, just drive, determination, and business sense usually.
Thanks for stopping by, come back again!
Matt
This method of getting the word out is quite advantageous because the consumer wants to see the value of a product, and telling it to them without any expectations leaves a very positive feeling in their minds. Telling someone they need something is one of the best ways to have them searching for another provider, because it ignores the consumer’s interests.