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Is There a Market for Everything?
August 8, 2008
One highly recommended economics-related blog I visit at least daily is called
Marginal Revolution, and every so often they come across and post about unusual business ideas, which they refer to as “markets in everything.” Some recent examples, both from MR and elsewhere:
- Playboy magazine in Braille (wasn’t this an old Woody Allen joke?)
- A Japanese DVD called Miteiru dake (Just Looking), which is nothing more than models staring straight at the camera. “According to the website, the idea is to get young males who aren’t used to socializing with women to become more accustomed to making eye contact and/or handle the fact that a sentient being sits across from them and awaits interaction.”
- “There’s a hot market for demilitarized ICBM silos. There are three of them on offer at eBay right now, with the asking price of $500,000 per silo.” (Hey, Christmas is coming.)
- Reverse prostitution. “That is, thousands of people in Africa will be paid to avoid unsafe sex, under a groundbreaking World Bank-backed experiment aimed at halting the spread of AIDS.”
- William Shatner has sold his kidney stone for $25,000; the money went to a housing charity. (Even I’m not that big a Trekkie.)
- “Rent your soul for $10.” (I dunno. I’ve rented enough cars to know that I probably wouldn’t want it back.)
Anyway, this is a fun exercise, but I was reminded of “markets in everything” when I saw
this story on CNN.com last weekend:
“Quirky” jobs on the rise, insurance company says
What do badger consultants, dog psychologists, and painting authenticators have in common?
They’re some of the unusual and quirky jobs that are becoming more commonplace in modern society, according to Hiscox UK, a British insurance company.
What, you may ask, is a badger consultant? Sure, we’ve all known consultants who badger their clients (ahem), but in actual fact it is someone who “advise[s] people how to keep within the laws protecting the nocturnal animals.” Didn’t know there actually were laws pertaining to badgers? Well, maybe you need a badger consultant!
Why is the insurance industry concerned?
“In today’s compensation culture, it is unfortunately all too easy to imagine a customer suing their dog psychologist if their dog continues to eat their slippers, or somebody taking their feng shui consultant to court if they’re not happy with their home’s energies.”
Ah. Yeah, that’s a fair point. While all of this may sound (and, in point of fact, just be) silly, in a diverse market economy—and especially in a wealthy nation—there can be a niche for just about any service someone cares to provide. I remember 10 years or so ago when I first heard of “life coach” as a service and I initially thought it was quite the racket. But having met a few who do make a living at it, they really can provide a useful service for people. (This is not to say that people who claim to practice the paranormal like psychics and astrologers aren’t complete charlatans, which they are.)
It may very well be a case of “if you build [or offer] it, they will come.” So if you want to try exploiting a hitherto untapped niche market, the sky’s the limit. Hmm, badger consultant is taken...I wonder if anyone is doing anything with aardvarks...
Posted by Richard Romano on August 8, 2008 | Comments (0)
