To niche or not to niche, that is the question.
At Market Domination LLC, we hear this question all the time.
We hear it, because we ask it.
It is the first question we ask in any marketing consultation.
“Who is your target market?”
We get all kinds of answers.
“I can help anybody.”
“I’m a dentist. I can help anybody with teeth!” Hang on doc, let me call everyone I know with teeth and send them your way.
“I work with pre-retirees, and retirees.” Technically, that's everyone on the planet. My 12 year old son is technically a pre-retiree, because he isn’t retired yet.
“I can help any business owner that wants to generate more lead and sales.” You can’t. First of all, they need to have money to pay you, so that eliminates all the businesses that are failing, or who don’t have any “extra” money to spend on funnels and marketing.
Second of all, there is no scale to be had in taking on everyone who can fog a mirror and write a check. When I started in 1999, I tried. I tried to be all things to all people.
You know what? I ended up getting lousy results for my clients, driving myself crazy, building everything from scratch every time, and I had a hodge podge of random unsatisfied clients.
Niching is the solution.
I started off serving financial advisors, because it was my first career. I took what I learned about generating leads for my own practice, and I used that success to launch a marketing firm that served financial advisors.
I knew what would work for them, because it had just worked for me.
I offered to duplicate what I had done, in their town (as long as it wasn’t within 20 minutes of mine).
I did slight variations on the same thing, over and over again, and it worked.
We are still doing it to this day.
Because it's pretty much the same from one advisor to another, we can build systems that other employees can run, and we have grown the business from just me, to me and 33 team members.
That’s what nicheing can do for you. Sanity, profits, happy clients, and a whole lot more.
Sure, we have expanded since then into other professional practices (orthodontists, dentist, accountant, lawyer, chiropractor, etc), but the principals are pretty much the same.
Wait! Won’t you lose out on other clients if you focus on one niche?
That’s the whole point!
And here’s the best part - you can charge more if you are niche specific.
If you are “just another funnel builder”, and you aren’t familiar with the financial advisor compliance rules, how much can you charge for a funnel and traffic every month?
A couple thousand dollars a month?
But if financial advisor lead generation is ALL you do, and you have shoeboxes full of case studies from happy advisors you have helped, you can charge up to FIVE TIMES more every month for the same thing!
People want something that is FOR THEM.
You can buy an off the rack suit from Joseph A. Bank’s for a few hundred dollars.
Or you can buy a custom tailored suit sewn from scratch by Brioni for $4,000 or more.
Sure, you can't sell a $4,000 suit to everyone who needs a suit, but that’s the whole point.
Do you want to be off the rack, or Brioni?
Seth is a Nationally Recognized Direct Response Marketing Expert. Seth Greene is the author of five best-selling marketing books, and his latest book, Market Domination for Podcasting hits Barnes & Noble in January. He is the only person in history that Dan Kennedy has nominated for marketer of the year three years in a row.