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Get Out of The Business You’re In!

  What?! I know we’re supposed to be telling you the secret to finding success through frequency, consistency and accuracy, like we promised in our last blog post…and we will, we promise. But before we get to that one secret, it’s crucial that you understand what business you should be in. 

 

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What?! I know we’re supposed to be telling you the secret to
finding success through frequency, consistency and accuracy, like we promised
in our last blog post…and we will, we promise.

But before we get to that one secret, it’s crucial that you
understand what business you should
be in. 

Let’s take a look at an example.  Let’s say you were in the corporate video production
business.  If you were like most
corporate video production companies, you would do all the standard things that
any good businesses would do to market themselves. You would attend marketing
meetings, join some associations, start a website, use some pay per click ads, Facebook
ads and maybe even do some direct mail. 
And there’s nothing fundamentally wrong with any of that, actually it’s
probably more than many businesses do, but the real problem is you’ll only ever
get paid as much as people are willing to pay a corporate video production
company.

It’s because you’re in the wrong business. You shouldn’t be
in the business of video production, you should be in the business of being an
expert on using video to convey your client’s message and build their
business.  That’s a business that
brings real value to the client, and you could charge a “value-based” fee, not
just what everyone else is charging for video production.

This same exercise works in any business. If you’re trying
to do business with other businesses, you have to add value to your offering by
demonstrating to them how your product or service helps them grow their
business as opposed to just supplying a product or service—you’ve got to go
deeper to really provide value.  If
you’re trying to do business direct to consumers, you have to help them achieve
whatever it is they really want, not just provide a service to them, if you
want to be able to maximize your skills and your income.

And if you want to create maximum value and double, triple
or even quadruple the rate that you would normally make as just a “service
provider,” we have to get right back to that big secret we were supposed to
reveal.

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You’ve got to find a
niche.

If you don’t choose a niche, you’re going to be lost at sea
in a dinghy, without a motor.  The
ocean is far too large a place to begin. 
You’ve got to choose an audience that’s interested in what you have to offer,
with a decent amount of concentration (i.e. can be found banded together in
some place (real or virtual), based on geography, interests, necessities or
affinities as an example) and that you can afford (time and money-wise) to
create a channel of communication with. 
That’s the real key.  It’s
not that you couldn’t help many more people than any one specific niche, but if
you want to have any real shot at market penetration on a reasonable budget,
particularly when starting out, you’ve simply got to niche. 

Let’s look at an example:  If you are in the real estate business, assuming you have a
license, you are most likely qualified to sell anyone in your state a
home.  But, the issue is, how do
you reach everyone?  It’s an
impossible goal, and also a very difficult tag for your friends and family who
want to refer you business, to put on your name in their “mental filing
cabinet.”  Working with “Everyone” is just way too broad.  The best way to get referrals is to
literally ask for a referral by describing in accurate detail what your target
prospect looks like. If you can describe this, people can likely conjure up
someone in their mind who meets your description.  The more vague your description, the larger the pool someone
has to draw up in their mind, and think of it this way: the more faces in the
pool, the more blurry they are and the harder they are to see clearly. Your
friend can’t give you a good referral if they can’t be clear on who to refer!
Niches work the same way, you’ve got to be able to distinctly identify your
niche.

So, back to our example, if you wanted to become successful
at selling homes, you might niche down to working with first-time home buyers
in a specific region (a city or area of town) that are looking to qualify for
government assistance with their purchase.  In fact, we have a client who does exactly this and she
makes a great living doing it!  The
key is that it’s really easy to think of prospects for her.  Do you get the point?

By doing this, niche-ing down to a target market, you not
only make it easier for people to identify whether they’d be a good fit for
you, or know someone who would be, you also start to get identified as a
specialist.  And as we all know
from going to a general physician, versus a medical specialist, the specialist
always makes more money—and often they get to work less too!

And the other great thing about niche-ing down is that the
further you get into a specialty, the easier it is for you to focus on being
great at it, and the harder it is for others to catch up to you.  If you can understand the competitive
advantage that gives you, you’ll understand just how revolutionary this concept
really is.

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Another secret, is that you’ll notice we didn’t say that you
could only play in one niche. 
Quite the contrary. Once you’ve found success in one niche, you can
afford to start penetrating other niches. The key is to never forget that what
people really want is a specialist, so don’t get so comfortable in all your
niches that you start portraying yourself as able to help everyone—or  you’ll end up right back where you
started.  In order to keep focus on
your specialty, you probably don’t want people to find out that you are
involved in more than one niche up front, everyone thinks their issue is unique
and they need a specialist to solve it, so let’s not ruin their bias, ok! We’ve
got enough challenges to deal with when growing businesses that we don’t need
to get into trying to change the psychology of the way people think!

Do you have any other examples of how you could get out of
the business you’re currently in and niche down for more market penetration and
profits? Share it with us in the comments or ask for our help, we’ll respond!

 

ABOUT THE AUTHORS: JW Dicks (@jwdicks) & Nick Nanton (@nicknanton),
lawyers by trade but entrepreneurs by choice, are best-selling authors
that consult for small and medium sized businesses internationally on
how to build their business through Personality Driven Marketing,
Personal Brand Positioning, Guaranteed Media and Mining Hidden Business
Assets. They offer free articles, blogs white papers and case studies to
guests who visit their web site at http://www.DicksNantonAgency.com.
Jack and Nick have been featured on NBC, ABC, CBS and FOX affiliates
around the country, as well as in The New York Times, The Wall Street
Journal, USA Today, Newsweek, FastCompany.com, and many more media
outlets. If you’re ready to take your business to the next level, get
more FREE info now at http://www.DicksNantonAgency.com

 

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About the author

An Emmy Award Winning Director and Producer, Nick Nanton, Esq., is known as the Top Agent to Celebrity Experts around the world for his role in developing and marketing business and professional experts, through personal branding, media, marketing and PR. Nick is recognized as the nation’s leading expert on personal branding as Fast Company Magazine’s Expert Blogger on the subject and lectures regularly on the topic at at major universities around the world

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