CAN YOU REALLY MAKE MORE DOING LESS?
The answer to this age old question is summed up in the often heard phrase¦Riches in Niches. So in short the answer is ‘YES you can make more doing less¦.as long as the ‘doing less is a laser focused pursuit within a niche.
Why is there Riches In Niches?
When you stop to think about this phrase it should be obvious and you should not have to be a Rocket Scientist to understand why the money really is in the Niches because the specialization effect and the the power of being able to craft a pitch at a targeted niche.
An anology of being able to get more doing less is if you were a Brain surgeon vs a General Practice Doctor. The brain surgeon can charge more for the specialization of the services provided. The doctor that has a general practice will have to do tons more work to be able to match the income of the specialist in spite of the fact that the specialist does fewer procedures.
Now, that example may not be the best one to use, but it illustrates the point I want to make and that is this. Too many times people will say “I dont know what niche to pursue and my answer is ‘What general information to you already have a base knowledge of and see if there is a market to pursue within that general knowledge and ‘niche it down to a level of specialization.
For example, (Now this example may not be politically correct but I am not trying to be politically correct and I am trying to help people make money) If you are a female that owns a Auto repair/mechanic/ body shop, to me it would make sense that you exploit the truth and create a niche. It would make sense to flaunt and exploit and market the fact that you are a female that owns the shop and it is a shop that caters to the female clients. There would be a certain number of females that would use this shop just due to the affinity. But the owner could niche it down by selecting a service or repair and specialize in that and she could also make a comparison between the waiting area of the typical bodyshop and niche her waiting area to be more female friendly. She could do any number of things from having a newsletter to having a Special Report detailing the 7 Things ‘They Dont Want You To Know and referencing the ‘unspoken enemy being the male bodyshop owners and how they take advantage of unsuspecting female car owners. (Remember the blog entry about selling against a common enemy? This presents the classic opportunity to pursue this marketing message) So in short she could niche it on her affinity of being a female¦she could niche it on a specific service or type of repair and she could niche it even further if she decided to target to females over a certain age (there is a considerable amount of money controlled by the age 50 and over females so the disposable income is substantial and the price elasticity would be reflected in pursuing the niche and accentuated by the luxury target)
Do you have to find the niche from a market that you are already in? Absolutely not.
The key is to make sure there is a market for the niche you are going to go in to. I have a couple of friends that have exploded into a niche and are doing quite well in spite of the fact that they had zero prior work or exposure in that particular niche¦.zero affinity, BUT they made sure there was a need in the market and now they are filling that niches need. There are a number of cost savings associated with niching too, which is not the same as making more money, but it drastically effects the bottom line net. The savings line up with less waste going after the broader market. Less competition from niching down. Typically higher retention of clients. And when the message is tweaked to create the “Thats for Me effect you get a better ROI on the marketing. Which gives you more to plow back into creating systems and once the systems are honed the wealth will follow.
This is just a brief overview of Riches in Niches and I will be adding to this topic in some blogs in the future. If you have specific questions as to how you may be able to create a niche feel free to make your request via the comments section here on the blog. Simply click on the word ‘comments’ below and enter your request and tell me why I should select you.
I will select one lucky winner and do a FREE FAST START consultation to help them get rolling toward becoming Rich by pursuing a Niche! To be considered your comment must be posted during the month of January and you must make the case as to why I should choose you to receive the FREE FAST START Consultation.
Good luck!
“Take Action, But Dont Let Actions Take You!
“Think Big¦Dream Bigger!
©TMG 2008
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