It’s a snowy Sunday afternoon and I just came in from doing a little shoveling and thought I deserved a little sit down – so I’m going to write to you. What activities do you do on a snowy Sunday afternoon?
On this week’s podcast, Episode 63, I share my marketing lessons learned from my fishing adventure (listen here for the full effects!). Although I’m NOT a fisherman, learning to fish at a remote, off-the-grid fishing camp did reveal some interesting marketing lessons.
A ‘successful’ fisherman is like a successful business owner – they learn to make this ONE critical decision that impacts all the rest of their actions which ultimately leads to them catching fish (catching prospects).
While there are MANY benefits to niching down, (in an upcoming podcast episode), I think that for most entrepreneurs this benefit is a big one:
A business that niches down will make more money.
It’s true… Although it can be scary to niche down, it is one of the critical decisions that will impact profits the most and here’s a few reasons why:
5 Reasons why niching down will make you more money:
1. By niching down, you specialize so instead of being a Jack of all trades and a master of none, you become more innovative and have less competition.
2. By niching down, you tend to eliminate the ‘worst’ clients and by that, I mean those who suck your time and your energy so you have more time to work with clients who are willing to pay you for your specialty.
3. By becoming a specialist, you can charge more – a pediatric heart surgeon charges more than a general surgeon. There is an immediate perceived increase in value by being a specialist.
4. By niching down and working with only your best clients, you actually ‘Do Less, better’! You have time to be innovative and creative.
5. By niching down, you are more memorable and easier to refer.
So, if you’d like to make more $$$$ — Niche Down. And if you’re thinking I’ve already niched down, I’ll ask you a different question…..
Has your revenue plateaued? This may be a sign that it’s time to niche down again (micro-niche).
This blog post and podcast episode #63 are the first in my series about niching down. These will provide you with some of the whys, the benefits and some of the mistakes.
However, since I’m all about implementation, if you’d like some assistance and support so you can choose a profitable niche – then join me for NICHE DOWN, PROFIT UP Bootcamp, February 15-16-17 at lunch hour ET. Registration and more information here.
YOU CAN DO THIS