How to Get Rich in Your Niche

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The first step in positioning your business as the “go-to company” in your niche begins with the selection of your target market.

But here’s where things get a little more interesting….

Most entrepreneurs mistakenly believe that because their product or service could benefit EVERYONE (or almost everyone) that they must have a HUGE target market.

For example, many small accountants feel that everybody needs to get their taxes done, so they market to everyone and are inefficiently investing their marketing dollars and efforts trying to reach a broad market.

And then there are accountants that have a niche (such as accounting for construction businesses, financial services, farmers, professional services, law firms, not-for-profits, etc.).

Now, if you’re in the financial services business – would you rather go to a “one-size-fits-all” accountant … or an accountant that specializes in financial services? The niche matters. 

When I operated my real estate development business, I used an accountant that specialized in construction.  Because his specialty was construction and I naturally assumed that he knew more about the industry than the ‘other guy’, I happily paid him over 4 times what I had previously paid the “one size fits all” accountant.

And, accountants are not alone.

Consumer behavior demonstrates that people generally believe a SPECIALIST knows more about a particular subject than a GENERALIST and; therefore, we will happily pay more for specialized services.

Let’s take a quiz.

Who do you think gets paid more:

  • The general practitioner or the heart doctor?  (ANSWER: heart doctor)
  • The real estate agent or the commercial real estate broker specializing in investment properties located in the Boston metropolitan area? (ANSWER:  the commercial real estate broker)
  • The photographer or the wedding photographer? (ANSWER: wedding photographer)
  • The travel agent or the travel agent that specializes in weddings to Bermuda? (ANSWER:  the travel agent specializing the Bermuda weddings)
  • The lawyer or the elder care attorney (ANSWER: the elder care attorney)

Starting to see a trend here?

“People happily pay more for specialization!”

I have a friend of mine who’s an electrician.  He said business was ‘okay’ until he changed his marketing strategy from being an electrician to becoming an electrician specializing in old homes.  Since he established his niche, he’s FLOODED with inquiries and can hardly take a day off!

Another friend of mine started a telecom company, but instead of offering telecom solutions for everybody – he was catered his business around entrepreneurs and small business owners.  With thousands of clients, he’s clearly becoming a leading player.

And while the retail flower business has been struggling in this economy, we have a friend that specializes in affordable wedding flowers and they’re busier than ever!

You see, instead of serving everybody you possibly can, when you focus your marketing efforts to one particular niche market – not only are you favorably viewed as a specialist – you now have the unique advantage of being able to strategically position yourself as the go-to company in your niche.

Once you dominate one market, expand your offerings to another market … then dominate. Rinse and repeat again and again.

In your corner,

Charlie

P.S.  As a follow up to this article, please read this post revealing why it’s critical to not only act specifically for your niche – but why you must look comprehensively at the opportunities around you.

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