Episode 009 – Should You Go Into A Niche Market You Love Or One That Has Money?

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I have to say that in the beginning, it feels a little bit strange to do a daily recording like this and just talk to a mic, share my thoughts, my ideas, what’s happening in my life, how I run my business, or just to answer your questions. Talking to a mic like this, talking to a microphone – I thought that would be strange.

Now I’ve done it a number of times. It’s kind of interesting. It’s becomes a part of a daily routine for me basically, that I would just talk on the microphone and answer your questions and just share my daily thoughts with you and whatever that hits me or any ideas. I’m liking this a lot.

It’s like people who write their personal journal everyday. This is almost a form of a diary for me. The difference is that I get to share with the world what I’m thinking and what has worked for me and also being able answer your questions and kind of help you out. This also gives me the leverage to kind of want to 1000, 2000, 10000, 20000 or whatever how many people that are listening to this particular show. So for that, I am grateful and I am very happy.

Another Question From Our Facebook Community Group Answered

So today we have another question. This question is from John Kim, and it’s a question that’s quite common. But I think I would answer it in a way that you may not expect. So here’s John Kim’s question. John is asking me, “What niche should my digital marketing agency go into?”

The answer is, it depends.

Very often, people go into different niches when they are purely driven by just money. Usually it doesn’t work out so well. Maybe they see someone else making a lot of money doing digital marketing – the chiropractor niche. “Oh, I should jump into that!” Or if someone is making a lot of money doing digital marketing for e-commerce, they should jump into that.

The Difference Of Going Broad Versus Focusing On A Niche

If you’re starting out and you don’t have a lot of experience, you might at first go broad because you don’t know what type of clients you could add value to and you want to serve. So you’ll find that in your career and I find that to be true in my case. During your business career you might go broad, meaning you try to serve anyone who needs digital marketing.

Let’s say you did their Facebook marketing and you may say, “You know what, I can do digital Facebook marketing for offline businesses, online businesses, service-based businesses, product businesses, e-commerce businesses. So it’s much more service-driven. “Hey you know what? I can do this. Anybody can hire me.”

You go broad and as you serve more and more clients then you might say now you want to go niche. You say, “You know what? I just want to do digital marketing for plumbers.” “I just want to do digital marketing for dentists”, “I just want to do digital marketing for real estate agents”, whatever that niche you select.

Ken’s Story: His Transition To Niche

I’ll give you a perfect example. One of my Dan Lok Inner Circle members, Ken. At first when I met him he was working with all kinds of people. He basically does search optimization SEO for clients. Ken would take on all kinds of clients and works with all kinds of businesses and all kinds of price points. It was a mess. When I started working with him, I said, “Share with me your client list and who you’ve worked with.” And he’s been in the business for a long time. He’s been doing this for a decade now.

I noticed that more than 65% of his clients are from particular profession. They’re all real estate agents. I’m like, “That’s very, very interesting.” Basically, 80-20 rule. If that’s mostly where your clients are coming from, why don’t you just tweak your message and just serve that particular group of clients? Why would you try to diversify and be over the place and try to be everything to everybody?

And that’s what he did. So he narrowed down his niche to one particular niche which is real estate marketing for agents. Helping them with their websites and helping them getting traffic, getting leads, getting listings and that sort of thing.

Choosing Your Niche That’s Right For You

So in your career you might find that you go broad and you go niche and you go broad again. Even Tony Robbins started off as NLP – Narrow Linguistic Programming. And so, he went kind of niche and helping people with phobia and later expanded that to helping people overcome their belief – that’s where personal power comes out. And later on, even broader to relationship and motivation and a lot of different things. And now even with the Money Book and The Unshakable Book.

Now it’s more of finance and money and money management and that kind of industries, that kind of niche. You have to start from anywhere, somewhere, before you go into a niche. If you start a niche, here’s the thing – unless you have affinity or you know the industry very well or you have connections, before you go into any niche you have to ask yourself the question, “Why you and why now?” Why do you deserve to be in this space? And can you be the number one or number two digital marketing firm in that space? The answer maybe is yes, maybe it’s no.

Don’t Just Do It For The Money

Don’t just go into it just because someone else is making money doing it or you believe that it’s easier for you to make money doing it. It may not be necessary the case. Just because there’s a digital marketing company that’s making millions of dollars selling to dentists doesn’t necessarily mean that you can sell to dentists.
Maybe you don’t know how to sell to dentists and maybe just your communication, your message, you don’t have a crafted message that resonates with them or maybe your backstory is not compelling enough to convince them to buy.

So there are many, many factors. But the question you have to ask yourself is why you and why now? Why do you deserve in this space? And from then on, once you narrow that down, who do you like to work with, who you like to serve, then you can narrow that down. Don’t just do it strictly because of the money reason, that’s not good enough.

Until next time. Always be closing.

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