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In episode #749, Eric and Neil discuss whether riches are in the niches. Tune in to hear whether you need to focus on a niche market.
TIME-STAMPED SHOW NOTES:
- [00:27] Today’s Topic: Are The Riches Really In The Niches?
- [00:55] If they are, then why do we do different things?
- [01:15] In the beginning, you can go after a niche, because it is too expensive to go after a huge category.
- [01:20] Once you are established, you should expand and get beyond a niche market.
- [01:22] For example, ConvertKit tried to compete in the email marketing space and it didn’t work out. When they changed course to be a service for bloggers, they started succeeding. Now, they are Seva and have a larger business.
- [02:00] It is hard to make millions working within a niche.
- [02:35] If you are going to swing, swing for the fences.
- [02:54] If you don’t have a lot of cash, go for a niche. If you have the money, go for a huge market from day one.
- [03:25] Eric interviewed someone who works for Kahuna.
- [03:44] They focused on one area and then expanded their knowledge in that area.
- [04:10] In this case, the company wasn’t working before they focused on a niche.
- [04:41] Sam Evans found that when he “niched down”, he was able to have more success.
- [05:10] Now, Sam and Consulting.com target anyone who hates their job and has some sort of expertise. Then he teaches these people how to become consultants.
- [06:05] He has since had members create testimonials for his service.
- [06:100] That’s it for today!
- [06:17] If you could take two minutes out of your day, we are trying to improve the listening experience for you, so go to Singlegrain.com/survey and help us gain some insight into what matters to our listeners.
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