Going Wide VS Niche

Summary

• When you narrow down your target customer, you can increase your price up to 5 times.
• If you target a wide audience, you'll have more sales volume but with lower pricing.
• Focusing on a specific niche allows you to charge premium prices because the service is more tailored and likely to deliver results.
• A specialized approach ensures a higher success rate since you know that specific steps work for that particular group.
• When serving a broad audience, your reputation can suffer, and you can't price your service appropriately.
• To prevent dissatisfaction and maintain value, it's helpful to offer free resources first.
• Once users see results from free resources, you can transition them into paid services for better outcomes and brand loyalty.
• Selling from a position of value and confidence, which I call selling from the back foot, is my preferred method.
• By focusing on a narrow niche, you will build a stronger brand, generate more goodwill, and achieve higher conversion rates.

Video

How To Take Action

If you're running a small business or working on personal growth, narrowing down your target customer can really help. Here's what I'd suggest:

1. Narrow Down Your Niche:
Focus on a specific group of people who need what you're offering. By being more specialized, you can charge more for your services because they get better results when it's tailored to them.

2. Offer Valuable Free Resources:
Start by providing free content that delivers real value. This could be a guide, a set of tips, or some free advice. When people see that your free stuff works, they'll trust you more.

3. Transition to Paid Services:
Once your audience gets results from your free resources, offer them paid services. Since they already trust you, they're more likely to pay for your premium offerings.

4. Build Your Brand:
Focusing on a narrow niche helps you build a stronger brand. Your reputation will improve because people in that niche are likely to succeed with your tailored advice or product.

5. Sell from the Back Foot:
Sell with confidence by positioning yourself as providing immense value. When you're not desperate to make a sale, customers feel more inclined to buy.

6. Preserve Your Reputation:
Avoid trying to please everyone. Spreading too thin can hurt your reputation because not everyone will get good results. Focusing on a narrow group ensures that more people are satisfied and this will boost your brand's credibility.

By following these steps, you'll increase customer satisfaction, build a strong brand, and achieve higher conversion rates.