Like it or not, we live in a time when prospects and clients demand specialization. They want to feel that they’re receiving the product or service they want and need from an authority or expert.
You MUST position yourself and your business as that authority or expert, and you CAN’T do that while trying to be everything to everyone.
Most business owners today try to expand their product or service offerings, reasoning (incorrectly) that they’re casting a wider net that will catch more fish. In reality, they’re doing the exact opposite. Your prospects want to feel as though you’re focused solely on the things that are most important to them. If you try to be everything to everyone, you become nothing to no one.
The key is to discover what your ideal clients really want and make that your “niche” market.
A mere 20% of your current clients are producing 80% of your total business revenue. Those are your ideal clients, and they love what you do and what you provide for them. When you select the area that attracted them to you as your niche market, you immediately begin to attract this type of client in droves.
Your revenue and profits begin to skyrocket, and you will actually begin to work fewer hours. You will “play” at what you do instead of work at what you hate. If you fail to create a niche market for your business, the cost to you may be staggering…
- You lose revenue and profit.
- You work longer and harder.
- You lose the chance to build a valuable business asset.
- You will be forced to compete forever on price
- You will never become unique or differentiate your business from your competition
These are the secrets business owners must know to effectively position their business in the proper niche market that will explode their revenue.
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