Become The Expert In One Niche With One Product
In this article, I’m going to explain why you should focus on one product, one service, in your business, and not offer everything to everyone. Furthermore, you should only focus on one client in your business.
A lot of people are having this issue where they’re calling businesses, and they’re getting clients, but they’re finding out they need multiple services, (website design, SEO services, paid ads etc). They want to be a full service marketing agency, and they‘re just starting a business; they barely have two or three clients, yet they want to be a full service marketing agency. They want to have everyone as a client, so that they don’t ‘narrow the field’.
Here’s the deal: if you have everyone as a client, then you have no one as a client, because you can’t possibly know every little detail, about every kind of business. You’re far better focusing on one type of business, for example only targeting, and only talking to plastic surgeons, to get to know their industry inside out. That way when you’re talking to them, you’re the expert for plastic surgeons – if it’s for marketing, or creating a website etc.
They have very specific needs, they have their emotional needs, they have their emotional, marketing, and special little laws and so on. Pick out one tiny niche, even Architects in Australia (I actually looked at it recently), and there were 9800 Architects in Australia. That’s just in the yellow pages; in reality there are probably more.
You can almost spend full time calling these people, and it will take you more than a year to call everyone – and that’s just to call them once, I hope you’ll be calling them several times, and that will take more than a year.
You’re not going to run into the issue of running out of clients. If you focus on one niche, it’s going to be much easier to close the sale, you’re going to know exactly what they need – you’re going to know more about their website, their business, than they know. It’s much, much easier.
Another thing is that you should only be offering one single service, or product – the reason for this, is, because once you have got the client (which isn’t really that hard), you need to deliver. Imagine you get one client in one week, and then you get a second client in the week. Suddenly you’re juggling two clients, and you have to deliver, you have to optimise your funnel, your process inside your company so that the company works – without you having to oversee everything.
The day you spend over seeing everything, the day you’re not closing more sales, your business isn’t growing.
If you have one single product, one single service like website design, you only need to have one team, and one tiny little funnel in your business. The process would be: briefing comes in, then it goes to mock up, then to basic design, feedback from the client, and then it goes to final testing and delivery. Something like that, one single line in your company, and every single person is assigned one role – even it’s designed for two people.
This way you don’t have to be everywhere all the time, you just have to put it in at the front, and it comes out done at the end. That way, you can spend every single day making sales, suddenly you have a company instead of closing $5000 – $10,000 of sales per month, you have a company doing $50,000 – $200,000 in sales per month – sometimes even more.
It goes through your machine like an assembly line, the website or whatever you’re making is going to get done, that’s how you build a company based on processes. Of course there’s no limit as to how far it can grow, the bigger it gets the more complicated it will be to run (I’m talking up to several figures here).
People wonder if you have multiple production lines in your company, (website design, SEO services and videos) they don’t see what the problem is. You should specialise because every one of these businesses are completely different. They have different contracts, different aspects in their subset of industry, you’re talking to completely different people in some cases – you need to specialise in new skills, and go to more seminars.
If you spend all your time finding out about videos, you could be the expert for architects in a certain country – spending all your time on videos. This way, you can charge them a lot more money because you’re making them a lot more money, and you’re going to get them more results, that means you can charge them a lot more money.
It’s a branding thing as well: if you’re the expert in the industry, they’re going to pick you over some general marketing agency. Try it out, try focusing on one product, and one client. You’re going to have a lot more free time, a lot more money, and be able to charge them more per sale – your company’s going to be a lot more scalable. There are even more benefits which I’m sure you’ll find out.
It’s not boring to offer the one thing: offer the one thing, and become an expert in it. It’s not boring to learn about one single niche, about one single product – there are infinite improvements you can make. You can get really good at this.
If you get bored after 5 years, sell your company, and build a different company. What you can implement from this is obvious: focus on one thing in your company, and get some sales. Let me know how it goes by commenting.