The biggest con we've talked about it before is you do reduce your TAM. The one that I think is not talked about enough and Alex Hermosi alluded to this in his book, Hunter Million Dollar Offers. It's an increase in effort and sacrifice when you niche. For example, if an agency only does SEO and doesn't do PPC, they may have to go with two agencies or there's a reason why Walmart sells groceries now because it makes it easier.
Chris Dreyer is the CEO of Rankings.io, a law firm SEO agency, a 5x member of the Inc. 5000, and the author of Niching Up: The Narrower the Market, the Bigger the Prize.
Top 3 Value Bombs:
1. There's so much opportunity from Niching for niching. There's premium pricing. You get better margins from eliminating waste. You can maximize your advertising. You're not throwing paint against the wall and hoping that something sticks.
2. Niching up is taking an industry and going narrower, going deeper.
3. One of the most difficult challenges businesses have today is how they're going to be different, how they're going to create a unique selling proposition.
Chris' Book Niching Up - The Narrower the Market, the Bigger the Prize.
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