David Baker, author and speaker, explains the importance of expertise and the downsides of long-term relationships. He discusses the benefits of narrowing down focus and the value of offering fewer services. The podcast also covers the power of productizing and positioning yourself as an expert in your field.
To position yourself as an expert, narrow down your expertise to a specific niche and create a sub-brand to market your services more narrowly.
Productize your services by offering a specific set of tailored offerings, charge premium prices, and focus on delivering value efficiently.
Deep dives
Positioning Your Expertise: Narrowing Down Your Focus
To make your expertise more narrow and unique, you need to start by looking at your past work and identifying times when you made good money, moved the needle for clients, and enjoyed the work. From there, you should draw a circle around the areas that consistently align with these criteria. It's important to find competitors in your chosen niche, ideally between 10 and 200, as too few competitors may indicate limited opportunity, while too many may indicate market saturation. By boldly claiming your expertise within this focused area, you can position yourself as an expert and create a sub-brand to market your services more narrowly.
Productizing Services: Offering Less to Charge More
One key to narrowing your expertise is to productize your services. This involves creating a suite of offerings that are specifically tailored to your unique specialization. By offering less and focusing on a specific set of services or outcomes, you can charge premium prices and become more efficient in delivering value to your clients. Start by developing a diagnostic or road mapping service as your first offering, then design additional service packages based on your target audience's needs. Remember that the goal is to ensure that most clients use most services most of the time.
Positioning Mistakes to Avoid: Overcoming Fear and Saying No
One common positioning mistake is being afraid to narrow down your expertise due to fear of missing out on opportunities or disappointing clients. However, it's essential to have the courage to say no and focus on the right opportunities for your business. Another mistake is accepting work that doesn't align with your new positioning. To overcome these challenges, consider creating a sub-brand or focus on marketing efforts that align with your narrowed expertise while gradually phasing out unrelated services. Remember, your business should serve your needs and goals while providing value to your target audience.
Making Your Expertise More Narrow: The Math of Competition and Opportunity
To determine how narrow your expertise should be, consider the number of competitors in your chosen niche and the available market opportunity. Aim for around 10 to 200 competitors, as this indicates a healthy level of competition without overwhelming market saturation. Having competitors shows there is a demand for your expertise, while too few may indicate a lack of opportunity. By finding the right balance and confidently claiming your niche expertise, you can make your skills and offerings more unique and valuable to your target audience.
Have you ever wondered why being an expert in your field can make or break your brand's success? Becoming an expert takes time and effort. It requires continuous learning, staying up-to-date with industry trends, and relentlessly demonstrating your knowledge. Over time, your expertise will contribute significantly to your brand's growth and reputation. Joining us today is David Baker, author and speaker, to explain what it means to be an expert, how to become an expert, and everything in between. In our conversation, we discuss why long-term relationships can be dangerous for your advisory practices, productizing your service offerings, how to avoid the time-for-money trap, and the steps to position yourself as an expert in your field. David also reveals his approach to writing, emphasizing the key elements that keep him inspired and motivated. Discover why it's not about knowing the right thing; it's about having the courage to share your thoughts and experiences. To learn the secret sauce to becoming an expert and how to charge more for doing less, tune in now!
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