#724 Hyper Niche Business Ideas with Big End Game Potential
Oct 19, 2023
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Dana Lindahl, founder of Legendary Podcasts, joins Dan to discuss generating cash flow and demand through cold email and identifying high-earning hyper niche business ideas. They also touch on running service businesses, the "Split and Sale" strategy, and being on the podcast blacklist.
Cold email is an effective marketing channel for early-stage companies to generate new leads and test product viability.
Legendary Podcasts facilitates podcast tours, connecting clients with relevant podcast hosts and providing value to both clients and hosts through personalized outreach efforts.
Podcasting serves as a complementary marketing channel for businesses to build brand awareness, establish expertise, and attract potential customers.
Deep dives
The Power of Cold Email in Generating Leads for B2B Service Businesses
Cold email is an effective marketing channel for early-stage companies looking to generate new leads and demand for their B2B services. With the ability to quickly reach out to potential customers and receive real-time feedback, cold email allows businesses to test their product viability. It provides a targeted and customizable approach to reach prospects, making it easier to qualify leads and adjust targeting when needed. However, as companies mature, they should explore additional marketing channels to complement their cold email strategy and avoid overreliance on this method. Cold email remains a powerful tool for lead generation, but its long-term effectiveness may diminish as markets become more saturated and customer preferences evolve.
Legendary Podcasts: Helping Entrepreneurs Go on Podcast Tours
Legendary Podcasts, a company run by Dana Lindel, facilitates podcast tours for individuals looking to reach specific audiences and deliver their message. By understanding the goals and target audiences of their clients, the company assists in securing podcast appearances that align with these objectives. The service focuses on connecting clients with relevant podcast hosts and ensuring they provide value to the audience during their interviews. While the business operates primarily through cold email outreach, it faces challenges in qualifying hosts and educating them on the benefits of podcasting. The company's success lies in its ability to profile customers, personalize outreach efforts, and foster relationships with both clients and podcast hosts.
The Value of Podcasting as a Content Marketing Strategy
Podcasting serves as an effective content marketing strategy, allowing businesses and individuals to build brand awareness, establish expertise, and attract potential customers. By appearing on podcasts and engaging with audiences, individuals provide value to listeners, thus prompting them to seek further information and explore the guest's offerings. While podcasting offers numerous benefits for early-stage companies, more established businesses should view it as a complementary marketing channel rather than relying solely on it. Through podcasts, companies can capture the attention of well-informed consumers who conduct independent research before making purchasing decisions, thereby shortening sales cycles and streamlining the customer acquisition process.
Overcoming Challenges in the Podcasting Business
The podcasting industry faces challenges related to supply and demand. While there is significant demand from individuals seeking to establish themselves as guests on podcasts, podcast hosts often have specific criteria and preferences for their shows, making it challenging for booking agencies like Legendary Podcasts to match hosts with the right guests. Additionally, hosts are often overwhelmed with numerous guest requests and have limited time to manage the process. To address these challenges, Legendary Podcasts focuses on understanding the needs and goals of both hosts and clients, providing personalized and valuable services that prioritize the interests of all parties involved.
Exploring Opportunities for Business Growth and Scaling
The podcasting industry offers substantial opportunities for entrepreneurs to start and scale businesses quickly. By leveraging cold email outreach and forging relationships with podcast hosts, individuals can generate new revenue streams and potentially build million-dollar businesses. Additionally, maintaining a cash flow-positive business allows for the exploration of new ideas and strategies. Furthermore, entrepreneurs in the podcasting industry can utilize the 'split and sell' technique, where they divide their services or brand into distinct entities and potentially sell one part to monetize the business while continuing to retain and profit from the remaining asset.
This week Dan invites Dana Lindahl, founder of Legendary Podcasts, as a special guest on the pod.
They’ll discuss how you can generate cash flow and demand for your product immediately using cold email and identify high-earning potential business ideas by seeking out hyper niches.
They’ll also talk about the difficulties of running service businesses, plus the opportunities and the end games, including a strategy called the “Split and Sale.”
(00:01:09) Intro
(00:03:22) How to get on a podcast
(00:07:18) Stumbling into a business idea
(00:11:05) What is the arbitrage window
(00:21:55) Cold email as a profitable skillset
(00:22:20) The new wave of cold email pitches
(00:23:56) The best marketing channel for service businesses
(00:26:27) How not to suck at email personalization
(00:35:04) New business idea
(00:44:59) The split and sell method
(00:47:35) TMBA is on the blacklist
Past guests on TMBA include Cal Newport, David Heinemeier Hannson, Seth Godin, Ricardo Semler, Noah Kagan, Rob Walling, Jay Clouse, Einar Vollset, Sam Dogan, Gino Wickam, James Clear, Jodie Cook, Mark Webster, Steph Smith, Taylor Pearson, Tommy Griffith, Justin Tan, Matt Gartland, Travis Jamison, Ayman Al-Abdullah, Tynan, Lucy Bella Simkins, Brian Balfour, Nick Huber, Dana Lindahl
