Marketing School - Digital Marketing and Online Marketing Tips

Are The Riches Really In The Niches? | Ep. #749

Aug 19, 2018

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In episode #749, Eric and Neil discuss whether riches are in the niches. Tune in to hear whether you need to focus on a niche market.

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[00:27] Today’s Topic: Are The Riches Really In The Niches?
[00:55] If they are, then why do we do different things?
[01:15] In the beginning, you can go after a niche, because it is too expensive to go after a huge category.
[01:20] Once you are established, you should expand and get beyond a niche market.
[01:22] For example, ConvertKit tried to compete in the email marketing space and it didn’t work out. When they changed course to be a service for bloggers, they started succeeding. Now, they are Seva and have a larger business.
[02:00] It is hard to make millions working within a niche.
[02:35] If you are going to swing, swing for the fences.
[02:54] If you don’t have a lot of cash, go for a niche. If you have the money, go for a huge market from day one.
[03:25] Eric interviewed someone who works for Kahuna.
[03:44] They focused on one area and then expanded their knowledge in that area.
[04:10] In this case, the company wasn’t working before they focused on a niche.
[04:41] Sam Evans found that when he “niched down”, he was able to have more success.
[05:10] Now, Sam and Consulting.com target anyone who hates their job and has some sort of expertise. Then he teaches these people how to become consultants.
[06:05] He has since had members create testimonials for his service.
[06:100] That’s it for today!
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