Do you want to find a niche that you can carve out? Do you want to dominate a specific gap in the marketplace? This week we talked to one agency that picked a niche and is dominating their market. They have hyper-specific goals, achievements, and clients, and that exclusivity is propelling them forward as aggressors in their market space.
Today, we'll cover:
- 4 benefits of operating within a niche.
- Overcoming the obstacles of niching down.
- How to dominate your competition.
- The #1 pain-point of operating within a niche.
Today I chatted with Adam Draper CEO/Owner of Gladiator Law Marketing. Adam's digital agency operates deep within the law firm niche, and, recently, he's been crushing it. His agency is rapidly growing, focused on small to medium sized law firms. He's here to share some of his keys to success, specifically how his niche is propelling his agency forward.
4 Benefits of Operating Within a Niche
Why would an agency want to specialize? Doesn't working in a niche limit you from reaching clients outside of your niche? Doesn't specifying a niche mean losing out on potential clients outside the niche?
First, it's crucial that we all understand that finding a niche isn't only beneficial, it's critical in the current agency atmosphere. Being able to dominate a specific industry is more feasible than dominating the entire agency atmosphere; it just is.
Let's go over four critical benefits of operating in a space where you can specialize your services.
- You have a roadmap. If you start providing a service that's specialized to service everyone, you can lose track of what you're doing and where you're going. You have to find a way to position your service to clients without giving them a good example of why your service is more beneficial than your competitors. Finding a niche allows you to target specific pain-points and polish your service.
- You can predict outside influences. Being in a niche allows you to predict and adapt to outside impacts. You can position yourself more clearly because you're a master-of-one, not a master-of-none.
- You have killer growth potential. Because you can create a more actionable to-do list and you understand the exact nature of your services, operating in a niche can help you grow your businesses faster with higher ROI.
- You know your competition. When you wedge yourself into a specific gap in the market, you can really start to study your competition. You can understand precisely what services your competitors offer, and convince clients why your service are unique and have a higher value.
Overcoming the Obstacles of Niching Down
Adam and I talked a bit about overcoming those initial obstacles. I see far too many people get caught up in that one bad client. It's sad, and one ruthless client shouldn't ever defeat your self-worth. Here are some tips for overcoming those initial obstacles that are holding you and your overall growth back.
- Make sure that your client is a good fit. If you're too focused on the financial aspect of your business, you might be taking on all comers. Don't do that. If you feel like your client won't benefit from your services, don't take them on. It will end up biting you in the end (confidence, churn rate, etc.)
- Find out where your bad prospects are coming from. Pinpoint the avenues that are drawing in bad clients, and try to reduce negative experiences (even if that means an initial profit hit.)
- Learn your industry inside and out. Adam talks a bit about the obstacles that are generated due to him being so focused on one specific area of business. He says that you need to really learn the business you're in and plan accordingly. If there are any potential threats to your business (even if they seem far-fetched) create a contingency plan.
- Be on the lookout for new technologies. Keep your eye out, there could be upcoming technologies that will impact your area of expertise. Learn them before your competitors do.
How to Dominate Your Competition
When you're starting out in a niche, competition is heavy. Here are some tips on how to dominate your competition.
- Stay focused on your clients. You know that iconic photo of South African swimmer Chad le Clos watching his Olympic competitor, Michael Phelps? During the whole race, his eyes were so focused on Phelps that he was looking at him even while swimming. Of course, Phelps won. That's because Phelps was more focused on the prize than on his competitors.
- Think 2 years ahead. Since you can heavily focus on one specific area when you operate in a niche, start to think years ahead. Don't get caught up in the now and forget to plan dominance in the future.
- Turn down work. Remember, make sure your client is a good fit. Let your competitors get greedy and take on the bad clients. Not all clients are good clients. And when you spin your wheels working with the wrong ones, you're turning down some of the right ones.
The #1 Pain Point of Operating in a Niche
The main pain-point of working within a niche is that you're at the mercy of your niche. Whatever industry it is, is now completely in control of you and your business. If laws change, it impacts you. If the industry slows down, it impacts you. Make the niche your victim - not fall victim to it.
3 Big Benefits of Declaring Your Agency's Niche Market
Why Your Agency Needs to Start With One Niche at a Time
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