| I'm all in favor of researching a niche
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| | insurance needs to attract just 35 people
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| and using what you find out to
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| | who are willing to accept those
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| intelligently select a client niche.
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| | conditions.
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| However, if you sell time-intensive
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| | Third, can you cost-effectively find that
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| services or complex, high-priced
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| | number of clients in the niche you are
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| products, research could cause you to
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| | considering? Perhaps only giving it a try
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| overlook a perfectly viable niche. A key
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| | can answer this question definitively,
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| point that might come up in your research
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| | but be sure to examine a wide variety of
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| is what the average member of the niche
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| | marketing options for attracting clients.
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| can afford or would pay. Ignore that
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| | Are there magazines that reach, let's
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| average! Here are the numbers to think
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| | say, aspiring rock musicians holding down
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| about instead, and why.
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| | well-paying corporate jobs? Then
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| First, how many clients would you have
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| | advertising and publicity in those
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| per year if you were as busy as you
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| | publications can put you in front of the
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| wanted to be? In some industries, this
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| | right people. Can other professionals
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| number is extremely low. A direct-mail
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| | refer to you individuals who have more
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| writer told me that her schedule is
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| | than $2 million in assets or serious
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| completely full with just six clients per
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| | issues getting over childhood abuse? Are
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| year, since she gets repeat business from
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| | there lists of second-home owners within
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| each, and each project might take a month
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| | 30 miles of you or owners of pre-1990
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| or six weeks to complete. If we look at
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| | Mustangs that you can rent for promoting
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| professions where clients tend to have
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| | yourself as a caretaker or auto restorer?
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| weekly appointments for 45 minutes to an
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| | Finally, let me illustrate this
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| hour, like music instruction or
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| | three-step mode of thinking with a niche
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| psychotherapy, there might be no more
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| | that you might be tempted to dismiss as
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| than 35-40 clients a year when factoring
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| | obviously impossible to make a living
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| in attrition.
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| | from - artists. Everyone knows the
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| According to Donald Mitchell, author of
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| | stereotype of the "starving artist."
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| The 2,000 Percent Squared Solution, the
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| | Well, that's a stereotype, not a
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| typical business-to-business company has
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| | universal truth.
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| only 30 clients. And according to
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| | Recently I read an article documenting
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| Registered Rep, a magazine for investment
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| | that a surprising number of Baby Boomers
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| professionals, wealth managers tend to
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| | who have paid their dues in high-paying
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| have a full practice with 70 or so
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| | corporate jobs are taking early
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| clients. Until you actually figure this
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| | retirement to finally fulfill their
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| out, you probably imagine the number of
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| | artistic leanings. These people have
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| clients you need as way higher than is
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| | plenty of money to spend on artistic
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| warranted.
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| | coaches, mentors, workshops, etc. and the
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| Second, determine whether or not there
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| | mindset to spend it. The biggest issue in
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| are enough people or companies in the
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| | targeting them as a niche would therefore
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| niche you're thinking of who are willing
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| | be whether or not you could
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| to pay what you want to charge. And at
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| | cost-effectively find or attract 20-30
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| this point you can see why averages are
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| | clients who fall into this category.
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| irrelevant. If the direct-mail writer
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| | It remains true that most artists do not
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| needs just six clients a year, then
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| | have much money to spend on their career.
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| whether or not the average company in the
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| | But it is also true that a number of them
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| field of, for instance, organic
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| | do. So long as you can identify and
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| supplements is willing to pay her rates
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| | attract the ones who do, you can turn
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| doesn't matter. She needs only six.
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| | that into a viable niche. Averages,
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| Likewise, the psychotherapist who wants
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| | smaverages!
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| to make $150 an hour without accepting
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|
