Have you often felt nervous to niche down? What’s the line in the sand about when to niche and when not to? Are you in business to make a profit at the end of the day?
In this podcast episode, Joe Sanok speaks about niching up because the narrower the market, the bigger the prize with Chris Dreyer.
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Meet Chris Dreyer
Chris Dreyer is the founder and CEO of Rankings.io and the host of the Personal Injury Marketing Mastermind podcast. Since 2018, Rankings.io has been included on the Inc. 5000. each year including 2021. His agency received the UpCity Excellence Award, an honor reserved for the top 1 percent of the nation’s marketing agencies. Chris is a Forbes contributor, a member of the Forbes Agency Council, and was included in The Silicon Review’s 30 Best CEOs of the Year 2021.
In This Podcast
- Data is essential
- How to overcome the fear of niching
- Getting ready for specialty
- Flip your mindset and use AI
- Chris’ advice to private practitioners
Data is essential
When your business is new and small, and you have a handful of team members, keeping track of data doesn’t seem as essential because your focus is just on launching successfully.
[But] over time you have to start leaning on data to make decisions and have those top-level views because you yourself are connected to everything in the business.Chris Dreyer
When you start looking at your data, track the average avatar of your clients. Use your year-end reports to gather significant data about who wants to work with you, who stays and who goes, and what makes them stay when they do.
How to overcome the fear of niching
A lot of people avoid having to niche down for fear of losing clients or potentially shutting themselves down from other interested clients.
However, there are so many pros and cons.
Essentially to overcome this anxiety about niching down, you need to have a very honest conversation with yourself about your passion, desires, and fears, and choose what is truly the best choice for your success as well as that of your business going forward.
When you niche, it actually has a lot of advantages. There’s a lot of fear, don’t get me wrong. Every time I niched further it’s like stepping off a cliff … what I’ve found is that there’s so many things that drive profit to your business, and if you own a business, [then] you’re in a business to make a profit.Chris Dreyer
If you are looking to make a profit through your business, one of the advantages of niching is that you are perceived as an expert so you can charge higher fees.
Additionally, because of your skillset, you are encouraged to charge higher fees because you have specialized. All of these bring about more profits.
Getting ready for specialty
When Chris knew that he wanted to be specific and intentional with his business, he referred all of his non-ideal clients to where they could be better served.
Even though it was a knock on his revenue, it freed up his schedule to then make an intentional impact in connecting with his ideal clients in the niche he wanted to be in.
The next step that Chris took was to redo and recenter himself by rewriting his copy and marketing materials.
I had to look at things differently but it allowed me to really start to understand my [ideal clients] … especially with the podcast … [because] it’s such an advantage when it comes to leverage and distribution, like a keynote presentation you can do every week from your home.Chris Dreyer
Flip your mindset and use AI
Modern AI is generative and creates content more so than just organizing it.
When you know what your end goal is, and you have your ideal client avatar and the goal that you want to reach, you can use AI to help you create or organize content in a way that serves you.
The human connection will always exist – and it is essential to exist – but AI can also be utilized alongside it. You have to edit the content that you create with AI, you cannot just ask it to write something for you and publish whatever it gives you.
You can’t just plug [AI] in and let it roll. It has to be edited. It’s going to fail every single detection if you do that … it’s going to have incorrect information, and it’s going to be plagiarized.Chris Dreyer
Use AI to give you some ideas and build on them yourself.
Chris’ advice to private practitioners
You have to take action. Don’t get stuck in thinking and planning, you have to take the first step – and the next step – because you can take real experience and learn from it. It gets the ball rolling, and that’s where the action happens.
Books mentioned in this episode:
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Useful links mentioned in this episode:
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Meet Joe Sanok
Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.
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