“If you don’t have something that differentiates yourself from competitors, the only thing you can do is lower prices – which is a race to the bottom.” – Matthew Pollard
(click to tweet)
In business, far too many people and companies are trying to be all things to all people. But early on this is a losing formula, and business coach Matthew Pollard is here to explain why today.
The value in focusing on a niche market is that you can understand in a deep way your particular customer, what they look for and what their pain points are, and then you can speak to them in a way that makes perfect sense. The broader and less niche you go, the more you’re forced to compete purely on price, which, unless you’re an established company like Wal-Mart, is a losing formula.
Matthew has a 5 step process to learn how to uncover what your unique competencies are outside of your functional skills, which is the key to understanding what your particular niche is, and how to sell yourself. He also has a powerful 5 step sales process that we go through in depth, so you definitely want to pay close attention as we go through the step to achieving massive and rapid growth in business!
“Look for competencies that you have that are outside of your functional skill. This is what sets you apart from competitors.” – Matthew Pollard
(click to tweet)
- Unique things that you are willing to do above and beyond are what is going to set you apart from your competition
- If you don’t have something that differentiates yourself from competitors, the only thing you can do is lower prices – which is a race to the bottom
- Look for competencies that you have that are outside of your functional skill. This is what sets you apart from competitors
- Most people focus on the functional skill instead of marketing
- Understand your goals very well to implement smart marketing
- Most people try to sell to everyone at first, and niche down when they get more successful But it’s much better to start with a niche and expand later
- If you have a niche, you know your potential customers better than they know themselves, and can speak directly to them
- In sales, just get people talking about their problems, then shut up and listen
- You must understand that if someone needs and could benefit from your product, and you don’t sell them, you’re actually doing them a disservice
Rapid Growth Marketing Exercise
- Write down a list of all the customers that you’ve worked with
- Write down a second list of all the people that you make great money from
- Look for similarities between the two lists, and group people by their similarities. Circle every group that you get great referrals from, and circle with a different color the ones that you make good money, but they don’t love you. Make a decision of which group you want to work with
- Of the group you enjoy the most, what are the benefits above and beyond your functional skill that you provide.
- Look at it, and try to understand what the higher-level benefit is of what you do above your functional skill
The Process of a Sale
- Build rapport
- Set an agenda: “In order for me to help you, I’m going to have ask you a few questions.”
- Find the pain points, point them out and bring them up
- Connect the cost of your product with the cost of not purchasing your product, connect it to emotional problems as well
- “So, how soon do you want to start fixing this problem?”