On Niching and Pricing
Great follow up questions come out of last week’s email on getting clients…
About niching, so you pick one and try. And then if this doesn't work you pick another. And so on.. right?
I am just wondering what you do when you pick one. I mean,do you update your website, tailor your LinkedIn posts based on this, update your newsletter to fit this niche etc..
So if this doesn't work, you need to go back again and update website, posts and so on... I am just concerned that you may be seen as someone who lacks credibility at some point, no?
Or maybe you just pick one niche and don't update anything... but then how do you find clients in this niche?
Probably overthinking here but I wonder what happens practically.
Good and valid question.
You're right, the last thing I would want to come off as is flighty or non-credible.
I think that's maybe why I subconsciously have the website as a later step. That way, I can “test the waters” on who I'm talking to and what I'm saying.
It's all an experiment.
I also think the changes we navigate in the niche journey are small and make sense. For example, I might start talking to "high income earners", but then I realize that I'm really striking a cord with and enjoy talking to "doctors and physical therapists".
But I probably wouldn't start niching in "high income earners" and then realize I want to switch to "micro-brewers".
Or…maybe I do...and what’s the harm in finding a niche that I love? Isn’t that the point of going out on your own?
I think we assume people are noticing the changes in our business far more than anyone actually notices or cares.
I changed my website after a year of niching and lived to tell about it, but I can remember it was a terrifying process. It seems like just a blip on the radar now.
How do you find the people in the niche?
Hang out where they hang out. For example…
High income earners - LinkedIn (so many lurkers there)
Doctors - in-person conventions, guest on podcasts, Facebook groups (seriously), bring donuts to a couple of large practices in your area (or maybe something healthier than donuts)
Micro-brewers - in-person conventions, guest on podcasts, go have a beer and strike up a convo with the brew master
Thanks for stretching my brain on this question!
Talk soon,
Erica
PS - Jason Staats recently did an amazing episode on pricing based on Geraldine Carter’s new book Down to 40 Hours. He covers the “Goldilocks” and “Might As Well” pricing curves, which I personally need a reminder of every 6 months.
305 How to Price The Tiers of Your Accounting Proposals
Behind-the-scenes in my business this week:
“Week 4” of my workflow is a slow and easy one, so I’ve been working on marketing, a certification / CPE, and looking at Q3 tax estimates for applicable clients. I’ve also been spending a lot of time pondering a pivot in my business (nothing like losing a client to get you thinking about what direction you’re going).
And because I have clients lurking on this email list—all are welcome—I feel it necessary to say that any pivot would still serve my current clients in the same way (they are the best!). This is more of “additional offerings” pondering.
No Work Wednesday started with surprising my hubby at work with a GIANT cake for his whole office to celebrate his 40th. I appreciate that having a day off in the middle of the week allows time to be thoughtful to my family, neighbors, community, etc.
Money back guarantee, if you get in there and don’t see the value. No questions asked.
More details in the link above.