Are The Riches Really In The Niches? | Ep. #749

In episode #749, Eric and Neil discuss whether riches are in the niches. Tune in to hear whether you need to focus on a niche market. TIME-STAMPED SHOW NOTES: [00:27] Today’s Topic: Are The Riches Really In The Niches? [00:55] If they are, then why do we do different things? [01:15] In the beginning, you can go after a niche, because it is too expensive to go after a huge category. [01:20] Once you are established, you should expand and get beyond a niche market. [01:22] For example, ConvertKit tried to compete in the email marketing space and it didn’t work out. When they changed course to be a service for bloggers, they started succeeding. Now, they are Seva and have a larger business. [02:00] It is hard to make millions working within a niche. [02:35] If you are going to swing, swing for the fences. [02:54] If you don’t have a lot of cash, go for a niche. If you have the money, go for a huge market from day one. [03:25] Eric interviewed someone who works for Kahuna. [03:44] They focused on one area and then expanded their knowledge in that area. [04:10] In this case, the company wasn’t working before they focused on a niche. [04:41] Sam Evans found that when he “niched down”, he was able to have more success. [05:10] Now, Sam and Consulting.com target anyone who hates their job and has some sort of expertise. Then he teaches these people how to become consultants. [06:05] He has since had members create testimonials for his service. [06:100] That’s it for today! [06:17] If you could take two minutes out of your day, we are trying to improve the listening experience for you, so go to Singlegrain.com/survey and help us gain some insight into what matters to our listeners. Leave some feedback: What should we talk about next? Please let us know in the comments below. Did you enjoy this episode? If so, please leave a short review. Connect with us: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.