On today’s show, Vicky will talk on the benefits of finding a niche for your business and how it can be highly profitable to do so. Finding a niche can also be mutually beneficial for your business and for your customers. Vicky will also touch on other ways you can think about a niche and share examples on how you can identify it.
Key Takeaways:
[01:13] Why does Vicky think Japan is a splendid place?
[03:00] Why chewing gum is not welcomed in Japan?
[04:22] How would you sell chewing gum in Japan?
[05:24] The creator of Hi-Chew found a highly profitable niche.
[06:02] Joe talks about his company's niche.
[08:15] You can also think of a niche as doing something no one else can do.
[10:23] Still wondering why you should choose a niche?
[11:40] As a small business, you can't compete with the mass market companies.
[12:00] A story about Levi Straus that is a good example of finding a niche.
[16:14] The point of the Levi Strauss story…
[17:56] Do not try to reach as many people as possible because of a low conversion rate.
[18:52] You'll get a much better ROI if you find a niche.
[19:19] Joe looks at a niche from the customer point of view.
[21:27] Find your niche. Don't go after everybody!
[22:58] What if you're not a marketing professional like Vicky?
[23:42] You've got to identify your niche within your market.
Mentioned in This Episode:
http://www.businessforsuperheroes.com/podcast/
Vicky Fraser is joined by her husband Joe to discuss why discounts can be dangerous and damage your business. Instead of offering discounts, consider giving special offers and adding value to your product or service. Also, start thinking about how you can up your prices.
Key Points:
[1:20] Vicky shares some uncomfortable truths
[2:20] Couple of things about price
[3:32] People rarely buy on price
[7:00] Price cuts are always a self-inflicted wound
[8:30] Discounting is not always wrong
[9:18] Most small businesses cannot afford to join discount wars
[9:40] There are situations where you can give special offers
[10:56] There are other ways to give discounts by giving special offers
[13:57] Key point: remember what problem you're solving with your product or service
[14:24] Another good reason not to discount
[17:42] Bottom line: Don't discount!
[18:10] If customers are questioning price, it means you haven't shown them value yet!
[19:22] There are techniques you can use to show value
[91:47] Vicky's Takeaways:
[21:00] Coming up next week: Niches!
Mentioned in This Episode:
Write and publish your book in 90 days course by Vicky Fraser
http://www.businessforsuperheroes.com/podcast/
Welcome to the first Business for Superheroes Podcast. Vicky Fraser is joined by her husband Joe Fraser today. Going back to the beginning of her business after Vicky quit her job, she found herself feeling stressed about being “totally unemployable”. She was lucky to receive an offer to do some freelance work, but her method of getting new customers was to hope someone turned up or to hope that she got a recommendation. This strategy turned out to be very stressful for her. She was doing really hard work for very little in return, and it was swapping time for money, but there is only so much of that one can do. She decided that enough was enough. On this podcast for small business owners and other creative professionals, Vicky shares valuable insights on becoming a successful copy writer and business owner. Today she will discuss marketing from a fresh and straightforward perspective.
Key Points:
[2:10] Joe remembers thinking that Vicky could look for a job and take all the freelance work that comes her way
[2:32] Getting new clients was exciting but it was difficult because it paid horrible money
[3:52] She decided enough was enough
[4:10] This podcast is for any small business owner
[4:26] And for other creative professionals such as designers, translators, editors, etc.
[4:46] Are you really making as much money as you want? Are your clients the upper echelons of clients who pay you top dollar on time, and are a pleasure to work with?
[5:13] If you’re not getting top tier clients, then you are where she was a few years ago
[6:02] First thing she did was to learn how to do copy writing, well
[7:14] On today’s episode, Vicky will talk about marketing
[8:03] How do we make more money? Have more time off & be more fun to be around?
[9:00] Just because you’ve got a good product it does not mean it’s going to sell
[9:06] Difference between a successful and an unsuccessful business is profitable marketing
[10:29] The first big thing you need to get your head around: you are in the marketing of whatever industry you are in
[11:19] Find out what people want and need, and give it to them
[12:25] Another big misconception about the basic principles of marketing
[13:04] Is your marketing brining you any results? Do you know if it is?
[14:09] Direct response marketing for small businesses
[15:07] Find your starving crowd and give them what they want
[15:23] Back to direct response marketing
[17:25] Bottom line: your business lives and dies on the strength of its marketing
[18:09] The difference between coffee and sex
[19:39] The profits are in the long-term relationships
[21:21] Next week Vicky will discuss why discounts can be dangerous and destroy your business
[21:50] Vicky’s Takeaways for this week:
Mentioned in this Episode:
Coca Cola