An interesting strategy to boost sales and profits (particularly when you offer a premium priced service) is to find your 'Million Dollar Marketing Niche'.
A Million Dollar Marketing Niche is an audience of ideal clients who highly value what you offer and are happy to pay well for the services that you offer.
Here are two examples of businesses who have discovered their Million Dollar Marketing Niche.
Example 1: PaperStreet
Paper Street are first of all an Internet Design and Development firm.
So they create great websites for their clients.
They also do Internet Marketing for their clients. This includes SEO (Search Engine Optimisation, Pay Per Click,Social Media Marketing.
Plus they do Content Marketing for their clients as well.
If a client uses the services of PaperStreet they pay between $25,000 and $100,000 each.
And they have over 1,200 delighted clients around the world who are thrilled with what Paper Street has done for them.
Now there are huge numbers of businesses around the world who offer similar types services to Paper Street.
(Website Design and Development, Internet Marketing and Content Creation.)
However PaperStreet have identified their Million Dollar Marketing Niche which is legal firms. And over 98% of their clients around the world are legal firms.
Paper Street are very smart in what they have done.
Their business was started in 2001 by Peter Boyd who is a lawyer himself.
PaperStreet now have a team of close to 30 talented staff and they have become experts at helping legal firms promote their services and gain new clients.
And they also promote themselves well using the same Internet Marketing Services they provide to their clients.
Example Two: The Ultimate 48 Hour Author
Natasa Densman is based in Australia and helps coaches, consultants and speakers write their first book in her Ultimate 48 Hour Author retreats.
Natasa started her business career as a weight loss consultant and found that business was very slow.
So she decided to write a book about weight loss to boost her credibility as a weight loss consultant. (Having her own book would be like a business card on steroids.) Natasa figured that if she could write a few pages each day she would have a book written in a few months.
She did that and once her book was ready she used it to generate a huge number of new clients for her weight loss business.
Natasa then left the weight loss business and did business mentoring and coaching for a period of time.
A little while later Natasa wrote another book with a friend.
This book was on marketing.
However instead of writing the book, Natasa and her friend created it in a weekend by 'speaking the content' which they then had transcribed and edited into a finished book. A number of people then asked Natasa if she could show them how to do the same thing so they could create their own book quickly as well.
And that's how her 'Ultimate 48 Hour Author Retreat' started.
In the last three years Natasa has had tremendous success with over 91 per cent of her clients completing a book using her Ultimate 48 Hour Author System.
Natasa makes the whole process very easy for her clients by including everything they need to have their book completed. (So she hires transcribers, copy editors, designers, publishers, printers and more and these are all included in her package.)
Best of all Natasa shows her clients how to leverage their new book and turn it into multiple new revenue streams quickly as well.
So not only does each client end up hundreds of copies of their new book to start with. They also have seven new revenue streams they can create quickly by using their book.
What I like about what Natasa has done is that she has found a Million Dollar Marketing Niche by providing a service that is hugely valuable to a small number of people.(Coaches, consultants and speakers.)
And she includes a complete 'start to finish' service where her clients get everything they need for a successful outcome.
My point in this week's message is that there could be a Million Dollar Marketing Niche just waiting for your business that you have not yet identified.
It could be a specific group of clients who would value highly what you offer. (Like legal firms for Paper Street.)
Or it could be something you already do that needs to be packaged up and made 'easier' for clients to use.
(Like the Ultimate 48 Hour Author System by Natasa Densman.)
I encourage you to spend a bit of time thinking about whether there is a Million Dollar Marketing Niche for your business as well.
"Your big opportunity may be right where you are now."- Napoleon Hill
What Million Dollar Marketing Niche could you take advantage of in your business?