When You Specialize You Unlock the Path to Greater Income
Think of your own life.
Your doctor may refer you to an orthopedic surgeon to help you solve back problems. If you’re rewiring your house, you call an electrician, not a handyman. Are you building a skyscraper? You’ll hire an architect who has won awards for their tall buildings, not a local homebuilder. These specialists focus on one thing they are good at – and charge higher prices.
When you consider your business, consider the specialized skills and knowledge people are willing to pay for.
If you are an organizer, can you specialize in helping mom downsize and move? Can you be the expert in restoring and selling Mid-Century Modern instead of general antiques? If you are a photographer, can you be the baby whisperer who takes fantastic photos of newborns or the styling wizard who makes products look crave-worthy?
Your goal is to become the person everyone wants to hire when they have a particular job to do.
People pay well if they believe you possess the exact solution they need to solve their problem.
Will you lose “general” business? Yes. Let the non-specialists have it. You will make more money by focusing on people with specialized needs - and the ability to pay for your skills.
Here’s a little experiment on with price bias.
Let’s say you are looking for an online course. You find one for $7, another for $497, and the last course costs $997. Like most people, you assume that the $997 course must be “better” because it’s more expensive.
You equate the more expensive course with higher value (and better) outcomes. While the $7 course may be valuable, you probably find it impossible to believe it could teach us as much as the more expensive course.
When you understand this, you can use this “price bias” to convey that you have a premium service or product.
Here are six reasons to leverage your specialty into more profits.
Being a specialist lets you establish authority in your niche.
Focusing on a specific niche allows you to dedicate more time and resources to becoming a true expert in that field. This can help your business stand out as an authority, making customers more likely to trust and choose your services or products over broader competitors.
People like to feel they are hiring an expert to solve their problems.
You can do more focused, targeted marketing.
Specialization allows you to narrow your target audience and craft marketing strategies tailored to their needs and preferences.
This can result in more effective (and cheaper) marketing campaigns with higher conversion rates because your targeted audience already knows it has a problem and is looking for a specialist to solve it.
You reduce competition.
Broad markets often come with a lot of competition.
By carving out a niche for your business, you face fewer direct competitors, making capturing a significant share of your target market easier.
All orchids are plants, but not all plants are orchids. If you are the orchid whisperer, you can command the attention of your exact audience of orchid growers.
You can earn higher profits.
Specialized products or services often command higher prices. Customers understand the unique value of a specialist and the perceived expertise behind them.
They are generally willing to pay a premium for specialized solutions – and you can often charge higher prices for your expertise and authority.
You can build better customer experiences and relationships.
Specializing can allow you to develop deeper relationships with your customers.
A deep understanding of a niche means you can better anticipate customer needs, provide tailored solutions, and offer a more personalized service experience. This virtuous circle leads to increased customer loyalty.
Specializing can streamline your operations and help you become more efficient.
Instead of wasting resources on a wide range of products or services, you can focus on perfecting a narrower offering. This can lead to cost savings, improved product or service quality, and higher profits.
Value your worth to get others to see it – and be willing to pay for it.
That especially applies in business. Becoming a specialist may feel like a counterintuitive way to make more money.
You may have fewer customers and a smaller market. However, your customers will tend to be knowledgeable and ready to buy.
Take action! Download the worksheet: Specialists Make More Than Generalists
Taken from: Profit-ize Your Business Book Three: Pricing and Affiliate Marketing
Like this post? It was taken from the Profitize Your Business series
