Abundant Thinking vs Scarcity Thinking

It is tough getting people to narrow their market and come up with a real target market.  Especially in this economic climate, as soon as we start working with clients on this topic they automatically begin to fear all that they might miss.  “If I say Doctor, I might miss out on all the Lawyers and Indian Chiefs.”  This is a prime example of scarcity thinking.  The truth is, the more focused your market the more specialized you become and the more valuable you are to your clients and referral sources.

After many hours of work, one client decided to really focus in on her target market.  She decided that Doctors were perfect candidate for her to work with.  She sold houses and we knew that most doctors bought more than one house, they were very busy and need the whole process to be seamless which she knew she could do for them.  She already had 3 doctors as clients and she knew that doctors talked to other doctors.  She went about spending her time, energy and money pursuing this one clear target market, today she as many doctors as clients, her team takes care of many others in the medical profession and doctors have referred their friends to her.  She has branded herself with her target market, as the best person to work with if you are in the medical profession. 

What is your specialty?  How do you set yourself apart from everyone else in the industry?  Do your competitors seek you out as an expert? 

 When you have a niche, you limit your competition, because you develop the reputation as the “Go to Guy” for that niche and there are usually few players in that field. The fewer the players, the more valuable your product or service, you will find that even your competitors will seek you out to help their clients.  When that happens you both win.  That is abundant thinking. 

 Look at your target market, how can you develop a niche?  How can you set your expertise apart from the rest of the industry?  Break your business down into the smaller pieces, what lights you up?  What is the industry need or trend that you can service better than anyone else in your field?

Comments

[Glenn Kirkwood]

Great idea Hazel, I imagine that her conversion rate is very high as well...being that she is the expert in this niche field.