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

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.6 • 1.4K Ratings

🗓️ 19 August 2018

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

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.

Transcript

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0:00.0	Get ready for your daily dose of marketing strategies and tactics from
0:06.8	entrepreneurs with the guile and experience to help you find success in any
0:11.4	marketing capacity. You're listening to marketing school
0:14.5	with your instructors Neil Patel and Eric Sue.
0:19.4	All right guys before we start we got a special message from our sponsor.
0:27.0	If you want to rank higher on Google, you got to look at your paid speed time.
0:31.5	The faster your website loads, the better off you are. With
0:34.4	Google's core vital update, that makes it super, super important to optimize your
0:38.5	site for low time. And one easy way to do it is use the host that Eric and I use dream
0:44.5	host so just go to dream host or Google it find it check it out and it's a great way
0:49.7	to improve your low time.
0:51.3	Welcome to another episode of marketing school.
0:55.0	I'm Eric Sue.
0:56.0	And I'm Neil Patel.
0:57.0	And today we're going to talk about if the riches are really in the niches.
1:01.0	So when you hear people all the time when you're starting a business like you should really niche down.
1:04.5	Let's say you're starting a marketing agency for example. People say oh you should really focus on you know
1:09.4	SEO and just you know do that or SEO for doctors right or dentists or if like you take
1:15.9	Apple for example they really focused on the personal computer initially and
1:20.1	then they sort of branch out into other areas so So, you know, my thinking is, the question we're posing is,
1:25.0	are the riches really in the niches?
1:28.0	And if they are, why do we do so many different things?
	...

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