Do you have the courage to go narrow?
“You can land higher-paying clients more easily, if you are brave enough,” says business development strategist Erik Jensen.
Ah, courage. To paraphrase the novelist Anais Nin, one’s business shrinks or expands in proportion to one’s courage. As Shakespeare’s Lady Macbeth put it, “But screw your courage to the sticking place so you will not fail.”
Ensuring that businesses do not fail is a mission for Jensen, an owner at Predictive ROI, a seven-figure marketing agency that works with businesses to monetize their position of authority. In a recent phone interview he said he appreciates “claiming an authority position can be scary.”
If you can overcome the scary, here are three of Jensen’s strategies any courageous business can use to land higher-paying clients with more ease.
Do You Have The Courage To Go Narrow?
“Niching down is something every business owner hears about, but few actually do,” says Jensen. “The reason? It is scary. It sounds like you are being asked to say ‘no’ to potential customers. The reality is, niching is what helps you attract higher paying and more profitable clients.”
According to Jensen, the easiest analogy around getting a higher price is to consider a doctor. Just imagine for a moment you have a chronic, and potentially life-threatening health issue. Would you choose a general practitioner who may be able to help you for $1,000 or would you go to a specialist in your condition who can absolutely help you for $3,000? For most of us, the specialist is an easy choice.
“The benefits don't stop there for the specialist though,” says Jensen. “This patient is more than 3x as profitable because the specialist has the knowledge, processes, staff and referral network to help the patient more quickly and efficiently at a lower operating cost.”
Jensen contends these principles hold true for every business, large or small. Identifying the niche you serve and serving them well means more money toward your bottom line.
Do You Have The Courage To Become Thee Solution Provider?
Have you heard of the Houston rapper Megan Thee Stallion? Not Megan a stallion, Megan thee stallion, as in thee one and only.
“Clients with bigger budgets get to be picky,” says Jensen. “They don't have to work with a solution provider, they get to work with thee solution provider. However, becoming thee solution provider is daunting for many organizations, so they don't even try. This is an opportunity. When others run from the pain, you should run toward it. If you have done the work of niching, becoming the leader in your space is not only possible, it is easier than you think.”
The secret sauce to becoming thee leader in your space is consistency.
“Most organizations fail because consistency is hard,” says Jensen. “Consistency means not chasing shiny objects. Consistency means going a mile deep, but only an inch wide. Consistency means building out knowledge, processes, frameworks, training, messaging, reputation, evidence of your work and your online footprint all around your niche. Consistency is about mastery, not moonlighting.”
Consistency does not mean you don't adapt or that you rest on your laurels, advises Jensen. Instead, you learn and improve, you zig and you zag, but your goal for all your efforts remains the same.
“You will know you are headed down the right path when you can start to say ‘no’ to initiatives, clients, content, events and projects that are not focused on your niche,” adds Jensen.
Do You Have The Courage To Be Relentlessly Helpful?
“If you have a niche, and you have been working to become the leader in your space, it won’t take long to have a treasure trove of value at your command,” says Jensen. “This value might show up as your staff’s ability to help clients navigate difficult situations, your streamlined processes, or our helpful resource library. You will have many options, but it doesn't land you higher-paying clients if all of this is hidden.”
Business owner Nic Natarella once told Jensen: “Being great at something but never showing it is like smiling in the dark.” How can you be consistently and relentlessly helpful to your audience even before they become a client? This help is what develops trust and confidence in you as the solution which reduces price resistance and helps you land higher paying clients.
“For those organizations brave enough to implement these three strategies, the outcome is higher paying clients, higher margins, shorter sales cycle and longer client retention,” says Jensen.
Bottom line: On multiple occasions I have taken the scary step to niche down, and each time it paid off handsomely. When I niched down I earned more credibility, impact and influence. Recently I compared notes with business niche specialist Ellen Melko Moore, cofounder of Supertight Social Selling.
“Don’t worry about who you are ruling out, focus on who you are ruling in,” Melko Moore advises her clients. “Choose your target audience, clearly and consistently, and they will choose you right back.”
