Step 1 (pt. 3): Microniching: What is It? Why Do It?
Avish: Alright Fred, let’s talk for a minute, not just about niching, but about this idea of micro-niching, which we touched upon before a little bit about being the king of your market. Let’s talk a little more about what micro-niching is and why we need to do it.
Fred: Sure, yeah. Micro-niching is the idea of once you determined a market, a lot of people again, I’ll use the example, say, weight loss. So weight loss is this huge, huge niche, where if you go after weight loss as a general sort of market, your chances of success, because of the amount of competition, are extremely low. However, if you did weight loss for accountants or engineers, now you have a targeted niche. You’ve targeted by profession, within the general category of weight loss and your chances of success would be much greater because you have micro-niched your topic.
Avish: OK. So what are—so you said one is by occupation—what are some other ways persons can micro-niche their topic?
Fred: Well, you can also micro-niched your topic by age, by ethnicity, by gender. Holy crap, you can come up with just about anything. So in general, those are some of the major ones. So you can do it by gender, by ethnicity, by profession, by industry, and by age. Those are the general ones. There are others, but those are the top few.
Avish: Did you have an example of some woman from Oklahoma you did this with?
Fred: Yeah. You remember the story. I was doing an info bootcamp a number of years back and I had a woman who came to the class who was an expert in investing and real estate and she was gonna create some products for real estate investors. And she said, “well, what do you think of my niche?” I said, “well, I think it’s an interesting niche but basically what you’re going after is the entire group of people out there who are interested in making money, and although there are people who are—there are lots of people that are selling tons of information – in terms of the real estate field and how to invest in real estate, you need to find a way to become queen of your individual niche.”
So what I told her to do was rather than targeting just real estate investors in general, I said to her she should be targeting, and again because of the size of this niche, I said let’s small it down, big enough that you can still make a good living, but small enough that you can become the queen of that niche. So we eventually made her the female African American, the top female African American real estate investor in the state of Oklahoma. So we targeted by ethnicity, by gender, and by geography. So in doing so, we still—I asked her, I said “how many people do you think in state of Oklahoma who are African American and female, would like to make more money?” And we came up with a number which is still large enough that she could justify. And I said to her, I said “Now just don’t get me wrong. You’re not gonna remain in this niche forever, but here is where you’re gonna start.” Because just like—if you remember the game Risk as a kid, you don’t want to try and go after the Soviet Union until you first conquered Liechtenstein. So in other words, let’s go after the small markets first and win our battles there before trying to go after the big markets. Makes sense?
Avish : Yeah. I think that’s one thing. I was having this similar conversation with people who don’t realize when they seen the top people who look like they don’t have a niche. A lot of those people started out with a tight niche, correct?
Fred: Yeah, a lot of them did, or a lot of them somehow fell into something and they just ended up becoming a king or queen of that niche. But in most cases, right now in this marketplace that we have right now in this time and era, it’s gonna be very, very difficult to capture and broaden out. If somebody came to me, Avish, and said, “you know what? I just inherited 15 million dollars from my parents who were real estate magnates and I want to become, I want to write this diet book.” I’d go, OK, well, sure. We can write. We can try and go after a diet book for the everyone market and the reason why we might want to target that is we’d have so much money to put in to marketing and promotion. And if profit wasn’t our primary motive, then going after a large niche would make a lot of sense.
Avish : Right, right. And we can even use someone like you as an example. Your topic is information marketing which is very broad, but you’ve been doing this for years. You already are one of the leaders in that field and you also started out with much more niche markets, correct?
Fred: Correct. Yeah, I started out with numerous niche markets and then gravitated towards the general market, as opposed to starting out with the general market and then going after the smaller niches. I mean I had self-storage, limousine drivers, caterers, video-producers, a whole bunch of other niches before I became sort of the general or targeted, and try to go after the general information marketing as a whole topic.
Avish : Alright. So people look into you and say, “oh, he just doesn’t have a niche.” You’re now in a much different place than someone who’s going into this program and starting out with the info marketing.
Fred: Yeah and I’ve done it for over 25 years too. So I mean, C’mon. Somebody said to me, “how long should I take in one niche before you expand to another?” I said, “well, if you use my example, assuming I’ve got about 9 niches for about 27 years, it should be about 3 years per niche. But that’s again a very basic and general rule of thumb.”
Avish : OK.