How To Choose Your Niche & Target Market – Successful Coaching & Consulting Secrets Ep. 7

– Hi, this is Dan Lok. You’re about to sit front row and center at my consulting and coaching business workshop. If you are thinking of becoming a coach or consultant, or if you’re a service provider, or if you’re already a consultant and coach, I think you’ll find some very powerful, powerful strategies. I’m gonna show you exactly how you go from zero to $100,000 a year in income.

Or how to go from $100,000 to making a million dollars a year as a coach and consultant. Enjoy. Let’s continue. So we’re still talking about some of the basics of consultings or consulting 101.

Now we’ve about why people buy consulting and the good and bad, about how you structure your business, consulting business, coaching business. Let’s go into assuming that you are starting from scratch. How do you choose and select your niche and your target market? Now if you have already chosen your niche. This may help you to go a little bit deeper and understand your target market a lot more.

Because, the amount of money you make. Please write this down. The amount of money you make is in direct proportion of how well you understand your market. – [Narrator] The king of high-ticket sales.

World’s highest paid consultant. Media celebrity. Multi-millionaire entrepreneur. Acclaimed TEDx speaker. International best selling author.

Dan Lok. – How well you understand who are actually buying from you. Not who you think are buying from you, who are actually buying from you. How well do you know them?

So how to choose your niche and target market? There’s riches and niches. Now some people will tell you that targeting a niche market will hurt your business.

“Oh, are you being like too narrow?” They said maybe you will limit the type of clients that you pursue, while limiting your income. They recommend not focusing on a specific niche. But letting the niche find you. I don’t subscribe to that philosophy. I think you should pick a niche day one, exactly who you want to serve.

Choosing a niche doesn’t mean choosing one forever. It simply means focusing on something you’re best at. And have the greatest passion for, right now. When?

[Audience] Right now. – Right now. So my career, I have shift from very broad to niche, to broad, to niche. Being a more in the beginning a generalist, I’d say copyright or working with all types of businesses. And then niched into the marketing.

And then I go broad and I go niche, and I go broad. You will experience probably the same thing in your career. It doesn’t mean that this the niche that I’ll stick with the rest of my life. But it will be nice if something I’d say, “You know what, this is where I’m going to make my mark.”

Let me start with, let me dominate this particular industry and be the top coach and consultant in this industry. That’s a good starting point. Make sense?

(audience murmurs) – Yeah. You can always switch later but focusing a niche is important at all times. So if you say that, if you are a, sometimes when I go to these business function and conference one of the things that give me like chills is when I meet someone and I ask them, “What do you? “Oh I’m a success coach.”

(audience laughs) “So, okay. So what do you do? “I help people become more successful.” (audience laughs) – “Okay, what area?

“Any area. “I help people with their finance, “I help people with their business, “I help people with their weight loss, “I help people quit smoking. “If their relationship is sure, I hope them overcome that. “If they have confidence issue, “I help them boost more confidence.”

Right. Okay. (laughs) You see the problem with that? It’s so wide, and so broad. That, I don’t get it. I don’t get what you do.

And here’s a thing. When you do that kind of marketing, and do that kind of elevator pitch. People think you’re a jack of all trades. A master of none. People nowadays, it might have worked many years ago. Nowadays, people want to buy from a specialist.

Who do they want to buy from? – [Audience] A specialist. – They don’t want to buy from a generalist. They want to buy, this is what you do.

Imagine you go to see a doctor. Your family doctor. Actually no, imagine you’re going to see your dentist. I think (mumbles) I do the thing, right. The guy is fixing the teeth. “Hmm, you know what I noticed you have “a little bit of fever.

“Maybe I should give you some Tylenol. “And I noticed like maybe the way you sit, “I think your spine is not so good. “After I fix your teeth, turn around “and I’m going to crack your back too.” (audience laughs) – When you see a dentist like that, what are you going to do?

– [Audience Member] Run. – You’re gonna run. (audience laughs) But somehow, in business it’s okay.

“I can fix this, oh I can fix that.” It’s like, “I can fix whatever you want, “as long as you pay me.” That’s how people think, that they try to get the client, they want the money.

Right? Even though that’s not their specialty, but yeah I could do that. Right? In marketing and digital marketing, the same thing.

“Oh can you build a website? “Sure, I can build websites. “Okay, can you do a funnel?

“Yes, we can do funnels, no problem. “Do you do email marketing? “Oh we can do email marketing, no problem. “What about like Facebook? “Well Facebook, yep no problem. “What about Google AdWords?

“Yep Google AdWords, no problem too, we can do that. “What about like washing my dishes? “Yep I can wash the dishes no problem.” They just like, they don’t, they have no expertise. They can do anything, cause they just want the money. And the problem is, when you go into a marketplace with that kind of attitude, it hurts your reputation.

Imagine when people talk about what you do. “Well, so exactly what does she do? “Well, she does a little bit of everything. “A little bit of this, a little bit of that. “Oh, okay exactly what’s her specialty?

“I don’t know. “Then what’s her, like what kind of clients she works with? “All kinds of clients.” So imagine if that’s your reputation. You’ve gotta be very very careful. You can see why it’s important to find a niche.

Most people have no clue. And they don’t even know what a niche is. They don’t even know what a niche is. So what have you learned from my talk?

And how does that apply to you, and how do you take direct action? Comment below and let me know. If you have any other questions, you can also comment below. And don’t forget, click on the subscribe button. Turn on notification and hit the bell, so every single time I upload a new video you will get notified. If you want to watch my other videos, make sure you can check them out on the left.

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