Episode #749
Are The Riches Really In The Niches?
August 19, 2018

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:

Discover Latest Episodes

Episode
How I bought a podcast, The valuation of podcasts, The risk of being overtaken & more
February 23, 2024

In episode #2684, we delve deep into the value of podcasting, particularly from an M&A perspective as our guest, Ralph Burns, discusses purchasing a podcast and its impact on business. ...

Episode
Yeezy $0 production spend on Super Bowl ad to make $19.7m, Super Bowl Ad or MrBeast Ad?, Microsoft, OpenAI, Google and others agree to combat election-related deepfakes
February 22, 2024

In episode #2683, we discuss the effectiveness of Super Bowl ads and the rise of deepfake technology. We delve into the astronomical costs of Super Bowl ads, questioning their return on investment (RO...

Episode
Syed Balkhi’s Unconventional Wealth Building Strategies
February 21, 2024

Syed Balkhi and Eric Siu discuss the power of compounding and the importance of maintaining friendships with other high performers. Syed shares his philosophy of giving unconditionally and compounding...