Emma and Joanne both run physiotherapy businesses at one of my local health, fitness, wellbeing centers. They are highly capable and personable.
Both qualified from the same university in the same year.
Both went into general practice at larger physiotherapy businesses for several years. To gain experience and get money in the door.
They then decided to go into private practice at the same time.
Emma is flat out: fully booked, and employs another physiotherapist and an admin assistant.
Joanne has quiet days in which she goes home early.
Why the difference?
Joanne has chosen to remain a general physiotherapist. With all the usual noises about sports rehab, treating injuries, neck and back pain. Just like most other physiotherapy businesses in town.
Emma focuses her business on women, pre- and post-pregnancy. Helping them prepare for and recover from such a profound physical and emotional event.
And she extends her service to offer exercise and movement classes. Where her clients can bring their babies and connect with other mothers. The classes are always full; vibrant and joyful.
You get rich in the niche
Yet professional advice is dominated by generalists too scared to make an active commitment and choose. Fearful of making the wrong decision, lost revenue and wallowing in the warm bath of sameness.
In research for the financial planning industry, Core Data identified that of the unadvised individuals open to advice:
“80% are more likely to consider advice if they had a specific need identified.” *
That’s how people are
It's because of our neuro-biology. Our brains are hard-wired to react to pain points, frustrations, needs. It ensured our survival as a species.
That’s why when you identify the specific problems you can address or fix, your business does better.
- It gives your sales and marketing clarity a laser-focus
- Who you best serve
- The problems you fix
- How to reach your potential clients.
- It’s easier for clients to find you and refer you. As well as other business partners.
- Specialists can charge higher fees.
- There are always more people out there with specific needs that you realise.
You get rich in the niche is the American cliché.
And contrary to the fear of lost revenue, it never precludes other business.
The niche is how people access your services. It is then up to you to offer your clients more.
So, if you want help stepping into a bigger world by choosing to niche, get in touch.
We smash it out of the park for financial service businesses that do.
Call Alex Meijnen on 02 4023 5958 or email firstname.lastname@example.org.
* And just so other professionals don’t get smug – the numbers are pretty much the same for accountants, lawyers, finance companies…