Having a niche or specialization makes sense for your marketing efforts and for getting a cohesive message out to the marketplace. It makes it easier to figure out what to to do (or what not to do). But it also allows you to charge more for your products or services.Â Say your storeÂ specializes in plumbing fixtures and is the only one in town with the new Delta faucet – you can charge more for the convenience of getting it quickly, not having to order it and wait to have it shipped. If you know how to do faux painting and it becomes a fad, you can charge more than a regular painter because of your expertise. Sometimes a niche is a matter of life or death.
When he got in trouble for misrepresenting Enron’s profits, Kenneth LayÂ did notÂ hire a lawyer from the yellow pages who was a generalist. He hiredÂ high powered attorney, Michael W. Ramsey who specializes in corporate law and who had successfully defended numerous white collar clients. When Mr. Ramsey suffered a heart attack and another lawyer stepped in, the outcome of the case was very different than originally projected. About how it affected the verdict (Mr. Lay was found guilty of fraud and conspiracy);
“This is the major what-if in this case,” said Joel M. Androphy, a criminal defense lawyer in Houston. “You can’t just replace Ramsey’s years of experience in not only defending people but in communicating with jurors.”
But it isn’t all about the money! You can also become pickier about who you work with because you will have more choices. When you are the only one who knows how to fix Jaguars in a 100 mile radius you can charge more AND choose to fire your customers who pay slow or who are high maintenance. You can work with the people who like you and respect the value you bring to your work.
Get a niche. Do a tremendous job. Get fabulous clients.