Seth Godin pointed out that it is more profitable to be #1 in a small market than number three in a larger market.
I agree.
He says the market leader sets the agenda and attracts the leading customers.
That’s true.
He says that Harley-Davidson isn’t #1 for all motorcycles but they are clearly #1 in their category.
Yes they are. They have a very loyal following and get lots of word of mouth referrals (or maybe that should be “word of ear” referrals).
There is great wisdom in this concept. I followed this in my practice where I targeted a small niche market, I preach it daily in my private consulting, and I write about it extensively in my new course, The Attorney Marketing Formula.
Let others fight over the mass market while you go fishing in a small(er) pond. Marketing is easier, the clients are better, the profits are greater.
As Godin points out, by redefining your focus and the way you serve your clients, you redefine (and come to own) your market.
As attorneys, it’s easy to stroke our chins, nod our heads, and say, “yes, this is truth.” But most attorneys go right back to swimming in the vast “mass market” ocean. Sadly, most attorneys will never come close to being #3, or even #333 in the mass market. But they could easily be #1 in a smaller market.
Yesterday I corresponded with an attorney who told me he is struggling to find a good niche market. I pointed out that in his email, he mentioned that his practice served many same sex couples and that this is a niche market.
By networking with other professionals and businesses owners who target that market, by working deeply in that market, he could become #1 in that market for his practice area.
Then he could afford a fleet of HOGS.
