3 Reasons Picking a Specialty = A LOT More Money

Pinpointing a specialty is one of the most common things I advise clients, but many don’t take my advice.  One of the reasons people don’t is because they are passionate about all types of travel and it feels too restrictive to limit the travel options they sell.  The problem with this argument is that it’s based upon a false understanding of what picking a specialty is.  Yes, if you pick a destination as your specialty, you will be narrowing down the places you send your clients.  But if you pick a specialty based upon a TYPE of traveler, for example, food and wine enthusiasts, you don’t limit your travel destination options at all.

Another reason people don’t want to focus on a specialty is that they want repeat clients who like to travel to new places (not the same place over and over) and they feel if they pick a specialty, they will lose those relationships.  And the argument made above is the same argument here.  If you focus on a type of traveler – you can have repeat clients and send them someplace new every time.

A final reason people resist picking a specialty is because they are afraid to turn away business.  This argument is based on fear and the rest of this article shows you how you will make more money if you take the plunge.

Here are the 3 ways picking a specialty makes you more money:

1) Experts make more.

It really is that simple.  When you are an expert at something, you establish your value right away.  You separate yourself from a sea of plain vanilla.

Think about this example.  Let’s say you made a weight loss pill.  That’s a highly competitive market.  Your pricing would be based upon how the rest of the competition prices their weight loss pill.  But let’s say you decide to focus on a specific market for your weight loss pill – women.  There is still nothing different about your weight loss pill, but you put on your label, the weight loss pill for women.  Now, let’s notch it up again.  You decide to narrow your market even more and make it a weight loss pill for female flight attendants.  Again, there’s nothing different about your weight loss pill, but you put on the label, the weight loss pill for busy, female flight attendants.  Do you think a female flight attendant would be willing to pay more for your weight loss pill than a plain vanilla one?  You bet she would.  Do you think she would pick yours over others, DESPITE a higher price?  Yes again.

Rather than just looking at a hypothetical example, let me share with you my own experience.  The year I decided to focus on my specialty and turn away all other business, my sales tripled.  So, from experience, I know that experts make more $$$.

 

2) Marketing becomes more effective.

Rather than waste all your time, energy and money on marketing to anyone and everyone that comes your way, when you have a specialty, you know how to narrow in on your target market.  When you do, marketing becomes far more effective and sales become so much easier.  In essence, when you talk to everyone, you talk to no one.  But when you speak directly to someone in a specific situation, they listen and respond.

I would like to share a great example of this with you.  I have a client whose specialty is family travel.  She not only picked a very good specialty, she went through the process of creating a perfect client “avatar.”  In other words, she created a profile of her ideal client so she was better able to serve them.  She accumulated this information over time by informally asking her best clients questions in normal conversations.

The key is to get really clear around your ideal clients’ hopes and dreams and to be able to pull at their heartstrings.  My client came up with a super effective marketing campaign based upon the fact that her ideal client – a mom to 3 school aged kids – feels that her kids are growing up too fast and wants to preserve the moments.  She recently ran a Facebook offer with the language:  “You only have 18 summers, how will you make this one magical?”  It coincided with a time that Disney was offering a 30% discount for certain travel windows.  But notice that my client didn’t promote Disney’s special.  She tugged at the heartstrings.  And it worked!  She generated over $287,000 in travel sales over the course of 3 weeks running the offer.  She spent less than $40 on the Facebook Ad.

Had she run this Facebook ad with no specialty claimed – the wording would have focused on Disney’s promotion (not her expertise), it would have been aimed at a much broader audience (Facebook lets you target who the ad gets shown to); AND it would have been far less effective.

3) People send you clients.

Referrals rise significantly when you have a specialty.  And this is great.  But there are also perfect strangers who will send you clients.  When you have a specialty with a clear and compelling message around it, you will make such an impression on people you meet.  It’s human nature to want to help others.  With the right message around your specialty, you will get clients calling you recommended by people you don’t even know.  This happened to me several times.

YOUR ASSIGNMENT:

If you have been resisting picking a specialty, consider doing it sooner rather than later. It is the single best path to making more money today. For help in pinpointing your specialty, check out our upcoming “Nail Your Niche Think Tank Retreat” where I will take you through a step by step process of picking your specialty, identifying your perfect prospects and writing language that pulls them in like a magnet. Just go to www.ThinkTankRetreat.com to learn more.

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