My mentor Jon cracks me up. He’s permanently baffled by his wife (and women in general, I reckon – which makes me laugh because although we’re not the same, we’re not that different. Are we?)
Anyway, his missus went off to a yoga retreat, and to get the full benefit of it she had to buy herself “a bunch of shit” (Jon’s words, not mine) including a specialist yoga cushion and a mat.
Obviously these things are eye-waveringly expensive — I do yoga (or did, I’ve slacked off recently) and everything “for yoga” is about twice as expensive as the same stuff not for yoga, but just for general moving around more.
And people pay for it.
This is a tidy little lesson in premium pricing. The more you niche, the more you can charge — and the happier people will be to pay that extra price.
This isn’t exploitation — everyone knows they can find the same thing without the “for yoga” label on it, but we choose to buy the special yoga stuff anyway. People are funny like that.
So let me ask you – how niche are you? Even if you think you don’t have a niche because you’re in kind of a generic industry, let me suggest you dig a little deeper.
On the face of it, my Small Business Superheroes is pretty generic. It’s a marketing and copywriting mentoring business group. There are many of them. But the difference is this: my group isn’t huge. It’s not even as big as I’d like it to be (yet)… because I’m fussy. I don’t want just anyone and everyone.
If I did, it’d be cheap to join… and I wouldn’t attract the kind of business owners and freelancers I want. I want people who are serious about growing their business and who are ready, willing, and able to invest cash, sure, but more importantly effort and time into doing so.
I want people who are brave enough to buck the trend of what everyone else is doing, and do the difficult uncomfortable stuff that needs doing.
I want people who aren’t afraid to fail along the way (because lots of stuff won’t work).
Not so generic after all, because frankly most business owners are looking for an easy fix. They want the results but they’re not willing to do the work. And they’re not brave enough to put themselves out there. No shame in that, I guess… but that’s not who I want in my group.
You can do exactly the same in your business with your products and services. Be very specific about who you want to deal with, then go after them with dogged determination and an amazing offer.
Remember: the more you niche, the more you can charge. As Jon said:
“A Yoga Cushion is gonna be a lot more expensive than an identical but generic Arse Cushion.”
Everything we do in my book, Business For Superheroes is designed to get you charging what you’re worth, to clients who are worth it. Grab a copy here.
Vicky Fraser is a copywriter, author, and entrepreneur. She really did run away with the circus… but when she’s not swinging from a trapeze, she’s showing other copywriters and small business owners how to work with better clients, make more money, and stop missing bathtimes, first words, and dinners with angry partners. In fact, she wrote the book on it. Get your copy here.
PS There’s been great excitement at The Dingle! Granny Featherwax has laid her first egg. It’s a tiddler, but the shell is hard – and we’re going to cook it for a snack this evening.