BRX Pro Tip: Niches Bring Riches
Stone Payton: [00:00:01] And we are back with BRX Pro Tips. Lee Kantor and Stone Payton here with you. Lee, you are very fond of saying “niches bring riches.” What do you mean by that?
Lee Kantor: [00:00:12] It’s important to have catchphrases. It’s important to have little memorable phrases that have key concepts stick in your head. And this one is kind of fundamental in our work. The nichier you can make your show, the better chance you have of being the de facto media outlet for that specific niche. And then, when you are that, then you are the place to be for that type of content. You’re the place to be where those type of individuals gather. So, the nichier you are, the more value you provide, the more you serve that group, the more you stand out. And then, you’re no longer a vendor. Your sponsor is no longer just another person, another commodity inside of this, a bunch of other vendors. They are somebody who is serving. They are somebody that is really supporting and celebrating the work that goes on there. So, the nichier you are, the better chance that you have to make more money in that space.
Stone Payton: [00:01:10] But don’t you find that, sometimes, this is a little bit of an emotional challenge for a prospective client or a new client in that they want to try to do everything for everybody, and they say, “Look, we want to try to reach as many people as we can.” So, sometimes, this takes a little bit of diligence and sort of tough love to get people to focus in on a niche, and then maybe build some bridges to some other opportunities. But it’s not easy for some people, I find.
Lee Kantor: [00:01:39] Right. I think you have to have kind of an abundance mentality and believe that by really serving this small group, that you are going to have access to this larger group, because when you do serve, like we do a lot of work with women entrepreneurs, by doing a lot of good work for women entrepreneurs, male entrepreneurs don’t avoid us. They want to play too.
Stone Payton: [00:02:02] Right.
Lee Kantor: [00:02:02] So, they want to figure out how they can get what the women entrepreneurs have. So, it’s not a scarcity mentality. It’s an abundance mentality. But you can serve more by being really definitive of “These are the people I serve on this show.” And then, when you can do that, then the sky’s the limit of what you can serve beyond this one show, but this show should be about this niche.