Choose The Best Niche For Your Digital Marketing Agency | Ep #608

Have you ever heard the saying there are riches in niches? Are you an overworked owner of a stagnant agency? Maybe you have grown your digital agency to seven figures but can’t figure out how to get beyond that and are feeling stuck. The door to growth can be unlocked with one key and that key is choosing a niche. But how do you choose the best niche for your agency? Will narrowing down your focus limit your agency's potential? Everyone is talking about niching down and picking your “perfect avatar” But do you want to know the biggest mistake that no one is telling you about when it comes to niching down? In this video, I will share with you: The biggest mistake digital agency owners are making when it comes to niching. How to choose the best niche for your digital agency. Subscribe Apple | Spotify | iHeart Radio | Stitcher | Radio FM Do You Have to Turn Away Clients Outside Your Agency's Niche? When you hit the point of stagnation in your agency's growth, you’re usually working more and making less money. It doesn’t seem fair. However, agency owners are often reluctant to niche down because they fear limiting the agency, hurting the business, or losing leads. But... How many leads do you have right now? How’s the agency doing? If the answers are not all positive ones, then you have more to lose if you don’t pick a niche! And this is the biggest mistake people make when picking a niche. You don’t have to get rid of existing clients or turnaway inbound leads outside of the niche. Who said you couldn’t still work with those clients? When you pick a niche it means you’ll now only be marketing to that niche. And the more specific you are, the more clients you’ll attract. Think about it this way, if you’re having heart issues, would you go to a general doctor or a cardiologist who specializes in heart issues? In fact, the more specialized the better because they know all the special nuances about the heart and your condition. By focusing on a specific niche, you can build a deep understanding of: your clients’ needs, their audience and their audience's needs, and the challenges they’re going through Offering a specialized service helps you stand out in your industry as an agency with expertise others can’t match. You will stand apart from the generalists and "me too"  agencies that do a little bit of everything. How Do You Choose the Best Niche for Your Agency? When my friend Chris moved to niche down his agency services he started to only work with clients using Magento. With this horizontal niche, his agency became specialized in this software they became the leader in this technology. They were able to  charge premium prices and pick and choose which clients they wanted to work with. As the expert in your niche, you're able to charge higher fees, your team will become more efficient, and your agency’s profitability will skyrocket. Once you start servicing your ideal customers, you’ll build a stronger relationship with them leading to repeat business. The positive word of mouth and referrals you get from those relationships will help you become the choice, rather than just a choice. I’ve created a system to help you pick your niche. Download my Niche Grader here, where you'll also find other systems and resources. I’ve found that if you make a list of the niches you’re thinking about choosing – whether it’s lawyers, real estate, doctors, etc – and start ranking them on a scale of 1 to 10 according to the questions presented. You’ll find questions like “do you have experience in this niche?” Or “Is this large enough to support your business?” Once your list and scores are ready, you’ll see the biggest score will almost always be the right answer for a niche you can dominate. Of course, a niche alone won’t get you all the way to the top. You’ll need to pair that with clarity, strong messaging and authority, which is all part of the attract video series. Do You Want to Master the Art of Attracting Clients? FREE COURSE: Discover the 4-system process to ATTRACTING the perfect agency clients at https://www.agencymastery360.com/attract In a 4 videos series, we'll break down the steps you need to take in order to gain clarity, empower your team, and create the freedom you've always wanted in your agency.