- Hi, this is Dan Lok.
You're about to see front row and center
at my consulting and coaching business workshop.
If you are thinking of becoming a coach or consultant
or if you're a service provider
or if you're already a consultant and coach,
I think you'll find some very powerful, powerful strategies.
I'm gonna show you exactly how you go
from zero to a $100,000 a year in income.
Or how to go from a $100,000 to making
a million dollars a year as a coach and consultant.
Enjoy.
So exactly's in a niche?
A niche, write this down, is simply a combination
of a specialty and target audience.
It's a combination of your expertise,
your specialty with a target market combined.
Not one with out the other,
both at the same time.
- [Voiceover] The King of High Ticket Sales.
World's Highest-Paid Consultant.
Media Celebrity.
Multi-Millionaire Entrepreneur.
Acclaimed TEDx Speaker.
International Best-Selling Author.
Dan Lok.
Now many coaches have a specialty, but no target audience.
Example, let's say a coach who specialize in communications.
Communication skill, I'm a communication coach.
But I try to target everybody including sales people,
educators, medical practitioners.
So I have a specialty, but have no target audience.
I (mumbles), yeah I'm a communication coach,
I can work with anybody.
I'm a public speaking coach,
I can work with anybody.
Verses, I'm the number one public speaking coach
for sales trainer.
That's a very different message.
With me so far?
Yes?
That's what I'm talking about.
Or others, they might have a target audience,
but they don't offer a single core expertise,
a single core focus.
This is the consultant who targets is
a high-tech startups, say,
"Oh yeah, I work with high-tech startups".
What do you do for them?
Well, I do everything under the sun, right?
I do a trial consulting.
I do product development.
I do marketing consultations.
I work with startup, but I do all these things.
So not just specialty, but your target audience.
When you combine the two, then you have a niche.
So think about what you do.
What are you selling?
Do you have a specialty?
Do you have a target audience?
Are you combining the two?
So here's some good thought-provoking questions
to help you narrow down a niche, okay?
Ask yourself these questions.
If you could do something all day long,
what would it be?
What do you enjoy, what's your passion,
what do you enjoy to do?
What are some of your past career areas or interests?
What do you enjoy doing in the past?
What obstacles have you successfully overcome?
What have you learned from that?
Would help other people?
What of your life experiences could benefit others?
Who, specifically could benefit from them?
What's your unique story?
Or maybe you have a story of some kind
that's very unique to you.
What makes you different form everyone else?
What's the biggest benefit clients would get from you?
And usually has very little to do
with your core product service, usually.
What would make your life absolutely perfect right now?
What kind of clients you want to work with?
Okay?
So those are very, very powerful,
thought-provoking questions.
Any questions so far?
Yes, Kavon, mike.
- [Audience Member] Yes, my name is Kavon.
- Hi, Kavon.
- I really want you to talk too about its..
from my experience.
It's not just about picking a niche
because that you think you like it.
It's also the congruency.
- Hmm.
- Because that's what changed everything for me.
- Mmm.
- Was being congruent to who I am and to what my skills are.
Not do what I wanted, but what I thought I could do,
but being actually very congruent to your skill.
- Yes.
- Even though--
- I think a lot of that has to do with sometimes...
Good question well applause.
(audiences applause)
Sometimes people get, they get something to,
oh so and so is making money selling to that market
that I should get into it too.
But so and so is making money selling to that group
of people, thought maybe I could make some money
selling to that group of people too.
So my question to any entrepreneur is
whenever get into any kind of niche market,
you got to ask yourself two questions.
Why you and why now?
Why you?
What qualifies you to be in that space, write down.
And why now?
Just because somebody's making some money doing it,
does not give you permission, does not qualify
you to be in that space.
And that is how people lose their shirt.
In every single business, there are
what I believe, trade secrets
that people see on a surface level,
but a lot of different like insights
within the business that people don't know
what makes that business work.
As an entrepreneur your job is to figure
that out before you go bankrupt.
Most people they run out of money
before they figure that shit out.
Right?
So think about, it doesn't take me a lot
to stump and entrepreneur if I ask them,
oh, so do you know your clients?
Oh, I know my clients.
You don't know shit.
(audience laughs)
I asked them two, three questions.
Okay, so tell me about your client.
Oh, anyone who needs blank.
That's not understanding your client.
So tell me about the age group, from what age to age,
or they man or they woman?
What's their occupation?
What are their pain points?
What are their aspirations?
What are their goals?
Are they single, are they married, do they have kids?
What's the income level?
What do they read, what do they like?
What conferences do they go to?
Do they belong to any associations?
What publications do they read?
What websites do they go to?
No fuckin' clue.
And you want to sell to them?
You don't know anything about them.
That's what I'm talking about.
Doing your homework, knowing who you want to serve.
And if you see, how come my marketing it's not working well,
chances are you don't know your target market well enough.
What keeps them awake at night?
What are their pain, what are their frustrations?
What have they tried that didn't work?
What have they tried that did work?
Can you answer all those questions like that?
Until you could, don't tell me you know them well enough.
And even you can know all those answers,
you could still go deeper and know them more.
Because what I said so far, that's all on a surface level.
I haven't gone deep on emotional needs.
Those are just like surface needs.
What are their emotional needs?
We haven't even gone to that.
Your question?
- A mike.
- I just heard you say that
a couple of days that I was doing research
into specific market.
- Yeah.
- The law of attraction, personal development
and I figured, I got their income, all that information.
- Yes.
- I was hiring someone on Upwork to do it for me.
I feel like for relatively--
- Yeah, you can easily outsource and get some
even basic data, but you notice as you sell to them,
some message will work, some message will not work.
Now we need to go in depth.
Because having the data versus
really knowing them, there is a gap.
It's like in dating, how many of you tried online dating?
Okay, good.
Not Tinder, not this shit like online dating.
(audience laughs)
Actual dating, you look at a profile
versus you actually meet the person.
There's a gap, right?
That's what I'm talking about.
I thought...
You look a little bit different.
(audience laughs)
Oh yeah, that was like 10 years ago.
(Dan laughs) (audience laughs)
Okay, alright. (laughs)
So that's what I'm talking about.
So that data, but how do you interpret
the data into like deep understanding.
Usually has a lot to do with the emotional needs.
What their going through, the feelings their going through.
Because in your marketing message,
you're going to put that in.
So in a nutshell, what I'm talking about is,
you want to choose your niche
as soon as you start your consulting business.
You don't want to waste any valuable time, day one.
You may not get it perfectly,
but it's better to start with just something, right?
Just something, day one and you might pivot,
but it's better to start with something.
Determine what your expertise and specialty is,
and what target audience would be willing, keywords,
two keywords, willing and able,
to pay you to solve their problems.
No good if got a specialty, no good you're selling
to target market who's not willing and able to pay you.
How many ever try to sell people who,
they want your service, but they can't afford it.
Yeah.
A lot of us.
So you gotta, it's a occasionally happen kind of things,
or it happens all the time that you got to consider,
are you selling to the right market, right?
Are you selling at right market?
Study a niche to find out what
some of the biggest challenges
your target audience experiences.
What solutions are already being offered to them
and how it can reach them easily?
Now, what solutions are being offered?
Now I'm talking about knowing your competition.
So it goes back to the question, why you and why now.
So let's say you also wanna sell
to a law of attraction crowd.
Well who are they?
Who are they buying from?
And who are your top competitors?
Do you know what they're doing?
Do you know what their price point?
Do you know their offer?
You better have, like studied their stuff.
I love to study other people's stuff.
I've got stuff in my library in all kinds of verticals.
I can tell you that the top dentist marketer,
like the top dentist guy.
or practice management guy in dental.
I can tell you the top guys in real estate investing.
I can tell you the top guys in like obscure niches.
Because I studied these people's stuff.
And that's the habit that I have.
And I'm shocked, and that is not the business I'm in,
but I like to study those things.
But if the business that you're in,
you should know, it's like the art of war,
a Chinese saying, Keep your friends close,
but keep your enemy closer.
You better know your enemy inside and out.
You should know them better than they know themselves.
That gives you an edge.
Oh, that guy just changed his price point, I wanna see.
That guy just changed his approach of selling,
I wanna see that.
Do it work, hmm?
I wanna see.
You're monitoring.
Oh, he just changed his Facebook ad.
(Dan snaps his finger)
I want to know.
He's ramping up his Facebook ad, (snaps) I wanna know.
How does his sales person sell on the phone, I wanna know.
What script does he use?
I wanna know.
You wanna know all of these things.
Can you see why most people, they don't,
they just don't think very deeply
about these things and that's why they struggle.
They're so fucking lazy, I can't put it in a different way.
They're just fucking lazy.
By the time they do this much work,
I've done this much work.
There's no competition.
There's just no competition.
Forget my experience.
I can start at a same starting point, I could,
I'll learn and outsmart them so quickly.
Because by the time they read five books, I've read 50.
By the time they've talked to five clients,
I've talked to 50 clients.
That intelligence, that understanding is not even close.
Forget that I can read people like fucking matrix, right?
You talk to me, I read people, ask my mentees, right?
I can read people naked in front of me.
I'm serious.
Like I can read, I can talk
to someone five, 10 minutes, oh fuck.
I know so much, just by language pattern,
just by their work, their talk.
I know all, just if, I don't want to point it out,
I don't point out, but I know a lot about that person.
It's just the way that I, my mind works
and that's why I can teach and facilitate.
It's one of the gifts that I have.
I know that's a strength that I have.
Sometimes it's, it's like I don't even want to know,
but it's just my mind is processing it, right?
I can't stop that.
I just have that gift to forget about that,
put that gift aside, I'm just talking
about putting in the time to know your marketplace.
Make sense?
Just know and you'll know, you put
in little bit more effort, you know your clients
a little bit more.
Suddenly, now you're selling more.
It's easier to close those sales, like, hmm interesting.
And you say certain things and they respond.
And they resonate with you, oh interesting.
And you make a mental note, oh that works.
Good, let me keep doing that,
let me keep doing more it, see if that works.
That's what I'm talking about.
Make sense?
- [Audience] Yes. - Good.
So, what have you learned from my talk
and how does that apply to you
and how do you take the right action.
Comment below and let me know.
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