Secret steps to starting a local consulting business the right way that makes money and has no competition
Martin’s Local Consulting Business Building Presentation
from a $2000 per person private mastermind group
How to pick your best niche
Speaker 1: Hi, I guess my biggest problem is getting a coaching business off the ground.
Martin Maybruck: That’s what we talked about yesterday.
Speaker 1: Yes.
Martin Maybruck: Excellent. So you got some reinforcement on that?
Speaker 1: Yes. The problem where I’m stuck is I’m giving everything away for free.
Martin Maybruck: It’s hard to run a business that way.
Speaker 1: Yeah can’t do that. How many testimonials do you really need before you finally..?
Martin Maybruck: I tell everybody 5 case studies, 5 testimonials to get you started. Also, if you picked that specific niche and you have those 5 case studies, you have proof in that niche, Which helps a lot. You also learn what works and what doesn’t work in that niche. So you build your confidence to get real clients then and pursue them; and know that you can help them because you have now 5 case studies that you’ve got under your belt. Things that you’ve tested with them and you know what works; doesn’t work.
If you’re jumping around with all different niches, you have to relearn a niche every time you get a new client. So that learning curve eats up all your profits.
Speaker 1: Right.
Martin Maybruck: The other thing is on pricing which we talked about yesterday.
Speaker 1: Yes.
Martin Maybruck: Don’t just give one price, give packages and don’t compete against your competitors; compete against yourself. So if you split up your pricing into 2 or 3 different packages: low, medium, high or gold, silver, bronze then they have three options to pick you. If you sell it properly they shouldn’t have any problem picking one of the three packages. What was the other thing? Well that’s a lot to get started. So picking that niche; do you have an idea of that niche?
Speaker 1: Yes, well this specific coaching program is involved with creating, building, and managing a list.
Martin Maybruck: Okay.
Speaker 1: Any type in any…
Martin Maybruck: Okay, now the thing is if you…
Speaker 1: [inaudible 0:02:31] marketing.
Martin Maybruck: Do that, okay? So that’s a great, that’s a solution you’re providing: building lists, okay? Now who would you approach? Who would be your ideal client?
Speaker 1: Well there are two…
Martin Maybruck: Put the microphone up.
Speaker 1: There are two things that I want to do. One is offering that service to local clients to set it up for them, to set up a marketing plan for them that involves…
Martin Maybruck: List building.
Speaker 1: Creating lists, list building. The other one is to teach people who want to learn how to do that.
Martin Maybruck: Okay, so two different things…
Speaker 1: Yes.
Martin Maybruck: Now what I’m saying is list building, you don’t want to be the list builder to everybody. You want to be the list builder to what type of business have you had a lot of experience with or..?
Speaker 1: Well they’ve been different niches.
Martin Maybruck: Pick one.
Speaker 1: Cake decorating.
Martin Maybruck: Cake decorating? Okay good, so how many cake decorating places are there within 50 miles of you?
Speaker 1: A lot. I live in an Italian neighborhood; everywhere.
Martin Maybruck: Bingo. Okay so start with that because we’re talking about you know if for my medical problem I went to a specialist. Mark was a dentist, he was a specialist. You need to become the specialist in that niche, okay? So all of your marketing material will be about building a list and marketing plans for cake decorators, so those cake decorators will then relate to you much better. If you approach them as, “Hey, I’m a marketing person. I can help you market your business.” So is everybody else that’s a marketing person.
So how are you going to separate yourself from your competition? You’re the only marketing person that’s specifically markets for cake decorators. Then you have to figure out the size of your niche. I have a whole spreadsheet that I work on which I’m happy to email to you. But you basically; and you can look up even on Google Places. Start at a 5 mile radius, a 10 mile radius, 15 miles, 20 miles, 50 miles and make a list of all the cake decorators.
So now you’ve got your customer base and then figure out your three packages, what the price point will be. The one that you’re going to try to promote the most which will be probably your highest. When you do three different packages, there’s always one that you want them to take and the other two are decoys. So it’s a lot like CPA when you have that CPA page you’ll have that decoy; you want them specifically to pick one. That’s why you’ll usually see like best value. What you do is the way you position it, obviously you want that one to be the biggest, the best value and you really position it as the best value.
The other ones for example like I was just teaching a course on website development. So for example there were three different packages on mobile website development, mobile websites. The first was 497 for a 3-page mobile website. The next package up was; I’m trying to remember what it was, it was like 797 or something like that for 5 pages. The one up from that was 997 for 10 pages and more, 10 plus. Well most people don’t have a 3-page website or a 7-page website. Most people have 20, 30 page website. So which one was the best value? Which one are most people going to go towards? The higher priced one because they kind of have to default to that.
So think about your pricing strategy that way. But just become; all your marketing material, just focus on one niche, do all your marketing material for that niche. Write your reports for them, your guide to building a list for cake decorators, and go and hand it out to them for free. So it’s just free information, you’re educating them. You want to pre-educate them on your services; you want to show them your case studies so they see proof. That’s the first thing – you need to get your 5 case studies. At least 5 cake decorators and you just approach them and say, “I’d like to work with you as a case study. I’m going to help you build your list and therefore make you more money.” Give them a report say, “Here’s more about it. I’m only taking on 5 clients for this case study because I’m doing it at a 50% discount for my fees.”
And you have to give them a deadline to accept your offer. If you don’t give them deadlines, they’ll never pull the trigger. So you say, “The offer’s good for the next 48 hours or for the first 5 cake decorating companies that claim the offer. By the way, I’m sending this out to 50 or 100 other cake decorating companies. It’s an awesome offer – take me up on it soon. You got 48 hours or the first 5. I’m only taking 5 and sending it out to 100. There’s a good possibility in 48 hours it’s not going to be available anymore.” But give them all; you want to sell the benefits not the features also, and you want to sell the proof so you want to get those. Tell them: what’s in it for me? That’s the main…
Speaker 1: Yeah.
Martin Maybruck: Thing that you should be your headline: what’s in it for them? But bite that report, do educational marketing material. To your ideal market that will sift and sort your ideal prospects, pre-educate them so you don’t have to do the sale. A pre-educated prospect is a much better lead than somebody who doesn’t know anything about what you offer.
Remember that not everybody is ready to buy from you at that time, and that’s why you want to build that lead funnel into; basically hand-out 100 of those guides or reports on the benefits of building an in-house email list. So make it like the 7 top reasons for building an email list, 7 ways to make higher sales or more sales with an in-house email list; something like that. And then just bullet point those 7 things, and write a little paragraph of each of them and hand that out to 100 of them. Give them 48 hours to pull the trigger on a 50% discount for case studies.
Speaker 1: That’s great, thanks.
Martin Maybruck: That’s it.
Speaker 1: Yeah.
Martin Maybruck: And then you’ve now gotten 100 of them. What you can also do is create a monthly newsletter, hand out, mail them that monthly newsletter every month. So you are their go-to person for marketing. Give them marketing tips every month, you want to educate. You don’t want to sell. You do want to put at the end; you don’t want to put your logo or anything on it. You’re not trying to sell yourself. If you make it a sales piece they’ll notice it and therefore they’ll react differently, they’ll react negatively to it.
If you just make it an educational piece and just put your name and contact information at the bottom. On the last page put a motivational offer like what’s called the mafia offer, an offer they can’t refuse. So what you want to do for a mafia offer is; and this is a good exercise for everybody, is you want to figure out the objections or the friction that they might have when purchasing your services, and then try to remove all that friction. With 100% money back guarantee, with proof in advance.
Who’s doing the car leads? So you can for example proof in advance would be you get the lead in advance and then they pay you for that lead afterwards. So that way they don’t have any monetary risk, they’re not paying you a retainer upfront to get leads. This is for your first few case studies, get them to signup, you’re going to bring them leads. You ask them if you do a pay-per-lead model, never offer a price; always ask them what their leads are worth to them. You want to start from that end. So ask them, “What is a lead worth to them?” And for automobiles it will be different for each type of vehicle. So on average, what’s a lead? Give an average. “Tell me, what’s an average lead for a vehicle worth to you?” Probably several hundred dollars, depending on the vehicle type. Then you negotiate your price. So you want them to tell you a price first before you tell them a price.
So for leads when you’re building an email list, you can prebuild an in-house email list for yourself really and sell them per email subscriber. You can run the entire email database for that company, it’s on your account, you’re capturing all the leads, and then you tell them, “Okay now I’m going to help you write 12 monthly newsletters.” A lot of times it will be for cake companies. You can do it seasonal based on different events that are happening all year long that they’re going to be really busy during the spring and summer for weddings and stuff like that, and for the holidays, and whatever.
You have to figure out what their marketing schedule is, and then you help them write because you’re a writer, you write their newsletters for them. So then you sell the newsletter packages, so you sell 12 months of newsletters. They’re going to be too busy, they’re going to be overwhelmed writing newsletters.
A lot of times writings FAQs what I’ll do is I’ll go in and get like 12 frequently asked questions from them or questions that they should know to ask, or that don’t know to ask but should ask. And then you can easily write that 12 auto responder series for them based on those FAQs. You could even do videos for that. In fact, you could sit with them for an hour and film those 12 questions on video then pull the audio from it, pull the transcript from it. You now repurpose those videos for 12 months, you put it out on their website, you put it out on YouTube, you put it in the email newsletter so you’re repurposing all that information and you charge them for that package. For a full year’s worth of email newsletters, video marketing, and podcasting; all that stuff I mean start slow.
Speaker 1: What do you charge for something like that?
Martin Maybruck: What do I charge for something like that?
Speaker 1: Yeah.
Martin Maybruck: That depends on you, what you’re going to charge on it. You’ve got to determine your 3 packages, what services are going to be included in those packages, and how much work it’s going to be for you. The nice thing about doing the video is that you sit with them for one hour or even less, you videotape a full series of 12 questions. You’re done for the year; you never have to go back there.
Again, you repurpose it, you pull out the audio, you pull out the transcripts and in one hour you’re basically done with a year’s worth of content. Of course you can write additional content because they’re going to want to put specific offers, each month should have a different offer based on what’s happening in the cake industry that month based on holidays and weddings, and all those things. So you have to determine your own packages.
But remember the decoy that is just far and above way better than everything else; they’d be crazy not to get it. And then the mafia offer when you’re sending out your promotional material, again it’s educational material; it’s not really sales material. If you create sales material, they’ll see it as sales material and they’ll just throw it away. If you create a real report or a monthly newsletter it’s just that.
That’s why I create blogs instead of business websites. Business websites, people just know these are sales tools; they want to sell to me. If you create a blog, its education based information. So it’s better to create; I always prefer creating a blog and putting in good educational content. Certainly I’ll have my services on there also if they decide to take them, they will. But in the meantime, they sign up for my newsletters, they sign up for my whole funnel. So do the monthly newsletter, send it out to all of them. Over time when they’re ready they will contact you, and that’s the best way to do consulting. You don’t want to go do cold calls, you don’t want to do sales calls, you don’t want to go out there and do sales. You want to just educate your ideal client and have them basically raise their hand and come to you when they’re ready to buy. Okay?
Speaker 1: Thank you.
Martin Maybruck: So good to go, okay. Move onto the next. So now that exercise…