Podcast Episode 11- Pricing and niching

niching podcast pricing May 12, 2021

Pricing and niching go together hand-in-hand. Having a niche improves your opportunities with pricing. But it also means you’re talking to the right people all of the time. Amy Caiger specialises in helping businesses get clear on their niche and how they can communicate that in their messaging, their marketing and their services.

Niching is essential as it enables you to have clarity around what you do. This helps you know how to communicate it in all you do, the world, and your ideal clients. Because it’s not enough to know your niche, you also need to communicate it clearly.

Why niching gets a bad reputation

People often panic at the idea of niching. Often though, this is down to how it’s portrayed. A lot of people think they need to choose a specific demographic of person. They then panic when they don’t have that and resort to making things up. 

And of course, when you start to make things up, and it's something that's not happening in your business, then there’s a risk you might not connect with your customers. You may alienate people because you don't know who they are. So that feeling of ‘Oh, God, I think I’m going to alienate people and lose customers’ is kind of based on truth because you're going into the unknown. 

How to get your niching right

Defining your niche isn't based on unknowns. It's not based on any guessing, and it's not picking things out of a hat. There are three elements that make a strong niche - and ‘who’ is just one of them. There's also the ‘what’, and there's the ‘you’ as well.

If you want to get your pricing and niching right, it's about really getting to know your business and clients. Choosing who you help and knowing how you help them to achieve their desired end results.

Define the things that are already working in your business and do more of them. Focus on what's working and how you can stand out, and how you can define that in your messaging to attract more of those people. You're not then alienating customers, as you already know that they are someone you're already working with. You can then get clear on your messaging.

You need to be a specialist, not a generalist

Nowadays, we can work with anybody. Being that kind of generalist who helps with all sorts of different things isn't ideal anymore. People want to work with specialists because they trust you more, because they know you're going to be that person that answers that problem quicker and easier, and because you’re living and breathing that element of your business. 

It makes things a lot easier for you. If you're only focusing on one thing, that means your brain is focused on just that. You’re not being pulled and pushed, and you can get focused. Your content can be talking about that particular thing. You know what offers to create, the transformation your clients desire and the quickest way to help them achieve it. And it suddenly makes your life a lot easier, as everything is streamlined, you have so much more focus, and so much more time. You’re less confused, as well as your customers. 

Pricing and niching

When it comes to pricing and niching, they do go together hand-in-hand. The more you know about who you are as a business, who your client is and what you’re offering and how valuable it is to your ideal customers, you’ll set better prices for your products and services. It’s not about demographics at all.

You need to get into their thoughts and feelings, so you’re thinking about how much they would pay for things. How much value they associate with things, or how much of an impact what you do, has on them. 

This allows you to create different services, as well. You know about the problems they’re having, the transformations you can get for them. And you can package them up accordingly. You’re then able to pitch smaller, lower-priced packages as well as longer, higher-priced programs.

If you know your niche, you can factor that into how you price. If you know their cash flow is tight or in a low paid industry, you think about pricing differently and create packages and programs to suit. You know if they’re more likely to opt for a power hour rather than a high-priced 6-month program. And if they’d rather you do it for them, stop creating DIY solutions.

Get clear on your messaging

Knowing pricing and niching focus ensures you’re always leading with the main elements. Far too many business owners talk about Facebook groups or Zoom calls when you need to be leading with the problems and solutions you provide. If your ideal clients value speed, focus on that. 

If you want to stand out, talk about what happens next. What happens once they’ve worked with you and achieved their goal or result? How do you help them after the problem has been solved? 

That then influences your pricing and how much you charge, as people seek you out and want to work with you. You’ve positioned yourself as this go-to person in what you do. It helps you get clear on what you talk about in your messaging, on podcasts, talks and interviews. When your ideal client comes across you, you’re being consistent in your messaging.

Listen more to my podcast with Amy Caiger on pricing and niching. 

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The Pricing Queen podcast is produced by Decibelle Creative

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