Avoid these SMMA niches at all costs | Summary and Q&A

TL;DR

Avoid niche markets such as veterinary practices, law firms, dentists, e-commerce, and freelance pay-per-hour niches to increase your likelihood of success.

Key Insights

• 🗯️ Choosing the right niche is crucial for success, as entering certain niches can put you at a disadvantage.
• 🧑‍🏭 The difficulty of a niche often stems from factors such as market demand, competition, and scalability.
• 💦 Personal experiences and observations of working with over 500 agency owners and coaches influenced Charlie's recommendations.
• 💋 The best niche is the one that you stick with for several years, as time and experience help overcome initial challenges.
• 👨‍💼 Scaling a business becomes harder when serving freelance pay-per-hour niches, as it is challenging to scale time and help individuals rather than businesses.
• ❓ It is important to align expectations with the realities of a niche, as initial enthusiasm can fade when encountering difficulties.
• 💋 Charlie emphasizes the need to avoid niche hopping and instead recommends sticking with a niche to see long-term success.

Transcript

in this video I am going to explain the niches that you should avoid if you're in these niches or you think about going to these niches things will be considerably harder for you there's going to be niches that you've probably not thought of too much we're going to go through some obvious ones but also some less obvious ones and then I'm going to w... Read More

Questions & Answers

Q: Why should veterinary practices be avoided as a niche market?

Veterinary practices should be avoided because they prioritize hiring more staff than getting new customers. They often respond to outreach efforts by stating that they need more vets, not customers.

Q: What challenges are commonly encountered when targeting law firms as a niche?

Law firms present challenges in cold outreach efforts. Lawyers typically don't check emails regularly or have a need for business proposals. This can make it difficult to reach decision-makers and generate leads.

Q: What makes dentists a challenging niche to work with?

Dentists have gatekeepers who screen cold calls and emails, making it hard to directly reach decision-makers. Additionally, dentists are unlikely to be active on social media, making lead generation and appointment booking more difficult.

Q: Why is e-commerce considered a difficult niche?

E-commerce presents challenges in lead sourcing, appointment booking, service delivery, and client retention. It is also common for successful e-commerce businesses to eventually take marketing in-house, resulting in agencies losing clients.

Summary & Key Takeaways

• Charlie discusses the niches that should be avoided due to various reasons, including lack of demand, difficulty in reaching clients, and limited scalability.

• Veterinary practices: They don't need more customers and often prioritize hiring more staff over getting new customers.

• Law firms: Lawyers don't check their emails regularly and may not need more clients or contracts.

• Dentists: Contacting dentists through cold methods is challenging as they usually have gatekeepers who screen calls and emails.

• E-commerce: It is the hardest niche due to several challenges such as lead sourcing, appointment booking, service delivery, and client retention.

• Freelance pay-per-hour niches: Helping individuals instead of businesses makes scaling and growth difficult as it is not possible to scale time.