May 25, 2000
You've got to stand for something to create a niche
Dr. Lynda Falkenstein
A: You don't! Lesson #1: Forget about competing against anyone, small or large. The way you win in today's world is by creating the niche that truly distinguishes you from everyone else in your field. By being perceived as special, and singular, and unique--the only game in town. Start by asking yourself who your clients are going to be and who they won't be. You can't be all things to all people, so it's critical that you are very clear who your wish list is.
Secondly, create a powerful blitz marketing system to ensure you become a household word fast. Household with the right clients and their gatekeepers or people who influence those clients.
And finally, what is your focus? That is, what are you going to stand for? Tenant representation? Biotech? In commercial real estate, as in all other businesses today, it's vital that your prospective clients know what you stand for. Otherwise you'll be like pasteurized milk, indistinguishable from the masses. In the words of songwriters Aaron Tippen and Buddy Brock, "You've Got to Stand For Something..."
Q: I am an attorney who left a large law-firm two years ago to start my own practice. So far, things have been better than I ever imagined. I'm concerned, however, that the bubble may break and that one day I'll be sitting here waiting for the phone to ring. People tell me I'm looking for trouble and that I should enjoy my good fortune. What do you think?
A: I think you have every reason to be alert to the future. The surest sign of disaster in the offing is complacency. How many times have you driven past a charming and highly successful retail shop. But instead of an exciting window display, you see a too-familiar liquidation sign. Chances are the management so enjoyed their success, they didn't look ahead. Worse yet, they may have eased up on their marketing. Either scenario is a recipe for business goner.
To ensure your niche stays healthy and gets even richer, I suggest that you do an exercise I call trending. That is, think about major directions and trends occurring in society today. How will those directions and trends impact your niche? What kinds of problems are going to be produced by those trends and directions? How will those also impact your niche? Be sure to trend for several generations. Consider the consequences of the consequences of the consequences. Do this and you'll help prevent your niche from running out before you're ready. Most of all, you'll stay ahead of your niche.
Q: I opened my own accounting practice six years ago and am getting ready to re-do our company brochures. Before investing several thousand dollars, I thought I'd ask your opinion on brochures and what I should look for in a good one.
A: First off, I can't give you anything to look for in a brochure. For the most part, standard brochures are a waste of money. I said this 10 years ago. I say it today. In that time, I have seen scores of professionals literally dump money out the window on brochures that also get dumped as soon as they arrive in the client's door.
My assumption is that the reason you're thinking about a company brochure is because you want to ensure the right people know about you. You want something that will get people calling you up. And lots of them. If my assumption is even remotely accurate, the brochure is not going to work. It's static, perceived as self-serving, and most often boring.
Instead, think about a "Tips Booklet." A tips booklet is a simple 8-10 page pamphlet that fits in a #10 envelope and contains between 10 and 15 practical tips which your clients can implement immediately. A tips booklet is inexpensive to create and will be passed within the organization from employee to employee. Instead of the trash can, it will wind up on the bulletin board.
If you really want to be a household word and have people distinguish you from all the other excellent professionals in your field, consider writing a book that makes you famous fast! Remember, people throw away brochures. They never throw away a book. Not even a booklet.
Good writing.