Day 12: I am a Millionaire

Welcome to Day 12.

I purposely left you to your own devices for a few days to see if you would follow through. The last point from Day 11 is about consistent application. Basically do you show up?

So your homework has been to desk search your industry even done to your location. For example, I am desk searching Business Coaching London and there’s a LOT of business coaches in London!

What did you discover?

I discovered that many of them have good looking websites. I saw a very natty website for a team of coaches in Euston, and a wonderful website from a coach in Mayfair.

When I worked in the marketing agency whenever we got a new client we would search the Yellow Pages directories for that category. I was in Australia and Australia is made up of seven states and territories and we had a library containing Yellow Pages directories from four if those states PLUS local directories.

Let’s say my new client was a plumber. I would haul out the capital city and local YP directories and start looking at plumbing ads – usually the half page and full page ads.

I would simply start listing the services offered by those plumbers. After doing this for some time you start noticing patterns. I learned to cluster services into obvious categories.

For example I know that accountants offer about 143 services and they cluster in to four big themes. Dentistry distils down to three big themes. Employment law down to four clear catgories.

I started to notice that people just list services and usually there is no rhyme or reason to the list. For example I did a survey of 400 employment law firms and no one has bothered to segment the service offerings.

But there is a logic to everything … if you look.

For example employment law follows a clear structure of onbiarding, existing employee issues, exiting and representation. And 187 services segment nicely into those categories.

Then I would read the ads for service differentiation that makes them stand out.

For example a LOT of plumber offer 24 hour call outs. In the UK 24 hour boiler call outs. Some offer a minimum call out of plumbing packages.

Some ONLY service landlords. Some ONLY work with facilities managers or block managers. Some ONLY work in hospitality. One plumber only works on pre-1930 plumbing. Is there a demand for pre-1930 plumbing.

There is in London.

I discovered the more niche the more memorable.

My clients then were looking for an angle. They still are. I still do local directory and YP searches for clients but most of my searches are now online. And today I do global searches.

I recently found a law firm in Chicago that explained wills and probate – importantly the client journey – so impressively that I was able to assist a wills and probate lawyer here to better explain the benefits to their clientele.

Get the idea?

Half an hour a day desk searching your industry should be your new hobby. You will get so many ideas. And ideas are what you need.

The most frequently mentioned millionaire tip is good ideas.

You need ideas.

But most people I meet are rusty and lazy. I make a good income doing grunt work my clients could do for themselves.

 

Your turn

Today, continue desk searching your industry.

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