How can a client find you in a market saturated with hundreds of others with your exact occupation title? At any given event you attend, there are three to four life coaches, realtors, mortgage brokers, and entrepreneurs. How do you brand yourself so that YOU are the one that clients will choose? More specifically, how do you get to the stage where you no longer have to look for clients, and you can reach a stage of financial independence?
That’s the big question all struggling entrepreneurs ask. It’s easy to identify them because they are the ones endlessly attending networking events. They’re not there to meet anyone specifically; they’re there to find their next new client, whoever that may be. At that level, they aren’t that selective, although they should be.
Most people can’t tell the difference between one life coach and another. Or one commercial realtor from another. They will just pigeon hole you according to their own definition of what a coach or realtor does and you become another nameless face.
So what can you do to stand out from everyone else who is in the same career path as yourself? What can you do to be the one that clients call because you’re the best in the industry?
What I’m going to show you is the wealth ladder that you need to climb if you want to outshine your competition and charge more than the others in your field.
Watch this video about the ladder of wealth and how you can reach financial independence.
Step 0: Be A Generalist
This is where the wealth ladder begins, where the market is so saturated that there are three or four people with the same career name as you whenever you attend a business networking event.
You’re struggling to find clients because they are trying to decide between you and three other people in the same industry. Because there is so much competition, you lower your prices or offer free initial consultations. This way, when they get to know you more, they will choose you over your competitors.
Step 1: Be A Specialist
To differentiate yourself, there are a couple things you can do. First, know that in any industry, you have generalists. For example, doctors, lawyers, coaches, and mortgage brokers.
The next level is what I call a specialist. For example a lawyer who specializes in trade marking. Or a merger and acquisitions lawyer. Or for doctors, a specialist would be a surgeon. The size of your competition will decrease as you become more specialized.
Here’s an example. There’s about 1 million doctors in the USA, and about 18,000 are heart surgeons, and even less, 4,000 in America, who are heart surgeons. When you have less competition, you have more market share.
So the first step to making more money on the wealth ladder is to find a niche for what you do. Narrow down your ideal client as much as possible. It won’t decrease the number of clients you get. It will increase it, because your market has become more specialized.
Imagine going to your dentist, and while he is working on your teeth, he says he can look into the pain in your foot and the soreness in your shoulder during your visit. As a patient, you would be alarmed.
So narrow down your expertise.
Step 2: Be An Expert
An expert is the go-to person. This person never has to chase business. This person is the one potential clients talk about. Business comes to the expert.
As an expert, you have comprehensive knowledge and experience in a particular niche. You have a whole library of client testimonials and references to your work and your capabilities. Other authorities in a similar industry or other industries will speak about you as though you are on the same level.
Step 3: Become A Celebrity Authority
This level is the top of the ladder. The celebrity authority makes the most money of all four types in the ladder of wealth. For example, Tony Robbins, Oprah Winfrey, and Gordon Ramsey. In every category of celebrity authority there is only one or two of them and they make the majority of the money in that niche.
At that level, they reach financial independence. They can work, but only if they choose to.
For the motivational speaker category, there is Tony Robbins. Others are mostly copycats. Tony makes a 100 million a year from his seminars but that’s only part of what he does. He owns 20 companies, so in total he makes 20 billion a year.
So the question is, how to get to that top level.
How to Climb The Ladder Of Wealth to Financial Independence
So how do you go from a generalist to a specialist?
There are a few things you can do to stand out. You can write a book, speak for free at workshops, publish content online, such as YouTube videos and blogs, or interview other experts.
What I did is I talked to some expert copywriters. I asked them how they got their success writing text for advertising and marketing.
They kept saying I was too young to be successful like them, but after some years they finally said I was too old. Their advice to me was I needed to hone my craft and build up my portfolio. Top copywriters charge $10,000 to create a marketing campaign. They said it takes 10 years to get to that level, but I didn’t have ten years. I had to take care of my mom at the time.
My solution was to do branding by association. I put together cassette tapes for a series called “Million Dollar Secrets of the Greatest Copywriters.” I picked the top 15 copywriters in the world and interviewed them from my home with my cassette tape recorder. These experts were charging $10,000 a campaign. Then I got my friend to interview me and I included my interview in the series.
When I met with potential clients, I told them I was featured in the cassette tapes. I told them the other people charged $10,000 but I only charged $2,000. I didn’t sell any of the tapes, but I used it as a lead generation tool to build trust. It’s how I got my foot in the door.
Another example is Jay Conrad Levinson. He wrote the Guerilla Marketing series. He’s the all time best-selling author for business books. I approached him and offered to rewrite his ad for him. I tripled his sales from that ad and he wrote me a testimonial to endorse me.
Within two years, I went from $2,000 to $7,000 a campaign because of Jay Conrad Levinson.
We are programmed at a young age to climb the ladder of success. First school then college then get a job. Instead, I didn’t look for the ladder to climb and took the elevator instead. I wasn’t going to wait 10 years.
I decided to think outside of the box. Associate yourself with successful people and get endorsements from celebrities in their niche.
That’s how you can increase your prices and climb that wealth ladder faster.
Watch this video on positioning yourself as the celebrity authority.
When you’re the celebrity authority, you’re THE person potential clients go to. That’s why Tony Robbins makes more than others in his niche. Richard Branson is paid $100,000 per appearance at speaking gigs. It isn’t because of how much money he has.
When you’re a celebrity authority, people are happy to even get a moment to speak with you. When you reach that level of the wealth ladder, you’ll never run out of money because you have positioning power. You’ve reached financial independence.
This is how you escape that saturated marketplace. Move from generalist to specialist, and then specialist to expert. Few become a celebrity authority, but even if you can become an expert, you are at the level when people come to you.