Mike Michalowicz joins Steve on the Pricing Power Podcast.
Mike Michalowicz has written a number of books and his most recent is Surge. Mike also has build the Profit First Professionals Community. Mike Michalowicz is the entrepreneur behind three multimillion dollar companies and is the author of Profit First, The Pumpkin Plan and what BusinessWeek deemed the entrepreneurs cult classic, The Toilet Paper Entrepreneur. Mike is a former small business columnist for The Wall Street Journal, and regularly travels the globe as entrepreneurial advocate.
S.U.R.G.E – Power of waves.
Niche important but not enough. Customer is always moving.
S – Separate
U – Unifying needs
R – Rally
G – Gather
E – Expand
Start by picking a niche. Look for imminent waves. Evaluate waves as they approach. Customers speak truth through their wallet.
Niche – resistance points are that it is risky and need to fire clients. No industry disappears over night.
Unify – understanding the needs of customers. Requires curiosity. Ask enough people.
Rally – wave starts to carrying you. Unifying message – reason to exist. rally cry becomes a filter. Know purpose. A distinct rally creates momentum.
Gather – pocket of wave – most energy of the wave. Perfecting offering, make adjustment, tweak the offering. Observe behaviour.
Expand – $10 to $50 million. Take it to another niche.
- trust people wallets over words.
- which clients do you like
- what intrigues you
- Test the niche at conferences and influencers in the market.
Website – http://www.mikemichalowicz.com/
Community – http://www.profitfirstprofessionals.com/
Twitter – @MikeMichalowicz