Welcome to chapter four of CFF university. The concept of next, which will get you rich. I believe that experts get paid and amateurs get crushed.
So an expert is someone who’s a niche dominator, they’re the best in their space. And an amateur is a generalist. Someone who does everything, what does that mean in transportation? It means that if you are the best flatbed holler in the country, that is your niche of flatbed, or are you a generalist? And we have some flatbed trailers and we have some drive and trailers and we have some reefer trailers and we kind of do a little bit of whatever the client needs.
We morph. I’m challenging you in chapter four, CFF university. Don’t do that, that pick a niche, get incredibly great in that niche and dominate it. Now, how do you pick your niche? You have to do a competitive analysis.
You’ve Got To Dominate In Your Niche
You have to take time to figure out who are your top five competitors in your industry, whether that’s because you, um, you repossess vehicles for your towing business, or maybe you are a only a heavy haul tow her who are the five best heavy haul tours that you compete against. And you need to analyze them. You need to go to their website. You need to see the reviews. You need to type their name into Google and see what pops up. You need to ask yourself when I’ve competed against them in the marketplace. Why did they beat me? Or why did we beat them?
Did we beat them on service? Do we beat them on price? Did we beat them on culture? Did we beat them on our equipment is so much more beautiful. Did we beat them on service? Why can you win against your competitors is chapter four.
Find Your Competitors
But the exercise in chapter four is you’ve got to figure out who your competitors are. So we want you to figure out your top five competitors, take a few minutes and do that process. They start with a Google search start asking your employees, who do we lose deals with? Go to your sales department and say, Hey guys, who are we losing deals to more than we ever used to. And they’re going to throw out a name. You’re going to find out what are they doing?
That’s better than you or the beautiful part is you might find out what they’re not doing well. And therefore that becomes your niche, right? So a perfect example, many, many years ago, when, when we were doing this at commercial fleet, we were doing it before we even understood really what a niche domination concept was. We were a generalist.
A Niche Has To Make Sense
We would finance all kinds of equipment for all kinds of companies, right? Uh, uh, if a customer wanted restaurant equipment, we’d finance restaurant equipment. If a hotel wanted to buy new furniture for the lobby, we’d finance furniture for a hotel lobby, and we were all over the place. And what happened was we couldn’t train our people properly.
Look, the name of the company is commercial fleet financing. Why are we financing restaurant equipment? It doesn’t make any sense. How could we be great at restaurant equipment when we’re supposed to be great at commercial fleet vehicle financing? And so we began to narrow and we began to say no to this business and no to this business and no to that client. And no that client. And we started to create the niche. And the niche became really transportation equipment for small to medium size companies, typically under a hundred vehicles in the fleet with good credit.
The Gap Becomes Your Niche
Where are they strong? Where are they weak? And how can you fill the gap? That gap becomes your niche. Your job is to become an expert in that niche to dominate that niche and get paid. Here’s the benefit when you create your brand in the marketplace, you are that brand, right? Nobody halls, flatbed trailer freight in the Southeast of the United States, better than me, no one Hall’s broken down big rigs with our heavy duty tow trucks in Dallas, Fort worth better than us. No one transports vehicles on dealer trades in the state of Texas, better than us. And once you get great at that, you train all your people. The same, you market yourself, the same. You sell to your customers with more confidence and you should be able to charge more because you are the best in that space.
Customers Do Business With Successful Companies – Recap
One thing we’ve learned over all these years is successful. Customers want to do business with successful companies. And as the marketplace is beginning to change, the customer is only really looking to do business with that service solution provider that fits their needs. Exactly. Look, if you need to have a brain operation, you’re not going to a generalist doctor. You’re going to a brain surgeon. Your job is to become that niche, that focused that laser focused in an area that your competitors are not good at. And you’re going to dominate as chapter four CFF university. It’s the creation of a niche it’s niche domination creation by doing the competitive analysis.
Let’s move on to chapter five.