Why You Must Become an Expert

Power in business comes from the position you hold in the mind of your customer. The ONLY way to gain that strong position is to specialize.

The perception is that specialists provide greater value. Whether or not it's true is irrelevant.

The generic brand of soda may be just as good as the specific brand of Pepsi, but anything with a Pepsi label is perceived as being better. In reality, people drink the label. That's just the way our minds work.

And when you own "the label" in your niche, people are attracted to you. They come to you because they want your knowledge. They want to learn from the best. And they are willing to pay premium prices to learn from you.

The supply of your knowledge is limited to you, but the demand for the quality you provide as a specialist is great. Simple economics allows you to charge more when the demand exceeds the supply.

As a generalist, your supply exceeds the demand, so you have to lower your prices.

Customers aren't the only people attracted to you, though. Joint venture partners also come to you because they want to benefit from your knowledge.

By partnering with you, they bring value to their customers. That makes them more valuable by association.

They can also balance out your weaknesses, so it becomes a win-win situation for all involved.

Being an expert has other perks, too.

First of all, you get tons of FREE stuff from people who want you to endorse their products. Since you can't ethically endorse a product or service you haven't used yourself, they give it to you to try. For free!

Wouldn't it be nice to consistently grow your collection of books, cds, courses, software and the like without having to pay for them? Yeah!

Another perk having to do with endorsements is to MAKE MONEY in exchange for endorsing a product.

The product may have nothing to do with your area of expertise, but if you're an expert, advertisers want you telling people to buy their stuff. Advertisers know that if a recognized and trusted expert recommends their product, their sales will increase.

Why do you think Hanes had Michael Jordan model their t-shirts?

Because they're brilliant! They knew that if one of the greatest basketball players to ever play the game wore their product, they would sell millions.

People who had no basketball skill whatsoever could still "be like Mike." All they had to do was wear the Hanes brand. And Jordan's bank account grew significantly by appearing in those ad campaigns.

Third is name recognition. When you're an expert, people you don't know recognize you and want to be around you.

Imagine attending seminars within your niche and having person after person coming up to you and introducing themselves to you. Get used to it because that's what happens to experts.

Fourth involves the media. They love experts. Reporters and talk show hosts on the radio and television actively seek out experts to interview. Becoming an expert could be your claim to fame.

Finally, respect. People respect experts. It's as simple as that. They respect you because you're important to them. You make their lives better. And so they admire you, value you and treat you with the admiration and esteem you deserve.

That's why you must become an expert.

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