Published: August 22, 2010
Niche Markets: These Guys Know Parking
By Joel Block
These Guys Know Parking
I always recommend that people and companies position themselves as world-class experts (see
http://tinyurl.com/2dqrykh). Pick a niche that you can be great at, go after that niche ferociously, and make sure the world knows you're one of the best at the tiny little niche that you have picked. There's more money in niches and it's the best way to stand out. Unfortunately, many entrepreneurs are nervous to limit the scope of their services because they worry they will miss out on something. But it is well known that you'll make a lot more money in the long run when you specialize, because you will have less competition, better brand recognition, and you will produce better results when you do the work that you are best at.
A great example of a company that is very focused on its niche is a company at Los Angeles International Airport called Wally Park. These guys are in the business of parking cars and taking brilliant care of them. Travelers can park their cars at any of several dozen airport hotels. They all have a valet, they all have a parking garage, and they all will put your car in a shaded place and return it to you, probably dent-free. But, Wally Park is a cut above. It is truly a different experience. These people have mastered the art of parking cars. They utilize every trick in the book that I recommend for entrepreneurial businesses.
1. They use a Revenue Octopus (tm) (http://tinyurl.com/29etkck). Entrepreneurial companies need at least eight different ways of making money which are derivative of their core business - which in the case of Wally Park is fees for parking your car. Not only do they charge for parking your car every day, but they have different levels of service such as valet, self-service, covered and uncovered parking. They will wash your car. If you're a busy executive and you're traveling all week, the last thing you want to do on Saturday is spend time at a car wash. They'll handle it for you. They'll also change your oil - who wants to spend the weekend at the oil change place? They'll do it for you. For an extra fee of course!
2. They know what their customers want. Travelers want to leave the airport fast, so Wally Park also drives their vans around the airport every five minutes instead of every 15 to 30 minutes like most of the airport hotels. They also promote their exclusive WallyGuard Door Ding Protective Pads, 24/7 shuttle service, immediate check-in/check-out, free Wi-Fi Internet in the lobby, complimentary amenities, exclusive member programs and more. They park a lot of cars and they move a lot of people, so dealing with this company is a superior experience. They get it because they are so focused on the specific needs of their customers.
3. They know how to accommodate special needs. I had a situation this week: my mother-in-law was coming back to Los Angeles after being out of town. We were unable to pick her up so we called Wally Park and asked if we could drop her car off and leave the keys for her. They had dealt with this situation hundreds of times. They told us exactly what needed to happen. The valet would take the order, they would keep the keys, and as long as my mother-in-law could show a driver's license proving her name was the same one we had marked on her claim ticket, they would take care of her - even though she would not have a claim ticket in her possession. Could an airport hotel accommodate this very simple request? It was no problem, since Wally Park specializes in parking and they do a brilliant job at it.
You need to do a brilliant job at whatever it is that you do. You need to be quick. You need to be clear. You need to be focused. You need to be precise about what business you're in, and you need to position yourself as a world-class expert. This is what we call Guru Marketing, and it is a critical success factor for your business no matter what type of business you are in.
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We are in the real estate syndication business. We invest in properties and we offer seminars to assist others in acquiring the skills needed to raise capital (syndicate capital) to acquire properties. Imagine knowing how to pool funds to purchase any real estate investment, whether it is for single family, multi-family, commercial or another kind of investment property. For full information, go to www.syndicatefast.com.
Our real estate company is Bullseye Capital (www.bullseyecap.com), a full service real estate company that supports owners and buyers of real estate assets with brokerage, leasing, property management and mortgage services. We also provide investment opportunities to accredited investors who want to take advantage of the opportunities.
About Joel G. Block, President of Growth-Logic, Inc.
Often dubbed a "Growth Architect" by his clients, Joel Block advises companies on explosive growth strategies by driving revenue and sales. Well known in the capital markets, Joel is a successful entrepreneur, speaker, advisor and astute investor. To bring Joel into your company, please visit http://www.joelblock.com.
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