What is a subject matter expert? We define a subject matter expert (SME) as someone with deep theoretical AND practical expertise in one specific market niche. Subject matter experts are professionals that have advanced knowledge in their fields and play an integral part in scaling any sort of company.

One of the best articles I have read on this topic was published by Optimize Smart, a digital marketing agency based in the UK. The author grew his blog to about a few million visitors yearly and one of the strategies he highlighted was that you want to be hiring subject matter experts instead of content writers. The reason is because if you only hire content writers that do not have much market or product knowledge, your sales and conversions will suffer as it’s not a grammar Nazi that closes sales but having a strong value proposition.

“In order to stand out, you need to demonstrate a high level of subject matter expertise”

Put it this way, you could hire the best copywriter in the world, but if they do not have subject knowledge in the field  – then the copy they write will simply not convert. You are better off hiring someone that is a subject matter expert to launch your content rather than a marketer that is a genius in marketing but has no subject knowledge or research skills.

There is a saying that the amount you would make is in direct proportion to how well you understand your market. That’s why we recommend the 10,000 hour rule. The 10,000 hour rule dictates the time it takes for a person to be a master in any field.

Whatever business you are in, be it in real estate, tech or personal development, you need subject matter expertise and market knowledge. However developing SME is not as simple as reading a few books, it requires both practical and theoretical knowledge.

How To Develop Subject Matter Expertise?

I learnt this actually directly from a man that ran a dating company that was bringing in a few million dollars a year in his business and he told me personally that in order to develop subject expertise you need this to do the following:

(1) Reading books on your marketplace 2 hours per day

If you spent 2 hours a day studying your marketplace and being up to date on relevant technologies, then within 4-5 years you will have about 5,000 hours under your belt.

“All leaders are readers.”

Harry S. Truman

Why did Truman say that? Well how can you expect to lead if you do not have knowledge of the terrain. Reading allows you to accumulate knowledge that other people has accumulated throughout a lifetime in only a span of few hours.

I personally do not believe that you can write about any market without reading skills and studying the market a few hours a week.

Develop SME by reading at least two hours per day.

(2) Read up on trending blogs in your marketplace

Study existing content that companies are publishing in your industry. If it’s coming from a big company, there’s a reason why the content is published due to the tedious approval processes these companies have to go through.

You are reading up blogs in your marketplace not for the sake of enjoyment but to discover common trends, themes and conversations that are going on in your marketplace.

(3) Attend the latest seminars and network with industry experts

Attending seminars is one of the best way to develop SME. You get to meet people worldwide that are experts in their respective fields. In addition to this, the networking opportunities that are present allows you to learn from other people rather than trying to figure things out by yourself.

Remember that people, can be one of your most valuable resources.

(4) Become an authority in your subject matter

There’s a saying that you learn the most by teaching things to other people. It’s not only about being an expert in your chosen market but establishing credibility. You do this by becoming an authority in your marketplace.

Produce content, speak publicly on your subject matter, all so you can showcase to others that you are an authority. How other people perceive you as a SME is determined by how well you can communicate your ideas to others.

You must not only be an expert in your field but master the persuasive ability to tell people about products. There’s no use being the best kept secret, let’s keep that to your private life, but in terms of the work you do, you want to share your insights to others as much as possible.

Be the authority in your niche.

(5) Taking on practical hands on work

Subject matter expertise is not about reading a few books and claiming that you are an expert. You need to take on projects that throw you onto the deep end which will give you real life experience.

There will be things that you simply cannot learn from reading books that you can only get with practical hands on experience.

(6) Stay up to date with the latest courses & training programs in your relevant field

Warren Buffet says that the best investment you can make is in yourself. I have never regretted any investments I have made into my own education.

Becoming to subject matter expert is about taking up the relevant training and staying up to date with the latest technologies and market trends. It’s no longer optional to attend trainings, but a necessity in order to have subject matter expertise that puts you in the top 5% of your marketplace.

Why Develop Subject Matter Expertise?

1. Higher salary
2. Higher income
3. Niche-specific authority & influence
4. Clients coming to you instead of you constantly having chase clients
5. Ability to grow yourself personally and in your career

Understand that without having subject matter expertise, you will simply not have the ability to know what works and what doesn’t work in any marketplace. Each marketplace has its unique “trade secrets” which without deep experience in any industry, you will not be able to market about. Develop subject matter expertise and reap the handsome financial rewards of it.