Why consultants don’t like niches
There are few ways to dominate a market. You can go head to head, you can change the game, or you can choose a niche and dominate it.
Often consultants are reluctant to chase niches. Why? Because they feel their expertise can be valuable for multiple industries, sectors, type of clients.
They are often right. They can do that. The problem is not on the delivery side though. The problem is to attract clients and build authority in that way. In particular for young and small consulting firms. They end up spreading too thin, chasing multiple priorities and targets, getting poor results, and burning out pretty quickly.
After working 20 years with business owners and leaders on building a winning strategy, I realised that many struggles to identify the right niche. They tend to follow market trends, capital investments, or their intuition based on their expertise.
This is not the most effective way to identify, find and dominate a niche.
Here’s the thing. There are other factors that count most when it comes to select the right niche:
- The industry must have a pressing issue
- You must have a specific, clear and results-driven solution for this issue
- The ideal clients should be “moving”, so they already search for solutions
- They are willing to pay to get their problems solved
- You must be passioned about this market and keen to work with these clients
When I coach consultants, we go deep on this. We want to make sure there is clarity from the first day. This is pivotal for success.
When you are new in the market or you haven’t been much successful so far, niche is the best and easiest way to get traction and build a business.
But don’t worry. You can still serve other niches or markets later. Once you have a name, you have a track record, you have happy clients, you are a go-to-person to solve problems in a niche, you can start targeting adjacent markets. At that point, you will have the credibility you need to do so.
Remember. It’s all about defining the ideal clients. You don’t need to be the best consultant in the world. You need to be the best consultant in their world.
If you like what you read, sign up to get fresh insights in your inbox
If you want to talk with me, please contact me here.
CARE TO SHARE
The big misconception about the target market
The three things you need to attract clients
Who said you can’t thrive in the downturn?
Why you need to develop a strong sense of urgency right now
Where Are You Heading?
How To Leverage Media and Public Relations in the Tech Industry. My Interview with Marketing and Communications Specialist Alessandro Magarini
How Much Value Do You Bring to Your Clients?
The Adoption of New Technologies in Business: My Interview with Digital Transformation Advisor Antonio Grasso
How to Develop Talents Without Spending a Fortune and Getting Better Results
Why a Strong Sense of Urgency Shakes Complacency and Fights Mediocrity
The Oil and Gas Crisis is not a Market Problem. It’s a Leadership Problem.
4 Powerful Lessons to Build Influence and Spectacular Results
How Executives can start their journey with emerging technologies: My Interview with IoT Business Strategist Dimitrios Spiliopoulos
Why Executives Are Failing to Reach their Strategic Goals
Talent strategy, the critical success factor for any fast-growth technology organisation: My Interview with Headhunter Daniel Osmer
From Poor to High-Performing Organisations – How to Turn the Tables
The Warning Signs of Egocentric Leaders
Plan Is Nothing, Planning Is Everything: My Interview with Growth Strategy Expert Lucio Furlani
Four Effective Strategies to Sell to Large Companies
Five Reasons Why Venture Capitalists and Founders Struggle to Tune In
What Is Preventing Your Business to Raise and Shine