Why consultants don’t like niches

March 2nd, 2020/ 0 comments/ andreapetrone

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:

  1. The industry must have a pressing issue
  2. You must have a specific, clear and results-driven solution for this issue
  3. The ideal clients should be “moving”, so they already search for solutions
  4. They are willing to pay to get their problems solved
  5. 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

LEAVE A REPLY

Leave a Reply

Your email address will not be published. Required fields are marked *

INSIGHTS

The big misconception about the target market

Finding the best target market is often the major stumbling block of my cl

The three things you need to attract clients

What is your ratio between attracting and chasing clients?

Not surprisingly, man

Who said you can’t thrive in the downturn?

It’s a hard time for small-medium businesses right now. We expected that.

Client

Why you need to develop a strong sense of urgency right now

Someone at the webinar last Thursday asked me a great question about a sens

Where Are You Heading?

When I ask this question to executives and business owners, their eyes start rolling. M

How To Leverage Media and Public Relations in the Tech Industry. My Interview with Marketing and Communications Specialist Alessandro Magarini

Today, I am happy to welcome Alessandro Magarini. Alessandro has driven public relation

How Much Value Do You Bring to Your Clients?

What is the real value for your clients when they hire you?

I recently spent som

The Adoption of New Technologies in Business: My Interview with Digital Transformation Advisor Antonio Grasso

Today, I am excited to welcome Antonio Grasso. Antonio is a Digital Transformation Advi

How to Develop Talents Without Spending a Fortune and Getting Better Results

January is a critical month for organizations to plan and define a budget for developin

Why a Strong Sense of Urgency Shakes Complacency and Fights Mediocrity

A high sense of urgency is one of the common traits of successful people. When in place

The Oil and Gas Crisis is not a Market Problem. It’s a Leadership Problem.

Fall. Doom. Decline. The words used to describe the current situation of the Oil and Ga

4 Powerful Lessons to Build Influence and Spectacular Results

It’s all about INFLUENCE.

Influence is the real secret to leadership, and yet on

How Executives can start their journey with emerging technologies: My Interview with IoT Business Strategist Dimitrios Spiliopoulos

Today, I welcome Dimitrios who is a passionate IoT business Strategist. He helps compan

Why Executives Are Failing to Reach their Strategic Goals

Strategy is the core of any organization and it’s the driver to a sustainable growth. Y

Talent strategy, the critical success factor for any fast-growth technology organisation: My Interview with Headhunter Daniel Osmer

Today, I welcome Daniel Osmer who founded Spectrum in London in 2001 to provide profess

From Poor to High-Performing Organisations – How to Turn the Tables

In the recent years, the number of articles and insights about company culture has incr

The Warning Signs of Egocentric Leaders

One of my favourite books is “The Five Temptations of a CEO” by Patrick Lencio

Plan Is Nothing, Planning Is Everything: My Interview with Growth Strategy Expert Lucio Furlani

Today, I welcome Lucio Furlani. Lucio has 30 years of experience as an executive for la

Four Effective Strategies to Sell to Large Companies

No matter how good is your product, service or solution, selling to large corporations

Five Reasons Why Venture Capitalists and Founders Struggle to Tune In

Venture Capital isn’t for all new Ventures. Many have already explained the key r

What Is Preventing Your Business to Raise and Shine

In their last book “Blitzscaling”, Reid Hoffman and Chris Yeh explain what is