Niche Development Evaluation & Strategy
If you haven’t heard about the trend toward specialization in professional services firms, you have to be living under a rock. The days of trying to be all things for all clients are gone. Today’s most successful firms have learned how to narrow their focus and deliver niche-specific services and expertise to their clients. But this doesn’t happen magically; it takes a good deal of evaluation, analysis and discussion to determine how to focus your firm’s services and target the right kind of clients.
Typically part of a larger strategic marketing plan, in some cases it makes sense to conduct niche evaluation and develop strategy around your specialization separately. In most cases, the following steps are involved:
- Identify your strengths, skills, passions and interests.
- Take a close look at the work you already do and see what niches you are already serving.
- Discuss and list the areas where you excel and problems you solve.
- Interview a cross-section of clients to get their input on these same areas.
- Research your competition to see where service gaps exist in your market.
- Evaluate the current and future profitability of the niches you want to serve.
- Test the concept and get firm input and buy-in.
- Write a strategic marketing plan for marketing to this specific market, identify a person to own this client base, and launch the niche.
This steps are often adjusted depending on the individual needs of the firm, but the value that can come from this process in enormous. If you aren’t using a targeted strategy to your firm’s growth, it is time to start. I’d love to help.