Indrajeet and Harshita left their project management job and formed independent consultancy firms.
While Indrajeet worked with a range of industries and across geographical boundaries earning annual revenue of ₹2 Crores in the first three years, Harshita formed her consulting firm serving one industry that got her ₹5 Crore valuation in 2 years itself.
The reason is Harshita smartly chose to work on her NICHE segment as narrowing down the market helps in targeting better and helps to deliver a unique value proposition, win more clients, and enjoy the superior financial performance. For this- you must identify your niche and do so; here are some ways I have enlisted below:
95% of clients want the best for their business and wish to have an expert opinion to guide them through their journey. Finding a niche here is extremely important as one cannot be a jack of all trades and master of none if one calls themself an expert. Therefore, select a field you can provide the necessary expertise for.
You must gather information on the whereabouts of your immediate consulting competition and their services so that it helps you place your differentiator accordingly.
Building Visibility and Credibility:
Clarity about a niche helps you focus on positioning, value propositioning and becoming your clients' go-to person. You can decide your strategy to build visibility and credibility with your ideal clients.
When you choose your niche correctly, you know the ins and outs of the industry as you have thoroughly researched your potential to flourish in the consultancy market, enabling you to pick ideal clients, demand high fees and boost your revenues.
In short, think of this dynamic consulting market as a wall and your carefully picked niche as a pointy screw. To get through the wall (market), you must direct a pointed edge (your niche) to penetrate it with the required precision, thereby establishing a firm place of your own.