The success of individuals who niche down to start a business can vary widely based on various factors, including the industry, the quality of their niche selection, their expertise, and their ability to meet market demands. While there isn't a one-size-fits-all statistic, there are some observations and trends that suggest the potential benefits of niching down:
Benefits of Niching Down:
How to Niche Down (Example):
Draw out four columns with the following titles:
- Job Titles
- Job Industries
- Job Clients
- Job Pain Points
Now start filling in each column with the following information:
1. List out your current and last few job titles.
- i.e. Marketing Manager, Product Marketing Manager, Marketing Assistant
2. List out your current and last few job industries.
- i.e. Marketing Technology, Ad Technology, Agency
3. List out who your end users or clients have been historically.
- i.e. Chief Marketing Officers, VP's of Marketing, Marketing Operations Managers
4. List out any pain points that you are commonly solving for.
-i.e. Competitive Analysis, Product Evangelism, Market Expansion
Now, take that list and pinpoint where you think you have the best chance of carving out a name for yourself.
i.e. I am a marketing consultant in the advertising technology industry that helps marketing executives with product evangelism.
And you can even take that a step further and talk about product evangelism.
i.e. I am a marketing consultant in the advertising technology industry that helps marketing executives with product evangelism. We understand that product evangelism is not just about showcasing features; it's about telling a compelling story that resonates with your audience. We guide marketing executives through the intricate marketing technology landscape, ensuring that your product stands out, captivates your audience, and drives meaningful engagement.
Remember, niching down isn't about exclusion but focus and depth. By identifying a niche, you position yourself as an expert in a targeted area, making your consulting services more compelling and valuable to clients seeking specialized solutions. Unleash your niche, and watch your consulting business thrive in its tailored realm of expertise.