Niche Development Services
Industry and service-line niches are instrumental to firm growth. You can’t just say you specialize in something and consider it a niche. The development of these business segments is a process – determining where you are, where you can go and the paths to get there.
Niche development and expansions should be a part of any growth-focused firm. To truly hang your hat at as a specialist, you need to understand the ecosystem you are playing in and have a plan in place that connects the dots between strategy and action.
You can implement or improve your niches with:
- Market segmentation & sub-segmentation – A matrix of all firm revenue broken out by both industry and service line along with all the detail that makes up your revenue in each niche. This is key data used by growth-focused firms on a regular basis to drive revenue and measure success.
- Niche marketing plans & budgets – If you don’t have a separate marketing plan for each of your niches, you should. Start by sub-segmenting your niches then move on to developing a channel of distribution strategy as well as creating a potential buyer profile. This analysis will help you determine what strategies and tactics your firm should implement along with the budget needed to do so.
- Market share/potential analysis – Thinking of going into a new market? Need a better understanding of your current markets to take advantage of opportunity? Start by looking at how much market share your currently hold as well as the market share you could gain. Decision making based on data will become be much easier.
- Competitive analysis – Have you heard something about a competitor and thought you should do that? Well, that’s the wrong strategy. You should strive to be different instead. By researching what your competitors do (and don’t do), how they position themselves and how they deliver their offerings, you can differentiate yourself and develop a unique strategy that will help you win more clients.
- Channels of distribution strategy – If you already understand your potential buyer, a channel of distribution strategy will help you determine where you need to go to find them. Each strategy is unique to your firm, the strengths of the niche team and your budget. It clearly identifies how you will sell each of your service offerings to each identified buyer, ensuring your tactics produce results.