For any business to succeed, you need to know exactly what problem you solve for your clients. Our growth strategy consultants have helped dozens of professional services companies articulate the precise value they offer and how they help their clients. We understand firsthand that identifying and prioritizing your clients' needs can feel overwhelming. There may be various challenges you can address, so you need to figure out which direction you want to go. To determine where you will specialize, you must evaluate these market options and find the one that helps you excel.
The Importance of Identifying Your Market Niche
Thriving in an industry with competition requires zeroing in on a specific problem for your target market so that you can articulate how you help solve that problem. This thought process requires thinking about all the difficulties the market faces and prioritizing them so that you can find one they want to solve first. Through this process, you identify a value proposition that helps you market your business effectively.
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How to find the problem for your market niche
Uncovering the answers to the following questions will provide a clear path to articulating the client problems where you want to focus.
What is the problem? Begin by sifting through all the competing priorities of your market. Prioritize the issues so you can uncover the ones that they need to solve first. Articulating these problems helps you clearly define where your business will focus, which will help you internally and when speaking to clients.
How common is the problem? Next, you want to note how many clients likely have this problem. Consider if it will impact only a select few or is nearly universal across the market. This will help position your marketing.
What is the compelling reason this problem needs to be solved? Make sure you understand why this problem is urgent and vital to resolve. Your clients need to know the potential return on investment when they partner with you.
What is the addressable market? Once you know the problem you will address, how to communicate the value, and how frequently the problem occurs, you want to quantify the size of the market interested in accepting your help. To get a clear picture of the market size, incorporate market research to understand how many people in the industry seek solutions.
Growth Strategies To Set Your Business Apart
Once you identify the core problem, determine what makes your business the best solution.
Fill in the blanks in the following sentence:
“Anyone can ____, but only we can _____.”
This can be challenging for a lot of professional services companies. However, the better you do at coming up with a clear answer, the easier it will be to develop a clear plan for attracting customers.
How to create a plan for your niche market
Not only do you want to know what you want to provide for your clients, you also need to work with a growth strategy framework to create a marketing plan.
Step 1. Develop a market-needs profile.
First, collect all your clients’ needs. Brainstorm everything they might need from you, including the language and manner in which clients likely express these needs. You want to focus on the challenges, not your products and services. Once you have a solid list of their needs, prioritize this list, using insight from speaking with clients and market research.
Step 2. Connect these needs with your capabilities.
Next, consider how your offerings align with your clients' needs. Knowing the value of what you bring to your clients can help you align sales and marketing teams and articulate the benefits of partnering with you.
Step 3. Identify the benefits.
With any service arrangement, clients want to see the consulting organization produce an outcome, such as financial benefits, a new capability, or a new internal process. Knowing the desired result opens up discussion about the methodology and outcomes your clients can anticipate, better helping you market your value proposition.
Step 4. Align the problem, your capabilities, and the desired outcomes with your strategy.
Finally, ensure your plan aligns with your existing system. Use this plan to refine your consulting and marketing strategies to help you communicate effectively with your audience.
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Building a business plan that targets the pressing needs of your clients and creating a consulting plan that resolves that issue is the first step toward successful selling and sales. If you are ready to start nurturing your business for success, see what you can accomplish with the help of Alta Consulting.