Monday, March 28, 2011

Niche Itch


Do you have an itchy niche? Let me rephrase, you have a market segment that you service that you have expertise in? Do you find that market growing? Now what can you do with that itch?

First thing is scratch it. If your customers have a need that you are providing a solution for, you should be able to expand this market. Leverage your expertise to new clients as an entry point to gain their business. Don’t forget another untapped market for your services, other service providers.

I spoke to a service provider last week that had a group of clients exclusively in the pharmaceutical industry. He had worked as an IT director for companies in this market where he developed an expertise in the compliance requirements for this industry. Once he left the corporate grind to run his own company, he found a ready market in this industry.

He was in a quandary, he was looking to grow his business, but was going to need to look at other types of companies. There were no more Pharma companies in his area and he had lost the desire to travel outside of his home base. I told him he had a ready new stream of income available. Providing his Pharma regulatory expertise to other service providers as a service.

We provide services. Don’t exclude a ready market for your services, your peers.