What are the most profitable target markets to focus on?
I get asked this question a lot and would love your thoughts!
If you don't focus on a niche, you might benefit from this article... http://byrnesconsulting.com/2010/09/03/why-it-pays-to-focus-on-a-niche/
Mike Byrnes, President, Byrnes Consulting, LLC http://byrnesconsulting.com/ http://twitter.com/ByrnesConsultin
I find that the most profitable target markets are those that are suitable to your area. IN my area, it happens to be two big employers. In some areas, it might just be ONE big employer. If you lvie in or around Boston, maybe it's medical professionals, or college professors. In Silicon Valley, maybe you specialize in stock options or concentrated stock positions.
Point is, the "profitable" niche will all depend on your particular market.
Good points. If you get a few big clients, you can use them to subsidize your less profitable clients. Probably not good business practice, but it's interesting and you can help people and learn their stories, really get to know the human condition by serving regular people. Definitely one of the perks of having your own biz, choosing how you work with.
For consultants its "niche marketing"... because if they didn't pitch that, then they wouldn't have a business..