I believe that no niche is too small if you own it. You’re better off initially narrowing your focus to a couple of market segments that you deeply understand for a couple of reasons.
You'll have richer insights into how your offerings can produce benefits that decision-makers in this segment can measure with their own yardsticks.
You’re more likely to get a reference from one person to another if they’re both in the same industry. I often joke that if you’re doing business with auto repair shops and hospitals, the only reason an auto shop would refer you to a hospital is if you slipped on a grease puddle in their garage!
Let’s say you’re in the hospitality business. Someone introduces you to another hotel and you confidently and cheerfully open the conversation with the following: “I'm really glad to be here. We've worked for no less than 16 hotels within 50 miles of here, and now that I looked at your ceiling, I can tell you that we've replaced the type of lighting that you have in 10 of those 16 hotels.” That's a powerful introduction.
At Selling Energy, we’ve kept our focus on the energy and building solutions business. Could I go out and sell photocopiers tomorrow? Sure, but it would take me a while to assemble the industry foreknowledge and other ingredients needed to become a rock star in that space. In the energy and facilities space, on the other hand, I’ve had 2 ½ decades of experience and scar tissue influencing energy-related decision-making in more than 3 billion square feet of real estate. That’s what I do. And that’s the insight I share with our Selling Energy ninjas. So, what will your niche be?
