I've worked in executive management for many years, and I now aim to provide consultancy services. How do I penetrate the market?
I provide assistance in management structuring and operations for startups, and the restructuring of dysfunctional businesses and mergers to maximize profit and minimize loss.
GOOD for you! Just keep in mind that consulting services are highly competitive these days (everyone and their brother claims to be a consultant) I would suggest that you find a niche for your specialty. I, for example am focused on Native American organizations and helping businesses penetrate the Native Market. Think about what your potential target clients might find MOST appealing about you and your skills? Best of luck to you!
I would assume that with all your experience, you must have had some good exposure to networks of people who can be your clients. My suggestion is that you build a database of contacts and you periodically send them relevant information that you beieve they would be seeking from a consultant. You can do this in small bits that leave the recipient hungry for more of your advice and input into the business. Maintain consistency in your communication - may be once a month. A blog would laso help and you can also write a business column in a newspaper within the UK or in other countries which you believe would benefit from your expertise
Hi John, I belirve in that the quality of your position in your network and your investment in that network is the critical value in success, especially for consultancy services.
- the focus market and customer segments should be defined, and the key players and competitors should well be observed.
- you should present your value proposition for such diverse customers separately,
- you may develop a systematic approach or a model to clearly deliver your proposition to potentials online or through ads.
- you may contact with PEs or other beneficiaries of your service. Hope these help you.
Try and get some trial clients where you might work for free. They will be a good judge of how effective you might be on your own.Offer to speak for free at functions like rotary or business clubs you might be associated with. Call your best client and sit down with them and ask them why did they do business with you when you were in executive management, make sure they understand what you are intend to do.They might even ask you to be there client.
There are several effective ways.
Reach out to your trusted former clients and colleagues and explain your intentions and value proposition. Have your fees and services well defined and realistic.
Use linkedin and ZoomInfo to target potential clients.
Talk at events and associations related to your expertise.
Align with companies that need your expertise to win new contracts themselves.
Always be selling.
Check your network. I guess that You have already good contacts with people involved in your area of busienss. Take care to your previous company that would suit You for diversion of customership, kind of commercial abuse.
Congrats John on a very bold decision.
Many possible options depending on where you want to make a beginning.
Firstly you need to reach out to as many people as possible. Certainly it has to be combination of Contacts/personal discussions and technology support - whether thro' website or linked in or any such forums to reach many people simultaneously and reach the audience where you may not travel.
Second part which I think is more specific to consultancy services - we may quite often deal with situations where we are actually telling the prospective client that they need an outside help (expert, consultant etc.). To me that is more difficult an needs practice to sense the situation where you would step in to help.
Lastly you should build some showcase project (even without charge) to do prove a concept or an idea. Word of mouth publicity can come from such small but important steps
Hoe that helps
I would say , take calculated risk . Do a thorough market analysis to see the demand and supply . Then you can start with linkedin creating a page , Email Marketing also would be good start .
When you are starting out you have to be very focused on who you can serve very, very well. Many of the comments given are great and true. For me, it is this simple formula on the top view:
1) know exactly what you have to offer that is valuable and understand why you are unique
2) know exactly who wants what you have bad enough to pay you. learn everything you can about them. Immerse yourself in their world and know them better than anyone else who may offer similar services. That insight will point you in the right directions and will show you ways to reach that audience
3) use your professional network to help reach your target audience
Your success will be found in how well you are able to do these three things. Use your network to help you. Find mentors. Consult with others who specialize in various areas where you might need more help, such as go-to-market planning, networking, selling, lead nurturing, etc.
My best advise is this: You can't do it alone, so don't be too proud to ask for help, even in areas you feel you have high expertise. We all lose perspective when we are very close to something and deeply vested in it, so take in all the input you can get. It's amazing how many people you can surround yourself with that want to help you succeed...you only need to be humble and put yourself out their and make it clear that you can use all the help you can get.