On the premise that the $3 to $5 million firm must specialize to really prosper, what are the necessary steps to follow in order to select a niche(s)?

The concept of niche-focused marketing is based on a “divide and conquer” principle but I have found marketing to be much more effective when you take that niche (industry or service) and pare it down even more – around an IDEAL CLIENT within that niche.

Steps to identify your IDEAL CLIENT:

Write down a list of your ten favorite clients and your ten most lucrative; hopefully, there’ll be some crossover. If 2 or 3 are in the same industry, start from there. Pay attention to the more subtle attributes they have in common. You shouldn’t have to get too creative here; if there is no common denominator, then start with your favorite client that is also on the high revenue list. The fact they are one of your most lucrative clients should show that the marketplace will support getting more clients like this one. The fact that it’s on your favorite list means you should be motivated to try and get more clients like this one.
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