Updated: Sep 2, 2019
There was a certain IT company that serviced many different industries. What they came to realize was this: There were a number of their clients that were local medical practitioners (dentists, medical offices, etc). They had done several projects like this and had gotten very good and the in's and out’s of these businesses. They were becoming the chosen expert in this industry. And there were tons of offices like this in town and they were well paying. If they captured even 25% of the market share - they would probably be able to 10X their company. You might be wondering where am I going with this? I was blown away when they said they also put in for a bid to service an energy company that has remote offices all over the country. It would require travel and hotel stays several days a week. But they didn’t want to travel. And the money wasn’t that good (certainly not better than the medical offices)…they could have made way more by:
niching as a medical IT company
sleeping in their own beds.
What went wrong? Shiny-ball object syndrome. It’s everywhere and we’re all prone to it. The grass always appears greener on the other side. Take a look at your client list. Do your clients fall into one or a few main industries?
Niching and becoming an expert in those areas allows you to be the obvious choice to do business with.