How can you build a successful consulting business for Product Innovation?

1.Know your strengths 2.Analyse Industry Trends 3.Target Client Identification 4.Recognise your client Pain Points 5.Competitive Analysis 6.Feasibility and Scalability 7.Feedback 8.Unique Value Proposition 9. Purpose driven Identify your strengths in product innovation and work in industries you're interested in. Focus on who needs your skills, focus on solving unique challenges they face. find out how you can fill a gap in the market. Make sure your niche has potential for growth and test your ideas by getting feedback, being ready to adjust based on responses. It's important to clearly communicate what makes your service special and unique. Finally, choose a niche that you’re passionate about and that aligns with your purpose.

There are at least two things you have to hold in balance at the same time: what you like doing and can offer to people as a consulting service, and what the market needs and will pay for. You could be the most amazing Product designer for Blackberry mobile, but the market doesn't want it. Or you could be the most amazing Product Manager for Desktop Office software, but nobody wants that either. The place I would start if I'm thinking about starting a consulting business is look for blue oceans: whats emerging right now? Emerging markets (in tech: crypto, AI, ML, etc) have less competition and more room for innovation. They allow you room to innovate on skills you already possess and have enough "clear waters" free of sharks.

Get the right team members in place Foster collaboration with like oriented companies Set up a call plan for the target market clients Create your unique value proposition Start engaging the prospects aggressively after you have created corporate value proposition Align with research companies to enhance your value content Sell...Sell. Sell

In my experience, defining your niche comes with talking to your ideal clients and just listening to their challenges, needs and desires. Without selling them anything at all. First step is to listen and learn. This will help you niche down and understand your unique value proposition based on what you heard. Then sales is automatic, because you are delivering what they need.

When you first start out, your brand is a lot like Amazon product listings - full of keywords, and no intention to stand out. As your consulting business grows you need to continually work at defining who your brand speaks to - and doesn't speak to. Branding is a journey, not a destination or something you "do". It's something you define over time.

In consulting, your business has a brand but you also have a personal brand. I personally invested in my personal brand in 2023 to establish myself as an authority in my field. My company also has a brand, and these 2 go hand in hand. Consulting is a business model based on networking, so you need to invest in your personal brand too.

I set my rates using value based pricing. Studied my competitors, what they offer, who they are. Then did the same thing for myself. As a consultant, you may be chasing after your next project but keep in mind your time is the most valuable, and you want to make sure you are spending it in the right ways. For this purpose, you price your services in line with their value. I would rather have less clients as long as they are the right ones, where I am getting what I deserve and in return I can give them the most value.

Tradeshows are a great place as well to get clients. In my experience, it has been one of the best. Relationship building is super critical in consulting business, you need to invest your time ahead of projects landing.