Why I don’t rush to create new services when revenue dips.
When consultants see a dip in revenue, the knee-jerk reaction is often to change something big. Add a new service. Go after a different market. Create something entirely new for someone entirely new.
But if you’re a boutique or independent consultant and your current service has already been validated by the market – meaning you’ve sold it before – then the most prudent move is often the simplest one:
Sell more of what’s already working, to the same market.
Here’s why.
According to McKinsey’s latest B2B Pulse survey (2024), buyers growing far more comfortable placing large orders remotely.
73 % of decision makers will spend more than $50,000 online or via a video call, up from 59 %.
39 % will approve deals above $500,000, up from 28 %.
So, unless you sell something uniquely local, you don’t need to restrict yoursefl to landing local clients. This gives you the license to go deep without fear of running into a saturated market. Your market is likely way bigger than your client list. And often, there’s more low-hanging fruit than it seems.
So why don’t more consultants go deeper instead of wider?
Three common reasons:
❌ A few “no’s” loom large in your mind. That’s availability bias at play.
❌ FOMO from watching others launch new things. It makes staying the course feel like you’re falling behind.
❌ You’ve never taken the time to thoroughly size your existing market.
If you’re unsure whether to go deeper, here are three simple acid-test questions to ask yourself:
❓ Have I mapped out how many potential buyers actually exist in my market?
❓ Am I consistently showing up where they’re already paying attention?
❓ Is my message still speaking directly to their top-of-mind problems?
Often, growth doesn’t need a pivot. It needs a double-down.
What’s your take? Does this align with the kind of consulting work you do, or am I off the mark?
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