Stop Being the Best-Kept Secret
Do your clients fully benefit from all your skills and knowledge? Research reveals that most accounting professionals undervalue their expertise. Although it seems counter-intuitive, serving a select population significantly raises your value. Plus, it’s easier for new clients to find you.
Sometimes a niche population chooses you. You gradually notice most of your clients work in a specific industry or share a similar issue. It’s possible you built a reputation because you previously worked in this industry. Or, you receive word of mouth referrals.
More often than not, you choose a specialty rather than a niche choosing you. Committing to a specific niche may feel limiting.
So you wonder:
- Will I eventually get bored?
- What if attorneys are the wrong niche?
- I can serve other markets, but they won’t realize I can help them.
- What if my credentials get challenged? I don’t have enough experience with the legal profession to call myself an expert.
- Another firm is already serving attorneys, is there enough for both of us?
Omri Erel on Product2Market considers brand loyalty one of the major benefits of developing a niche market. Your clients believe you provide what they need.
5 Top Reasons to Choosing the Legal Niche
Choosing the legal niche is an easy way to earn more money without additional time spent working. This strategic move allows you to charge a premium rate for your services.
1. Set Your Business Apart
Let’s face it, generalists constantly compete for clients. When you’re a generalist, the only differentiator between you and another provider is time and cost. Both of those things are commodities, which makes it difficult for a potential client to recognize your value.Generalists constantly compete for clients. That’s because the only differentiator between you and another provider is time and cost. #getpaidwhatyoureworth Click To Tweet
As you begin to specialize, you may experience a feast and famine cycle. During the dry spells your phone stops ringing. That’s when you wonder how your business can possibly survive.
Things do get better. Clarity emerges from your decision to specialize. You become crystal clear about the specific solutions legal practices want and need; these solutions often extend beyond bookkeeping.
That’s exactly what Kim did. She decided to offer bookkeeping and tax solutions to attorneys.
She started attending their association meetings. One specific attorney couldn’t keep her bookkeeping records up to date any longer since she’d gotten so busy.
When it was Kim’s turn to speak, she didn’t talk about the fact that she does Quickbooks Online. That was too vague. Instead, she shared her solution for busy attorneys. She works with them to increase their income, reduce their tax bill and maintain their bookkeeping.
This particular attorney introduced herself after the meeting. Kim’s targeted message got her attention. She was currently seeking a bookkeeping solution which would free up her precious time.
Furthermore, attorneys know other attorneys. They flock together. Pretty soon word-of-mouth had other busy attorneys knocking at Kim’s door.
Kim’s clear message stood apart from other bookkeepers. She no longer competed with the generalists who offer a broad spectrum of solutions. Eventually Kim let go of 30% of her old clients who no longer fit her services; plus, she doubled her income.
2. Clients Are Attracted to Specialists
Consider what grabs your attention when you’re looking for a service. Do you prefer a business offering a wide variety of solutions? Or, one which specializes in your exact problem?
You may save money up front with a generalist. Sometimes, however, the problem doesn’t really get fixed. Then, you need to hire another company to clean up after the first job.
Typically, a specialist offers a less frustrating experience and completes the job faster. Value based pricing emphasizes expertise instead of time. Although the rate is higher, it’s more cost effective in the long run.
Shorten Your Sales Cycle
Solving a specific burning need shortens your sales cycle. Potential clients either view your bookkeeping service as the solution to their problem. Or, trust you to achieve a specific result.Solving a specific burning need shortens your sales cycle. #getpaidwhatyoureworth Click To Tweet
3. Identify a Specific Set of Problems
Wondering how to claim law firms as your niche?
- List the top specific problems attorneys struggle with.
- Review the problems you listed. Which of those problems do you solve?
- Identify what’s possible after their problems no longer exist.
- What new problem arises once the first one’s fixed?
- Know your solution for the new problem.
You’ve now identified their unique concerns, how you resolve their biggest challenge and the benefit of getting the job done.
4. Communicate Your Value
Some accounting professionals claim they specialize with legal firms. However, their messaging is all over the place.
Their website and marketing materials create confusion because they discuss a variety of things which don’t truly apply to law firms. Basically what they claim, isn’t aligned with their actions.
Well, a confused mind doesn’t buy. Instead potential attorney clients who view their website move on. These attorneys continue to search for an accounting firm which understand the unique needs of legal professionals.
Consider how to create a clear message which describes a legal firms day to day concerns. Next, emphasize the ideal solution you offer. Then, explain how you solve their problem.
5. Resolve Their Exact Needs for Your Firm to Soar
Become keenly familiar with the ins and outs of legal firms. You gain expertise with each and every client you serve. Plus, you’ll discover sub-niches which you originally overlooked. This starts to distinguish your accounting firm as the go-to resource.
As you create success for your clients, you build success for your business. Once that occurs, new clients start to seek you instead of you chasing new clients.
Find New Clients
Choosing the legal niche is your first step. Next, define your ideal client. Then, stop being a best kept secret. Go out to let them know you exist.
Identify where attorneys hang out. Educate them about the solutions you offer.
- Online groups and chats. Participate, listen to questions, answer questions and become known in their community.
- Network locally. Attend attorney association meetings. Meet attorneys face to face. Offer to speak at their meetings.
- Social media. Write articles and post them in virtual communities like LinkedIn groups.
Don’t expect attorneys to magically find you. You’ll be better received when you give first. This develops trust and credibility.
It’s okay to freely give away rich information. Don’t worry about sharing too much. You won’t ever give away everything you know. Give enough. The attorneys who resonate with your message will then seek you out.
Be the Legal Firm Solution
You now understand the top reasons to specialize with legal firms. Realize how your expertise serves them. Choosing to niche with legal firms is a balance between your skill set and your mindset.
Success leaves clues. Choosing the legal niche can be very rewarding. If you’re ready to grow a highly profitable accounting firm, then follow these tips to earn more without burning out. Claim your FREE RESOURCE today to double your income while working half the time.