Develop Your Niche Market Strategy
I firmly believe that people need the accounting services you offer. Choosing to focus on a specific population seems constrictive, like it narrows your choice. Experience has taught me that this decision actually sharpens your focus, not narrow your reach. The common question, where do I find new clients, can now be answered. After you select who you want to serve, a niche market strategy outlines your game plan.
5 Tips to Build a Sound Niche Strategy
If you lay awake at night wondering where to find clients, then you’re not alone.
Rather than attempting to be all things to all people, you deserve to work with high value clients who fully appreciate and respect you. If that sounds appealing, then follow these five essential steps.
1. Be Specific About Your Niche
Either you’re creating clarity or you’re causing confusion. Specialists are laser focused. Accounting professionals with a specialty know exactly who they serve, what they do and how they help their clients. Generalists, on the other hand, cover a wide range of options. So, a potential client may be uncertain about whether you can help her.
People who’ve been dealing with a serious issue want someone whom they trust will fix their problem. They’re seeking experts. And generalists are rarely positioned as experts, although they may be fantastic at what they do. They’re perceived as lacking depth of knowledge in any one area.
People either ask their friends or surf the internet for solutions to their accounting problems. Basically, you get about 7 seconds to engage someone who’s landed on your website.
Websites which list a long range of specialties rarely hold my attention. This is especially true when I’m seeking a subject matter expert rather than a jack-of-all-trades. The only time I’ll consider making an exception is when someone’s highly referred from a trusted source.
Potential clients want someone who’s clear about the problem they solve. Your niche marketing strategy has you:
- Speak directly to your ideal client.
- Become keenly aware of their specific needs.
- Explain how you solve their biggest challenges.
Whether online or in-person, consider whether your messaging engages someone. Does your content draw them in where they want to know more? Or repels them, causing them to quickly bounce away and continue searching?
2. Emphasize the Solution
You want to become crystal clear about the solution you deliver. Go ahead and spell out what you do and how you help. The more specific you are, the easier it is for your ideal client to take the next step and contact you.
Tom is a bookkeeper who takes his clients from confusion to clarity. His clients are busy massage therapists who’ve been stuffing their receipts in shoe boxes. Anything related to tracking money is uncomfortable for them. Remaining in the dark about their finances, however, is now causing other problems.
They initially walk into his office overwhelmed and embarrassed. Since Tom speaks to their unspoken concerns, he quickly puts their minds at ease. Their bodies relax as he explains his process in plain English. They’re eager to sign on with him and finally get this beast taken care of.
Tom doesn’t go into all the details. That would add to their overwhelm. Rather, he asks great questions and shares stories about similar work he’s done for his clients. This lets them know they’re not the only one like this.
The massage therapists who work with Tom share about his services; claiming he’s a miracle worker. They no longer experience shame about their lack of information. Tom helped them resolve their number-phobia.
Now it’s your turn. What miracles do you offer your clients?
3. Know Your StrengthsBe a connector. Teach your clients how your strengths about #accounting and #taxes benefit them and their business. #getpaidwhatyoureworth Click To Tweet
You possess unique talents and skills. My clients affectionately call this their superpowers.
School teaches you to excel at a wide range of subjects. But higher education encourages you to choose one specialty. Accounting firms with a specialty can charge higher fees.
Don’t try to be all things to all people. It doesn’t work very well. Rather, implement a business model which highlights your strengths.
- Strength. Identify your superpower.
- Fun. Make a list of the things you enjoy most. Consider which things you do easily and would be thrilled to do these all day, every day.
- Benefits. Then figure out what benefits your clients receive from your accounting services.
- Educate. Finally, educate people about the specific benefits you offer which are related to your strengths.
The magic happens when you decide to lead with your strengths. Imagine your clients are lost in a dark cave. Then you show up with a flashlight, illuminating the path forward. I want you to be the one that’s guiding them into the light.
Be a connector. Teach your clients how your strengths about accounting and financials benefit them and their business. Add this information to your niche marketing strategy.
4. Seek, Find, and Connect With Clients
Most accounting professionals dream of magically being discovered by high value clients.
What are you doing so these clients know you exist? Don’t be passive, waiting for them to discover you. I encourage you to take the initiative. Create a marketing strategy which you’re willing to follow.
- Research. Find out where your ideal client hangs out, both online and locally.
- Join. Join communities, like civic organizations, non-profit boards or country clubs, where your ideal client spends time.
- Step up. Get involved in those communities by volunteering your time, joining a committee or accepting a leadership role.
- Connect. Get better acquainted by setting up coffee dates.
- Schedule. Some of those potential clients will want to talk further about how you can help them. That’s when it’s okay to offer a complimentary strategy session.
It’s easy to spread yourself too thin, by going to a wide variety of networking events. That’s what happened to me in the beginning.
After awhile I realized that I needed to go on a network meeting diet. It was time for me to be selective and cut out some of those meetings. I finally cut back to one or two specific groups which seemed like a good fit for me.
Here’s why networking matters. It creates visibility. People start to realize you exist. Your involvement, beyond simply showing up, leads to credibility. That develops trust. Finally, consistency leads to profitability. You start to gain new clients and build referral partnerships.Most #accounting professionals dream of magically being discovered by high value clients. What are you doing so these clients know you exist? Read full post. #getpaidwhatyoureworth Click To Tweet
5. Be Strategic
Your business strategy evolves over time. Along the way, you’ll discover what works and what’s simply wastes your precious time. As a result, your business strategy needs periodic adjustments and tune-ups.
Your niche market strategy guides your growth. It’s meant to attract high value clients, offer targeted services and grow your business.
- Be clear about your strengths. As an accounting professional, you possess a wide variety of skills. Set time aside to figure out how your strengths benefit your ideal client.
- Picture your ideal client. Be selective about your niche market. Individuals who are unable to pay or expect services beyond your specialty are not ideal clients. Stay true to your strengths and seek out clients you enjoy working with.
- Clone your best client. Who’s your best high value client? List the benefits that client received from your services. Identify the exact challenges they had when they first contacted you. What was the impact of those challenges? Figure out how your client phrased those concerns so you’re using their words instead of your industry lingo. Then create all of your messaging and marketing campaigns for your best high value client. Although it takes a little effort, it’s well worth it.
- Remain flexible. Small accounting practices can easily pivot; whereas, change is more complicated for a larger firm. Continually adjust as client needs adjust. Expand your skills. And regularly evaluate how you’re spending time. Let go of what’s not effective and free up your time by delegating specific tasks which are below your pay grade.
Client Success Leads to More Clients
A solid niche market strategy attracts ideal clients and increases your income. If you follow my step by step recommendations, you too can continue to grow your accounting firm while keeping your passion alive. Discover how to attract high value clients who happily pay your fees. Claim your FREE RESOURCE NOW to earn more without working more.