The Income Rollercoaster
Do you love rollercoaster rides? Building a thriving accounting practice, with its ups and downs, can feel like one. Especially in the early stages before any momentum develops. Adding a niche marketing strategy to everything else on your plate often causes overwhelm.
Most training programs for accountants and bookkeepers overlook marketing or sales. So when you decide to quit your 9 to 5, you’re left to figure this out. You then wonder where to start – pricing, demographics, budget, time, competition or something else. It’s overwhelming. And, there’s no guarantee your efforts won’t go to waste.
This is one reason why narrowing your focus on a market niche makes things easier, rather than harder.
The transition to a niche often appears complicated. Doubtful thoughts surface as you dwell on the transition and all its steps. Concerns flare up about limiting your reach, and in turn, limiting your clientele.
Don’t Wait for Confidence
The primary underlying fear is “what if it doesn’t work out in the end?” The thought of failure stops you in your tracks. Any concerns about others judging you, adds another layer of complexity to the decision.
Your decision to develop a niche market requires courage. I believe courage matters more than confidence. The confidence appears later.Narrowing your focus on a market niche for your #accounting firm makes things easier, rather than harder. Read full post. #getpaidwhatyoureworth Click To Tweet
Right now choosing a niche seems like a permanent commitment – until forever do you part. Fortunately, that’s not true. Just like you’ve grown so much since you first started this journey, your niche market transforms over time. As your business grows, your niche market becomes more defined.
Doubts and overwhelm keep you stuck, unable to choose your best next move. I’d like to reduce some of your concerns. Let’s empower you with the steps to develop a solid niche marketing strategy.
1. Define the Niche You Don’t Want
Clearly define your people. It’s the first step of your niche marketing strategy. Like many things, you clarity gradually deepens over time .
What if you don’t know who to choose? Then define your non-ideal client first.
I quickly realized two types of accounting professionals aren’t a good fit for me.
- Negative people who don’t desire change.
- Individuals who prioritize money over people.
The accounting industry affectionately calls troublesome clients PITA (pain in the a$$) clients. You know who they are. These headache clients never follow through, they’re unresponsive, make a ton of excuses or blame you rather than accept personal responsibility.
After you define your non-ideal client, then subtract the specific business models which aren’t an ideal fit for your services.
2. Your Patterns Offer Clues
I find patterns fascinating. Your work resolves a specific set of challenges for your clients.
When you do something day in and day out, patterns may remain hidden. It’s similar to driving from your home to the office. Since the routes highly familiar, you tune out. Whereas you pay close attention to a new, unfamiliar route.
Some patterns I’ve noticed with my clients include:
- Mindset qualities, like over-thinking, perfectionism and avoiding risk, interfere with work flow.
- Unsure how to raise rates and charge for value rather than time.
- Too much time spent working takes a personal toll.
This insight is like hidden gold. As you deal with a specific set of concerns over and over again, a system starts to emerge. It’s true with all of my clients.
We first define your system. If you’ve been struggling with communicating your value, this solves that challenge.
Your system then influences your niche marketing strategy. This rich information gets re-purposed in a variety of ways.
3. Develop Your Niche Marketing Strategy
Expect to receive referrals as your niche develops. Referrals are great for your accounting practice and they validate your work.
Many accounting professionals rely solely on referrals. But, that’s like placing your firm’s growth in someone else’s hands. Sometimes your source suddenly dries up. Then what?
- Diversity. Develop your game plan. Some marketing efforts achieve quick results while others lead to long term results. Then there’s the wild card. These efforts deliver different results than you expected.
- Test. How does your ideal client find you? Often it seems like throwing spaghetti at the wall to see what sticks. A strategic marketing plan actually involves a lot of testing. Expect some trial and error.
- Three legged stool. Some accounting professionals are highly visible. However, they didn’t start out that way.
Think of a three legged stool. Decide how you want to market. Is it in-person, media or virtual? Once you find the most effective channels, then consider adding another one. Aim for three strong channels, these are your legs. The legs support the seat, which is your business.Marketing is a long-term strategy for #accounting firm owners. So, avoid spreading your resources too thin. Read the full post. #getpaidwhatyoureworth Click To Tweet
Your niche marketing strategy is a long-term strategy. So, avoid spreading your resources too thin.
4. What Do You Talk About?
Focus on the few, rather than attempt to cover everything. Once again, stay in your lane. We previously discussed patterns. Did you identify some patterns with your clients?
If so, then start there.
Answer these questions:
- Which common concerns do your ideal clients share?
- What do you do for almost all of your ideal clients?
- What exact results do they receive?
Yes, I want you to stick with a few select topics. But, you want your strategy to include variety, that’s because people respond to information differently. You may find case studies get your attention. Some of your ideal clients prefer facts. Whereas others hunger for the “how to” tactical steps.
5. Your Client Attraction Process
The next step is to build your client attraction process – a series of steps – which transforms visitors into clients. Some clients quickly enroll into your highest level service. While others go at a slower pace.
Simply because someone learned about you and your services, they aren’t all ready to engage your accounting services today.
Your client attraction process serves two purposes.
- You elegantly educate potential clients about the benefits of working with your firm.
- By the time you meet for an initial consultation, they’re highly qualified.
For example, an online client attraction process includes:
- Attraction. Attract visitors to your website. Your marketing efforts are free, paid, or some combination of both.
- Gather. Collect email information. Typically, you offer a lead magnet, where you give them a resource, in exchange for their email address. Here’s my lead magnet offer.
- Educate. Start to host trainings, create videos and discuss case studies.
- Sample. Can clients work with you in a variety of different ways? Some clients may want to start with small. Then gradually build to a larger, long term commitment. Trainings and presentations are a great option for those who prefer a trial step.
- Ask. The right people will be ready to work with you. Provide an opportunity for them to speak with you or someone on your team.
Build these steps over time.
When the demand to work with you exceeds your available hours, consider ways to expand your offering. You can add trainings and classes into your business model. They’re highly lucrative since you earn more money in less time.As your #accounting firm grows, train someone else to take some of the workload off your plate. Read full post. #getpaidwhatyoureworth Click To Tweet
Then as your accounting practice grows, and you systematize your marketing process, train someone else to take some of the workload off your plate.
An effective niche marketing strategy puts your clients first. You attract them with a specific message. Then you nurture the relationship with high quality information. Finally, you extend an invitation for your ideal client to schedule a consultation with you.
It continually evolves; changing over time. The key is to pay attention to your client’s needs.
Ready to develop your niche marketing strategy? Follow these recommendations for your accounting practice to be successful, and grow without being a slave to your firm. With this approach, you attract clients who happily pay your fees. Right NOW claim your FREE RESOURCE to earn more while lightening your workload.