To Niche or Not to Niche

The decision to niche is counter-intuitive. Choosing to focus on a specific population seems constrictive, like it narrows your choice. You quietly wonder, How can a niche actually grow my firm?

That’s true for accounting professionals who lack a plan.

I firmly believe growth-minded professionals, like attorneys, crave to have someone take their bookkeeping off their hands. The decision to specialize actually sharpens your focus rather than narrow your reach.

The common question, where do I find attorneys who want to work with me, can now be answered.

5 Tips to Build a Sound Niche Strategy

If you lay awake at night wondering where to find new clients in the legal profession, then you’re not alone.

Rather than attempting to be all things to all people, you deserve to work with clients who fully appreciate what you offer. 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 know exactly who they serve, what they do and how they help their clients. Whereas, generalists serve a wide variety of professions.

The majority of attorneys choose to specialize rather than practice general law. As a result, they’ll feel more confident with an accounting professional who’s chosen to specialize with attorneys.

Basically, they’re seeking experts. Generalists may offer exceptional services. However, they are rarely positioned as experts. A generalist often lacks depth about the nuances within the legal profession.

Referrals from associates or surfing the internet are the two most popular ways to find an accounting professional. Within 7 seconds an attorney is either going to read more on your profile page or keep searching. When your website talks specifically about how you solely work with attorneys, then you stand out from the masses.

[bctt tweet=”#Accounting firm owners who specialize know exactly who they serve, what they do and how they help their clients. Read the full post. #getpaidwhatyoureworth” username=”lorenfogelman”]

By the way, websites with a long grocery list of specialties rarely hold my attention. That’s especially true when I’m seeking a subject matter expert rather than a jack-of-all-trades. The only exception is when someone’s been referred to me by a trusted source.

Attorneys seek accounting professionals who clearly state how they will make things easier for them.

Your niche strategy has you:

• Speak directly to attorneys.
• Become keenly aware of their specific needs.
• Explain how you solve their biggest challenges.

Test your messaging. Does it spark curiosity to know more about you and what you do? Or repels them, causing them to quickly bounce away and continue searching?

2. Emphasize the Solution

Be crystal clear about the solution you offer. Clearly describe the benefit of hiring your accounting practice and the outcome they can expect. Get specific; avoid generalities. Especially, if you want them to contact you for an initial consult.

Sarah is an accounting professional who guides attorneys from confusion to clarity. Some of her clients have been stuffing all their receipts into shoe boxes. Tracking money with Quickbooks and Clio extends beyond their skill set. However, they worry about their trust accounts and inaccurate finances.

The thought of a trust account audit makes them tremble. Since Sarah understands their hidden fears, she quickly eases their biggest worries. Their bodies relax as she explains her process in plain English. By the time she asks her final question, they’re eager to sign on and get this bookkeeping challenge resolved.

Sarah realizes they’re already overwhelmed. So, she spares them all the details about how she cleans things up. Instead, she shares some stories about similar work she’s done for other attorneys. This comforts them that they’re not the only one like this.

Of course, attorneys talk with each other. Sarah’s clients tell their associates about her work. They no longer experience shame about their messed up finances.

What about you? What problems do you solve?

3. Know Your Strengths

What specific skills or talents do you offer? Consider the parts of your work which you enjoy most and which separates you from other accounting firms. 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. Firms that specialize can charge higher fees.

[bctt tweet=”#Bookkeeping and #accounting firms that specialize can charge higher fees. Read full post. #getpaidwhatyoureworth” username=”lorenfogelman”]

A lot of people will give you well-meaning advice. Listening to them, and second-guessing yourself, is detrimental for your firm and will extinguish your passion. It’s your business; you get to make the rules. Remember to set it up around your strengths rather than someone else’s.

• 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 attorneys receive from your services.
• Educate. Finally, educate attorneys 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 who illuminates the path from darkness to light.

4. Seek, Find, and Connect With Clients

Most accounting professionals dream of magically being discovered by their ideal clients.

[bctt tweet=”Your clients need to know you exist. Don’t wait for them to find your #accounting firm. Create a marketing strategy that attracts them to you. Read the full post. #getpaidwhatyoureworth” username=”lorenfogelman”]

If so, then attorneys need to know you exist. Don’t wait for them to find you. Make it easy for them. Create a marketing strategy which attracts them to you.

• Research. Find out where attorneys hang out, both online and locally.
• Join. Join communities, like civic organizations or country clubs, where attorneys spend time.
• Step up. Get involved in those communities. Volunteer at a not-for-profit, accept a board position or step into a leadership role.
• Connect. Get better acquainted by setting up coffee dates.
• Schedule. Some of those attorneys will ask how you can help them. That’s when you offer a complimentary consult.

You don’t need to attend every networking event. You’ll simply exhaust yourself. That’s the mistake I initially made.

I decided to go on a network meeting diet. Since I work specifically with accounting professionals, I cut back to one or two specific groups which seemed like a good fit for me. Then networking became a lot more manageable.

There’s a reason why networking matters. You gain visibility. Attorneys start to know you and what you offer.  Your consistency and follow through leads to credibility. This develops trust. Finally, consistency leads to profitability. You develop referral partnerships and attract new clients.

5. Be Strategic

Your marketing strategy develops over time. Through trial and error you’ll discover which activities deliver the best ROI. Continue to review and re-evaluate as you gain insight from experience.

Your niche strategy positions you as the go-to professional. It’s designed to develop your niche, offer targeted services and expand 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 attorneys.
• Picture your ideal client. Be selective and cherry pick your clients. Attorneys who want to negotiate your fees or expect services beyond your specialty are not ideal clients. Stay true to your strengths and seek out clients you enjoy working with.
• Define your ideal client. It’s not everyone with skin and breathes. List the characteristics and qualities of a single, favorite client. Figure out how she describes her financial worries. Then use her words instead of typical accounting terms. Although this takes a little effort, it’s well worth it.
• Remain flexible. Small accounting firms can easily pivot; whereas, change is more complicated for an enterprise firm. Continually adjust as your client needs adjust. Explore ways to expand your value. Plus, focus your time on those activities which get the best results. As you grow, start to optimize your time by delegating specific tasks which lie below your pay grade.

Client Success Leads to More Clients

Ready to work with clients who happily pay your fees? Imagine what’s possible once you stop struggling to define your specialty and communicate your value. Follow these recommendations for a solid niche strategy which attracts ideal clients and increases your income. Right NOW claim your FREE RESOURCE to define your value and separate your fees from time.