It is generally accepted these days that you will benefit more from advertising, marketing, networking and referrals if you focus on a recognisable niche. Let everyone else continue trying to be all things to all people.
But, if you are like most accountants in practice you don’t think you have a specialist focus. You have dozens or even hundreds of clients spread across various industries. You don’t want to limit the type of new client you target. You can sort out the tax and accounting needs of most people, most of the time.
I’ve included links below to previous posts where I have explained why this approach will be less successful than one whereby you focus and niche – or even, micro-niche, your targetted new prospects.
Here are five ways you can choose a niche:
- Identify the clients who already pay you the highest fees. Want some more like that?
- Focus on those clients who have been with you the longest and who are now paying you more than when they first came on board. These are the ones you know how to grow and support.
- Think about which group of clients you most enjoy working with, advising and helping? Enjoyment is infectious.
- Do you have any clients who have written unsolicited testimonials or recommended you to other people who are in the same field? They already think you have a niche!
- On balance which would you say are your best or favourite clients? Use whatever criteria you want – it doesn’t have to be about fees.
Find some similarities between the clients you identify through this process. Tidy up the definition so that it becomes something you can say and that people can remember. That will then be your niche and you will win more new clients faster than if you persist with being the same as every other generalist accountant.