Last week, we discussed how some clients just plain suck, and need to be thrown back.
One of our Diamond members even reported back that he fired FOUR clients last week as a result. A Gold member fired one long-standing client that (until they became a problem child) used to represent 10% of their annual gross revenue.
Kudos to those of you that took action and got rid of the weakest links in your clientele.
That opens up room in your schedule to attract better clients.
Over the past few days, I gave you some simple exercises to complete to help you identify who your best clients are so that you can go out and replicate.
But, there’s an even simpler strategic move you can make to attract better clients.
It’s not only simple, but painlessly easy to implement.
Even better, by doing this one thing, your marketing costs will drop and your conversion rates will improve.
What is it? Niching.
That’s right: Pick a niche, and dominate it.
That’s what I did when I made the decision to focus most of my marketing efforts on small, mom & pop trucking companies in Utah, Nevada, Arizona, New Mexico, and Colorado. After making one particular observation, it became a no brainer to focus my marketing efforts here and utterly dominate this tiny sector of the tax resolution market in these particular states.
It’s the principle of becoming a “big fish in a smaller pond”.
The exercises from yesterday and Friday will help you choose a niche based on whom you’re already serving. But don’t forget to take a look outside your existing clientele and ask yourself, “Is there a better market that I could be serving?”
What exactly do I mean by a niche? Basically, a niche is a business category, occupation, hobby, special interest, or pooled affinity.
Examples of niches:
-real estate agents
-Care Bear collectors
-Burning Man attendees
Each of these is a special type of niche. If you want the dictionary definition, a niche is “denoting or relating to products, services, or interests that appeal to a small, specialized section of the population”.
The best niche for YOU to serve may not necessarily be the best niche for ME to serve. In fact, two CPAs with offices right next door to each in the same office building could best grow their practices in totally different ways. One CPA may be best served by primarily marketing to female Hispanic doctors, while the other CPA may be best served by primarily marketing to white male duck hunters.
In the August issue of “The Profitable Accountant”, we’re dedicating the entire issue to finding your riches in niches. Dan Henn, CPA provides a nice list of possible niches for you to think about, provides a handy list of questions to consider in choosing a niche, and provides some practical tips for establishing authority status within a niche. On my end, I’ll be providing an updated edition of my IDEAL™ Client Profile exercise, as well as practical tips to help you align your marketing message and lead magnet with your chosen niche.
“The Profitable Accountant” is mailed directly to all active members as part of your membership. The newsletter is not available electronically, ever, so don’t expect to join later and get access to an archive of back issues. To receive the August issue, you need to become a Gold member before the issue goes to press on July 29. Go here to sign up: