A couple weeks ago, I wrote an article explaining a specific marketing paradigm through which you should examine your firm’s business development efforts.
Then a couple days ago, I made the case for why you should niche your tax firm.
If you haven’t already done so, I’d encourage you to read both of those articles. Those concepts will put more money in your pocket, period.
Assuming that you accept the arguments I’ve laid out in those posts (which you should, obviously), the next obvious question is: How do you define the target market you’re going to focus your marketing on?
There are a variety of ways to do this, and over the next few articles, I’ll share some ideas on this.
First up: Look and see if you’re already naturally serving a niche market.
Based entirely on where your office is located, or the networking circles in which you swim, you may already be serving a niche. You may never have given it any thought, but you may already be there.
Look at your existing clientele. Are there any specific commonalities? Are many of them in the same industry, same profession, work at the same employer? Connected to the same organization that you’re involved in, such as a non-profit you volunteer for?
If you notice a significant number of clients with some commonality like this, then congratulations, you’re already serving a niche. Now you just need to embrace that fact, and pivot your marketing to dominating that niche.
Still not so sure about this whole “niching” thing? Let me give you two awesome examples.
First, check out the podcast interview I did with Katye Maxson-Landis, CPA in Portland, OR. Katye’s practice is focused heavily on serving Oregon’s growing cannabis industry. Regardless of your feelings about marijuana, listen to the podcast episode to learn about how she recognized the niche opportunity and pivoted into it.
Second, it just so happens that I received a press release yesterday from a reader in Fort Lauderdale, FL, announcing the sale of his CPA firm to his staff. This firm focuses their services entirely on helping aircraft owners. Because of the sale and the niche, the new owners are simply changing the name of the firm to “Aviation CPAs”. Excellent, very excellent!
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