The Only Two Ways to Determine your Niche Market
Pinpointing a niche market for your accounting firm can attract the right kind of new clients– the kind you enjoy working with and those whose needs you are best able to meet. A niche market can give your marketing dollars a specific and effective group to target.
So how can you identify your niche market?
There are only two ways.
1. Discover it.
You may already have a niche market waiting to be discovered. Take a look at the clients you already have. Especially look at the ones you enjoy working with. What do they have in common? It could be their type of business. Are they all shop owners? It could be the size of their business. Are they all family businesses? Or maybe it is demographic. Younger women with average incomes? Older men?
Or your undiscovered niche market could be related to the type of service you offer most frequently. Look at what kind of services you provide that gives you the most positive feedback from clients. Ask your partners and employees which services they feel particularly experienced in or enjoy the most.
2. Create it.
The other way to determine your niche market is to purposefully shape it. Just like discovering your niche market, creating your niche market also begins with a great deal of study and introspection. Take note of new kinds of business in your town. Or a new demographic that is moving in. Or maybe you or someone on your accounting team has a hobby or interest that they want to connect to in the accounting world. Once you have identified your target market, jazz up your whole firm and empower them by creating measurable steps to reach out to the potential new clients.
MORE THAN ONE
Whether you discover or create your niche market, it is wise to have more than one to protect your firm from risk. The same way you diversify your investments, you want to have a diversification of target markets. You will know how many niches are right for you once you get started. Twenty is too many, but three to five niche markets works for many firms as well.
If you are in the midst of discovering or creating your niche market, a fresh set of eyes looking at your firm can provide helpful feedback. An outsider’s perspective may notice something you haven’t! Schedule an appointment and together we can pinpoint your niche market.