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istock_Serg Myshkovsky
istock_Serg Myshkovsky

Target your niche clients

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24th May 2016
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There’s been a lot of discourse about finding your niche, but some accountants are still hesitant about committing, fearing they may alienate existing clients. 

That said, accountants who have already adopted a niche are seeing increased fees and their marketing spend drop. For this reason, PracticeWEB hosted a webinar on finding and capitalising on a niche, with analysis and case studies presented by the go-to experts Heather Townsend and Jon Baker.

“Having a niche leads to a higher conversion rate. Secondly, clients will come to you when you’re seen as a visible expert,” said Townsend. Having a niche also makes generating referrals easier because they know what they’ll be referring.

Illustrating this, Baker described a client who built up their practice to £500,000 in five years through committing to a niche. As well as increased fees, Baker explained how his client’s marketing is virtually zero. Because he is the expert, he was approached by media contacts, effectively giving him thousands of pounds worth of PR for free. And the only marketing he does is attending speaking events. This is the power of niche.

Starting out, many stumble on where they should focus their niche.

Finding your niche

Examining your client portfolio is the best place to start. “What are the trends? Are there certain clients or sectors that you enjoy or do well? What do you want to do more of? Who do I love serving?” prompts Townsend.

Now, question how much of a track record you have with these clients. “The more credibility you have an area, the easier it is to exploit,” said Townsend.  

Capitalise on your niche

Once you’ve settled on a particular area or client, you have to research the market. “It’s sometimes easy to believe we know our clients,” said Baker. To be an expert, you should go beyond your clients and speak with people within your chosen areas that you don’t know.

The purpose of this should be as an informational interview. “Get to know these people, discover the type of problems they experience, and the language they use,” instructed Baker. “Find out what their pain points are, what keeps them awake at night.”

But don’t stop at interviews, the go-to expert duo recommended immersing yourself in your chosen niche’s bubble. Blogs, social media, and networking events all provide opportunities to learn more about your chosen niche.

Buyer persona

Try and speak with at least a couple of people from your niche each week, and from this, you should start to understand your niche. Using this information, Alex Tucker, PracticeWEB’s head of marketing, encouraged the attendees to create a fictionalised view of your ideal client - a buyer's persona.

The areas you should consider are:

  • Background
  • Demographics
  • Identifiers
  • Goals
  • Challenges
  • What can you do to help them achieve their goal

Not only can you strengthen your understanding of your niche through delving into these headings, but you can also apply the persona inwardly when thinking about how you deliver your services. As Tucker explained, the information gathered can inform how offer services and help people overcome the challenges and goals. This can help therefore justify a premium and increase your conversion rate. 

To find out more on how you can target niche clients watch the full PracticeWEB webinar

How niche are you? What's the most important factor in becoming a niche practice? 

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