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3 ways technology can help your practice hone its niche

4th Jun 2024
Brought to you by
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Wolters Kluwer provides software to tax and accounting professionals.

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Whether you specialise in accounting for real estate companies, or healthcare providers, niching can be a smart move for your practice—for both refining your specialism and for revenue.  

However, it can be tough to know where to begin, and how to make your practice successful in this area.  

One way to power results is by using technology to tailor your processes towards your niche market. Whether this allows you to free up more time to focus on your specialism, or reach more clients to begin with, this article looks at three ways to hone your niche practice using technology.  

What is meant by a niche market?  

Unlike general accountancy practices who may have clients across a variety of sectors and verticals, niche practices do exactly what you think they do—the opposite. 

Practices that hone their niches aim to move away from being ‘the jack of all trades but the master of none’, as being a ‘master’ is often a way for you to do more of what you love. Plus, it allows you to adopt a specialism among clients resulting in better service and standing out in a crowded market.  

Accountancy niches might include: 

  • Tech and software 
  • Real estate and housing 
  • Healthcare and insurance providers 
  • Law firms 
  • Construction 

What are the benefits of honing a niche? 

Some of the reasons you might decide to become a niche practice include: 

  • Set yourself apart from the competition – Stand out as an expert in your field, as by serving a particular market, word of mouth and client testimonials will show your track record in this area.  
  • Use your expertise and passion – If you’re passionate about accounting in a particular area, it’ll show—not to mention make your job more rewarding. From this, building up expertise offers clients a better experience, linking to the next point.  
  • To offer an unparalleled service to clients – By developing industry expertise and specialist knowledge you’ll create a best-in-class business. The aim is to drive increased client satisfaction, therefore more clients and more revenue.  

To begin finding your niche, you may look at which industry the majority of your current clients are in, who your most lucrative clients are, and which areas you enjoy working in the most or have the most expertise.  

From there, you can start to hone your niche using technology.  

Three ways to hone your practice niche using technology  

1. Automate processes so you can focus on the expertise  

Automating laborious or manual processes can help free up time to focus on your specialism, develop your niche, and win clients.  

Examples of ways you can automate tasks include: 

2. Understand and utilise the best technology for your area 

Market research and spending time talking to clients are the two main factors that will help you understand how to best refine and nurture your tech stack for your sector.  

Each sector will have different needs, so choosing the tech stack that’s right for your niche will ensure you’re automating those tasks that come up most commonly, and making the most out of your tech. Once you’ve selected the providers that are going to help you make the most of your time, you can begin implementing, testing, and training staff in the new technology.  

3. Use AI to develop your digital marketing strategy  

AI doesn’t just need to be used for data driven insights, you can also use it to enact and expand your digital marketing strategy, therefore building a bigger client base. 

Three ways to do this include: 

  • Marketing: AI tools analyse client data to create personalised marketing campaigns. By understanding client behaviour, preferences, and needs, AI can tailor messages that resonate, and generative AI can even produce drafts and suggest topics. 
  • Advertising: AI can help identify and target audience segments—for example, Google Ads and Facebook Ads use AI to optimise ad placements and budgets. 
  • Chatbots: AI chatbots provide instant support to clients, answering frequently asked questions, scheduling appointments, and providing information about your services 24/7. This enhances client satisfaction and reduces your workload. 

Want to learn more about growing your niche practice through technology? Learn more about Wolters Kluwer and how we can help you hone your niche

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