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How choosing a niche can boost lead generation for your accountancy firm

11th Dec 2019
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At PracticeWeb we‘ve helped a wide range of accountants find their niche, from startups at launch to established firms wanting to pivot their offering, from those seeking to expand their service to others keen to get more of the right types of clients.

Although in most cases that means identifying an industry or market sector – there are a couple of examples of that below – it could also mean something completely different, such as focusing on a price bracket or geographical location.

Or perhaps even a blend of the two, focusing on similar businesses across multiple related sectors.

Why focus on a niche in the first place? 

It’s simple: finding and catering for a niche can help your business grow.
 
Carving out a niche market and positioning yourself as the go-to firm for a specific type of client has two main benefits.
 
First, it establishes your credibility over competing generalists – someone who has a depth of specific knowledge and experience.
 
Secondly, it makes your business more focused, aligning your business and marketing goals around one clear target.
 
All of that makes it easier for the right customers to choose in your favour and say: “Yes, these are the accountants for me.”
 
It can also have the added benefit of attracting new talent to work at your accounting practice. In my experience, smart people enjoy working for a business with a clear purpose.
 

How does it help attract the right types of clients?

Choosing a niche demonstrates your commitment and gives you the opportunity to signal that you really understand the needs of clients in that category.
 
They’ll see themselves and their needs reflected in your website copy, in the imagery you choose, the specific services you offer and the way you deliver them. They’ll recognise their own stories in case studies and testimonials – proof that you really do have experience helping people like them.
 
Imagine an accountancy firm that focuses on the SME market, for example.
 
They offer similar services to those provided by their competitors, and generic tax and business advice through their marketing, website messaging and blog content. 
 
Then imagine a competing firm which has chosen to focus on, say, the construction industry.
 
They’ve taken the time to understand the pain points and challenges SMEs in that sector face.
 
They know what motivates those who own and operate companies in the field and what they want to achieve in their businesses.
 
All their SME advice is tailored, clearly related back to those prospects, answering their challenges and mitigating the pain points. 
 
Every case study is from a building firm and every example they offer relates to the construction.
 
It’s no longer generic SME advice – it’s now vital information that speaks directly to those target clients.
 
If you compare those firms, which do you think the head of a house-building business is going to contact about their accounts?

Niche doesn’t have to mean choosing a sector

While having a sector focus can help, most of the firms we work with cover multiple sectors.
 
That doesn’t mean they lack a niche, though.
 
Typically, niches fall into six categories:

  • Price – eg luxury, moderate, discount.
  • Demographics – gender, age, income level, education level.
  • Quality – premium, economical, tailored.
  • Psychographics – values, interests, attitudes.
  • Geographics – residents of a certain country, city, or even postcode.
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