Niche Marketing Strategy - Why It's Better
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What is a Niche Marketing Strategy
Developing a niche within your practice is designed to focus on a subset of the market. It focuses on a small group of buyers, rather than the broader market, and seeks to penetrate that market deeper with a customized approach. Of course, anything customized requires a premium price.
Examples of a niche marketing strategy that evolved over time:
- Tesla - they revolutionized the auto industry
- Apple - innovative design
- Cirque du Soleil - different twist on entertainment
- Netflix - streaming entertainment
- Amazon - online book seller
To learn more about why a niche approach is so important, I highly recommend reading (or listening) to Blue Ocean Strategy. It's an amazing book on why you need to differentiate your practice.
Why a Niche Approach is Better
- Commands a higher fee
- Attracts clients from further away
- You retain clients longer in years
- Complementary services are part of it (advisory)
- Life time value of each client is higher
- Generates more referrals
- Marketing becomes easier and more effective
- Your work becomes easier (less complicated with limited scope)
- Easier to scale up your practice (less variety)
- Higher profit margins and hourly fees
- Your practice is worth more
Examples of Niche Accounting
CPA Accounting for Churches, Ministries and Parochial Schools
CPA Accounting for Gas Stations, Convenience Stores and Liquor Stores
Puerto Rico Tax Incentives - CPA Firm
Tax Accountant for Exotic Dancers, Film Content, and Camera Models
CPA for Subcontractors, HVAC, Electricians and Plumbers
CPA for Pet Hospitals and Veterinary Practices
Defense Contractors - Government Contractors - DCAA Compliance
CPA for Row Crop Farms, Grain Storage and Aquafarms
CPA for Graphic Designers, Interior Decorators and Landscape Designers
CPA for Maritime, Trade, Transportation and Limo Transportation
CPA Accounting for Dental Practices
