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Niche marketing has become a successful strategy for many CPA firms because it identifies target markets and resources, distinguishes a CPA firm from the competition and generates higher profit margins. Niche market specialties will focus both your firm's marketing program and your marketing professional's activities by providing a foundation for marketing plans and goal setting. This article will provide you with the keys to successful niche marketing as well as niche marketing success stories.
THE KEYS TO SUCCESSFUL NICHE MARKETING
For purposes of this article, niche markets include specific industries (for example, manufacturing, real estate), services (for example, forensic accounting, business valuation), or other buyer groups that have distinctive characteristics (for example, public companies, family businesses). To. identify niche opportunities, develop a marketing plan that includes the following components:
Mission statement. A brief statement of your firm's basic purpose. Your mission statement should answer the following questions: What do we do? How do we do it? For whom do we do it?
Situation analysis. Describes the current status of your firm, the niches you wish to pursue, and your competition.
SMART goals and strategies. SMART goals are specific, measurable, attainable, realistic and timely. Strategies are the action items that will help achieve your goals. For each strategy be sure to include the people responsible for implementation and deadlines.
Implementation. Successful niche marketing plan implementation requires:
* Active support from the firm's managing partner.
* Commitment to the plan by the entire group responsible for implementation, including the necessary skills.
* One person with the ultimate repsponsibility for implementation.
* A client/prospect database.
* A system to track prospects, leads, proposals, new and lost clients.
* Incentives.
* Resources.
Budget. On average, CPA firms invest between 2% and 4% of net revenue on marketing.
Develop a niche champion. Without a champion you do not have a niche. The niche champion has the knowledge of the industry or service, is willing and able to lead a team, has the respect of the partners, and has the desire to become a famous person. A famous person is known for their industry or service expertise, attains leadership positions in trade organizations, knows industry vendors and media, publishes articles, and presents seminars and speeches.
FOCUS YOUR MARKETING PROGRAM
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