Niche accounting is a great way to embrace what makes your firm unique. By leaning into your strengths, you can attract more clients that suit your ideal and take your firm from average to expert. Niche accounting also gives you an important edge in digital marketing.
So, what is it and how do you start?
What is a niche?
A niche in accounting is basically your little corner of the market. Having something specific that you specialize in will make it easier for customers to find you on the internet. (Remember our rules about SEO?) Essentially, to have a niche, you just have to choose an industry and a specialization. Your industry might be non-profits, corporations, government agencies, etc. Then, your specialization is what will allow you to classify yourself as an expert. Specializations can be in auditing, taxes, advisory services, overhead analysis, and so much more!
The goal is to be very specific, as that will allow search engines to find you more easily. Take these two statements. Which is more effective?
I am an accountant for government agencies.
I specialize in overhead analysis for local government agencies.
The second one sounds a lot more convincing, right?
Finding your niche
If you want to find a profitable niche, you’ve got to start by asking yourself some important questions – and being honest with your answers! Start by taking a look at your existing clients and discerning what they have in common. Is there majority representation from one industry? Are you providing more business valuation services than anything else? Have you noticed that most of your clients seem to be in a certain tax bracket? Having this information will help you build an image of your ideal client and narrow down your industry and specialization.
Next, ask yourself this: what are my strengths and weaknesses? The best way to figure out what your specialty should be is by giving yourself an honest assessment. You can also take a look at your staff. If you’re great at auditing, but one of your team members specializes in medical billing oversight, you might have a few options for branching out.
Building up your new brand
Once you’ve found your angle, you’re going to have to do some rebuilding, especially if you already have a significant brand presence. You’ll need to set up a new website and start creating content that reflects your new niche. One of the biggest benefits of niche marketing is how it enables customers to find you. Make sure you’re giving them plenty of material to find!
Don’t be afraid to get the word out about your firm’s new direction. You should be advertising the change on social media, through email, and via word of mouth. It’s especially important to speak to current clients who may not fit into your new target audience and discuss what this means for the future of your working relationship. If you decide to drop clients, be sure to explain the shift in your business and leave on a positive note.
Finding your accounting firm’s niche is a great marketing strategy. You can rebrand yourself as a specialist and expert, create more specific business goals, and attract valuable clients via digital marketing.