Successful CPA firms are typically open to approaches known to yield positive growth. So why are they so reluctant (dare I say impossibly stubborn) when it comes to embracing the concept of market segmentation?It’s often perceived as complex, difficult to understand, and therefore optional. However, it is so fundamental to strategy development that bypassing market segmentation can result in years of wasted effort and disappointing growth results.Market segmentation is the foundation of specialization, a natural outgrowth of mature markets like ours. CPA firms no longer have the luxury of being all things to all clients. Today’s market conditions require that we hone in on the needs of focused buyer groups with similar attributes. But first, we need to know what those groups are and what they need.
It’s a lot like fish. Not all fish are the same, and they certainly don’t all need audits. Some trout need tax work. Bass require business consulting. And flounder, well, they “flounder” and need help with everything!
Market segmentation and why you need it.
