Niche Markets Are Your Best Buyers

"Target market" illustration with arrow and bull's eye4 rules for selecting your target.

By Rob Nixon
Panalitix

Someone once said, "If you are everything to everyone then you are nothing to nobody.’"

MORE ON STRATEGY: Marketing Objectives Determine Marketing Amount | Marketing Must Be About Sales | Turn Your Knowledge Into Products | Why Clients Really Stay | Communicate Until It Hurts | Why a Virtual Team Makes Sense | 14 Ways to Leverage Client Data for New Billings | What It Means to Be a Real-Time Accountant | 12 Predictions on the Future of Accounting | Will the Internet Replace CPAs?
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I don’t know who said but it sums up my thoughts on who you should target as clients. I am a big fan of having clients in niche markets. I am a big fan of knowing who your "best buyer" is, what they look like and where they hang out.
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Marketing Objectives Determine Marketing Amount

Ring engraved with words marketing, strategy, profitBONUS: A chart of growth rate to double revenue.

By Rob Nixon

Panalitix

I get asked all the time, "How much marketing should I do?" Or, "When should I hire a marketing person?"

MORE ON STRATEGY: Marketing Must Be About Sales | 8 Questions for Product Creation | How to Deliver Wow! Every Day | Communicate Until It Hurts | Why a Virtual Team Makes Sense | 14 Ways to Leverage Client Data for New Billings | What It Means to Be a Real-Time Accountant
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My answer is always the same: It depends what your objectives are.
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Marketing Must Be About Sales

Businessman and businesswoman shaking hands in office hallway"The message you need to be selling is social proof and the results I get when I use you."

By Rob Nixon
Panalitix

What’s the point of having a great service offering, fantastic client results, great people and an inspiring vision if only you and your team know about it?

MORE ON STRATEGY: 8 Questions for Product Creation | What Products Should You Create? | Keep a Watchful Eye on Clients | Rewards Go Far Beyond Money | People Still Needed, But In Different Ways | Don’t Let Technology Make You Dumber | Are Your Goals Big Enough? | Finding New Opportunity in Compliance Services | How Offshoring Is Shaking Up Accounting
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Your business might be a finely tuned instrument but if it is not played in the orchestra then no one will hear it.
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8 Questions for Product Creation

Businessman looking at question mark sketch on the wallBuild the plane as you fly it.

By Rob Nixon
Panalitix

I have noticed that accountants can be pretty good procrastinators.

MORE ON STRATEGY: What Products Should You Create? | Turn Your Knowledge Into Products | Why Clients Really Stay | 8 Ways to Build Team Engagement | How to Create 4 New Billable Hours per Day | Do You Know What Clients Want? | Is Your Business By Design or Default? | The World Is Flat | The Profession Disrupted: Compliance Commoditized
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Really you say! I think it’s because they think they need to get it right before getting started. If you take that attitude then you’ll never get anything off the ground.
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What Products Should You Create?

20 ideas to get you started.

By Rob Nixon
Panalitix

We are moving away from the time-selling business and into the productized IP business. The first step is to work out what you know and the second step is work out what the package looks like.

MORE ON STRATEGY: Turn Your Knowledge Into Products | How to Deliver Wow! Every Day | Communicate Until It Hurts | Why a Virtual Team Makes Sense | 14 Ways to Leverage Client Data for New Billings | What It Means to Be a Real-Time Accountant | 12 Predictions on the Future of Accounting | Will the Internet Replace CPAs?
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Most accountants I meet believe that there are opportunities for additional business in their current client base. However, they don’t seem that active in discovering the opportunities nor promoting the services. I think it is a BIG disservice to the client if you do not promote new ideas and new services.
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