Best Kept Secrets
Best Kept Secrets
for
for
Developing a Niche
Developing a Niche
BuildYourFirm.com Webinar SeriesWant CPE?
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Who is
Who is
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BUILD UILD YYOUR OUR FFIRMIRM
•
•
Marketing and website development
Marketing and website development
•
• Higher profit margin approach
Higher profit margin approach
•
•
Higher practice valuations
Higher practice valuations
Exclusive to Accounting Firms
Dawn Hendrixson Dawn Hendrixson Director of Marketing Director of Marketing Hugh Duffy Hugh Duffy
Chief Marketing Officer
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BUILD UILD YYOUR OUR FFIRMIRM
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Use this box to type your questions.
CPE
CPE
Goals For Today
Goals For Today
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BUILD UILD YYOUR OUR FFIRMIRM
Why you want a niche
Why you want a niche
How to select
How to select
Steps to develop
Why?
Why?
In Real Estate, it
In Real Estate, it
’
’
s Location,
s Location,
Location, Location. In
Location, Location. In
Business, it
Business, it
’
’
s Differentiate,
s Differentiate,
Differentiate, Differentiate.
Differentiate, Differentiate.
Famous Quote from Roberto Goizueta
Why?
Why?
Differentiating your accounting services enables you
Differentiating your accounting services enables you
to:
to:
-- Create the perception that you Create the perception that you deliver
deliver ““customizedcustomized”” services to services to meet a specific need
meet a specific need that a that a
prospective client is looking for
prospective client is looking for. .
-- Reduce the amount of competition. Reduce the amount of competition.
-- Provide a superior level of service. Provide a superior level of service.
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Benefits for YOU
Benefits for YOU
Higher fees
Higher fees
Higher quality leads
Higher quality leads
More referrals
More referrals
Makes practice more attractive
Makes practice more attractive
when you sell
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CPE
CPE
Examples of Niches
Examples of Niches
Service Niche
Service Niche
Forensic/Biz ValuationForensic/Biz Valuation
IRS Problem ResolutionIRS Problem Resolution
Estates and TrustsEstates and Trusts
QuickBooks AccountingQuickBooks Accounting
Defense Contracting Defense Contracting
Outsource CFO/ControllerOutsource CFO/Controller
International TaxInternational Tax
Divorce AccountingDivorce Accounting
Litigation SupportLitigation Support
Back TaxesBack Taxes
Industry Niche
Industry Niche
HealthcareHealthcare Non-ProfitsNon-Profits Faith-based Faith-based (churches, etc.) (churches, etc.)
Restaurants/HospitalityRestaurants/Hospitality
ManufacturingManufacturing
Real EstateReal Estate
ConstructionConstruction
EquinesEquines
Veterinarians/Pet HotelsVeterinarians/Pet Hotels
Hedge FundsHedge Funds
Niche Marketing Niche Marketing
Common Challenge
Common Challenge
Your Local Market Composition
Your Local Market Composition
Your Background/Experience
Your Background/Experience
Personality Fit
Personality Fit
Marketing for Your Niche
Typical Marketing Approach
Typical Marketing Approach
Phase 1
Phase 1
Targeted direct mailTargeted direct mail
Niche websiteNiche website
Niche blogNiche blog
Added assurance (trade Added assurance (trade
association, certifications)
association, certifications)
Phase 2
Phase 2
Add a niche specific Add a niche specific
accounting service
accounting service
Trade association Trade association
participation
participation
Speaking engagements Speaking engagements
Expand knowledgeExpand knowledge
Phased Approach
Phased Approach
Phase III
Phase III
Fine tune marketing approach
Fine tune marketing approach
Create another niche
Create another niche
Re-evaluate base practice
Re-evaluate base practice
•
• Cull out saleCull out sale •
• Transition old clients into new waysTransition old clients into new ways •
Case Study #1
Case Study #1
Base Practice Services
Base Practice Services
Two Niches
Two Niches
(accounting service, industry)(accounting service, industry)•
•
Niche #1
Niche #1
–
–
QuickBooks
QuickBooks
(service niche) (service niche)•
Base Practice
Base Practice
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Niche # 1
Niche # 2
Niche # 2
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QuickBooks Niche
QuickBooks Niche
Niche Approach
Niche Approach
Easy to find QB website in Google, Bing, Yahoo Easy to find QB website in Google, Bing, Yahoo
Validation
Validation –– 3 QuickBooks certifications 3 QuickBooks certifications
Validation
Validation – top placement within Intuit– top placement within Intuit’’s s Find-a-ProAdvisor website
Find-a-ProAdvisor website
Validation
Easy to Locate Online
Easy to Locate Online
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56,100 pages T. Palm on 1st page
Easy to Locate Online
Easy to Locate Online
Easy to Locate Online
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Intuit’s Find-a-ProAdvisor
LinkedIn – 15 Reviews
LinkedIn – 15 Reviews
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BUILD UILD YYOUR OUR FFIRMIRM
15 Reviews
Yahoo – 3 Reviews
Google – 4 Reviews
Google – 4 Reviews
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Yelp – 1 Review
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CPE
CPE
Case Study # 2
Case Study # 2
Accounting Firm in Milwaukee
Accounting Firm in Milwaukee
General practiceGeneral practice
Two niches Two niches –– both are industry specific both are industry specific
•
• Niche #1 Niche #1 –– started about two years ago started about two years ago •
Niche #1
Niche #1
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Niche # 2
Medical Practice Niche
Medical Practice Niche
Niche Approach
Niche Approach
Easy to find Medical website in Google, Bing, Easy to find Medical website in Google, Bing,
Yahoo Yahoo
Target medical practices with direct mail (3-4 Target medical practices with direct mail (3-4
times per year, 3 sub-groups) times per year, 3 sub-groups)
Value added print newsletter (quarterly) Value added print newsletter (quarterly)
Niche specific accounting service Niche specific accounting service
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Industry Specific Niche
Industry Specific Niche
Direct Mail
Direct Mail
Plays a larger role because
Plays a larger role because
it
it
’
’
s easy to
s easy to
target your marketing
Targeting by Industry
Targeting by Industry
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Targeting by Industry
Easy to Locate Online
Easy to Locate Online
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Easy to Locate Online
Niche Specific Service
Niche Specific Service
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Hospitality Accounting Niche
Hospitality Accounting Niche
Niche Approach
Niche Approach
Easy to find Hospitality Accounting website in Easy to find Hospitality Accounting website in
Google, Bing, Yahoo Google, Bing, Yahoo
Trade association member Trade association member
Target hospitality industry with direct mail (3-4 Target hospitality industry with direct mail (3-4
times per year) times per year)
Website shows
Niche # 2
Niche # 2
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Trade Association
Trade Association
Who We Serve
Who We Serve
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Who We Serve (Cont.)
Who We Serve (Cont.)
Targeted Direct Mail
Targeted Direct Mail
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CPE
CPE
Case Study # 3
Case Study # 3
Accounting Firm in S Florida
Accounting Firm in S Florida
General practiceGeneral practice
Two niches Two niches –– both are industry specific both are industry specific
•
• Niche #1 Niche #1 –– started in January 2013 started in January 2013 •
• Niche #2 Niche #2 –– started in May 2013 started in May 2013
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Favorite Niche
Equines Accounting Niche
Equines Accounting Niche
Niche Approach
Niche Approach
Easy to find Equines website online and lots of Easy to find Equines website online and lots of
photos of horses photos of horses
Target equines industry with direct mail Target equines industry with direct mail
(quarterly) (quarterly)
Heart on sleeve (horses are my passion too) Heart on sleeve (horses are my passion too)
Favorite Niche
Favorite Niche
Easy to Find Online
Easy to Find Online
- Search engine optimization
Easy to Find Online
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CPE
CPE
Examples of Niches
Examples of Niches
Service Niche
Service Niche
Forensic/Biz ValuationForensic/Biz Valuation
IRS Problem ResolutionIRS Problem Resolution
Estates and TrustsEstates and Trusts
QuickBooks AccountingQuickBooks Accounting
Defense Contracting Defense Contracting
Outsource CFO/ControllerOutsource CFO/Controller
International TaxInternational Tax
Divorce AccountingDivorce Accounting
Litigation SupportLitigation Support
Back TaxesBack Taxes
Industry Niche
Industry Niche
HealthcareHealthcare Non-ProfitsNon-Profits Faith-based Faith-based (churches, etc.) (churches, etc.)
Restaurants/HospitalityRestaurants/Hospitality
ManufacturingManufacturing
Real EstateReal Estate
ConstructionConstruction
EquinesEquines
Veterinarians/Pet HotelsVeterinarians/Pet Hotels
Hedge FundsHedge Funds
Niche Marketing Niche Marketing
How BYF Can Help You
How BYF Can Help You
Outsourced Marketing Program
Outsourced Marketing Program
Integrated marketing
Integrated marketing
Practice coaching
Practice coaching
Niche development
Niche development
Outsourced lead generation
Outsourced lead generation
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What were the correct CPE keywords?
What were the correct CPE keywords?
1.
1.
Niches generate higher hourly fees.
Niches generate higher hourly fees.
2.
2.
Niches make your practice worth more.
Niches make your practice worth more.
3.
3.
Marketing is about differentiation.
Marketing is about differentiation.
4.
Join Our Group
Join Our Group
Go to LinkedIn / then Groups
Go to LinkedIn / then Groups
Then search for:
Then search for:
Next Webinars
Next Webinars
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Oct 22nd Why Client Selection is SO Important
Oct 23rd Why Small Accounting Firms Outsource Their Marketing
If Interested in
If Interested in
Niche Marketing
Niche Marketing
Contact Nita Sabo
888-999-9800 x156
