Does the concept of saying “no” to a prospect seem ridiculous to you? You are not alone. However, you will actually experience more growth and greater profitability while doing more rewarding work if you narrow your focus to a sub-segment of the buying population you can help best. Read more
A few years ago at the Association for Accounting Marketing annual summit, a keynote speaker called out the “sea of sameness” she saw amongst CPA firms. She went on to explain that it appeared as if one firm could pick up another firm’s marketing material, put their logo on it and use it.
Guess what? She was right.
If obtaining new clients is a top area of focus for your firm, you’re not alone.
According to the 2015 PCPS CPA Firm Top Issues Survey, bringing in new clients is an issue for firms of all sizes. As firms look for sources of new revenue, many consider strategies successfully implemented by other firms. And the formation of niches – industry or service line specialties – is a tactic at the top of the list.
Implementing a niche strategy is one way firms can differentiate themselves from their competition. While it’s difficult for one firm to claim it does better work than the CPA firm down the street, it can say it has an area of expertise the competition doesn’t. Firms with niches bring something extra to the businesses they serve. They can translate sound experience into better advice; hence, specialization demands a higher fee than compliance work.
Many people interchange the words marketing and practice growth. Those who do are wrong. Why? Because growing a firm takes more than top-notch market strategy. Here’s why your CPA firm needs a practice growth strategy instead.