Why Choose Accountants in Your Industry Niche?
A niche market is a smaller subset of the overall market segment it belongs to. The niche targets the exact product characteristics aimed at satisfying certain market needs, the price level, production standard, and the demographic it is meant to target. It is also quite a small segment compared to other markets. If the competitors are dominating the overall market, one has to be extremely aggressive to make an impact in the smaller niche segment and survive in the industry.
There are two ways to find a niche
within a larger industry niche. The first and most obvious way is to spend months traveling around various industry niches interviewing accountants and other individuals in the industry to collect data on the market. This data is then processed by the researcher and form a report that is then handed over to the client. The second method is to use the least two available models for the target industry niche. If the industry niche is wide, then one can focus on the segment that is the largest.
Most accountants specialize
in only one or two industries. They may do well in general accounting but they are far less likely to be a marketing expert. A good accountant can turn his/her expertise into marketing. Accountants with a marketing background make up the minority of accountants working in industries. Marketing accountants focus on providing information on the specific industry niche that they are experts in. There are specialized marketing divisions within accounting firms where there are usually separate departments for different industries like cosmetics, food processing, health care, and pharmaceuticals, etc.
provide the services that are needed in industries. One way to identify the industry niche an accountant focuses on is to look at the clients they serve. If the niche the service niche provides is marketable then the accountant will have a clientele who has access to that market. Marketing is an ongoing process and one that requires consistent attention. Look for an accountant who is willing to learn new strategies as well as listen to what your clients need.
Marketing is not just a matter of supply and demand.
It takes an entire niche to operate a successful enterprise. Marketing accountants can tap into all sorts of clients and potentials by combining their own skills and experience with research. The bigger accountants usually have access to national and international firms. These firms pay top dollars for the privilege of hiring them as their CPAs and marketing them on their behalf.
An accountancy firm
can also excel in marketing if it has the resources to do so. Most accountants have their own websites but because of their lack of expertise in marketing, they cannot really maximize their website’s potential. If an accountancy firm has the money to invest in advertisements or even online campaigns then that would be even better. They can also be at the forefront of industry niches. This type of marketing takes a lot of patience and is often more expensive than other types. Look for accountants who are willing to work as hard as needed to get results.