How Does Our Firm Select a Niche?

The concept of niche-focused marketing is based on a “divide and conquer” principle but I have found marketing to be much more effective when you take that niche (industry or service) and pare it down even more – around an IDEAL CLIENT within that niche. Steps to identify your IDEAL CLIENT: Write down a list of your ten favorite clients and your ten most lucrative; hopefully, there’ll be some crossover. If 2 or 3 are in the same industry, start from there. Pay attention to the more subtle attributes they have in common. You shouldn’t have to get too creative here; if there is no common denominator, then start with your favorite client that is also on the high revenue list. The fact they are one of your most lucrative clients should show that the marketplace will support getting more clients like this one. The fact that it’s on your favorite list means you should be motivated to try and get more clients like this one. If you want to know WHAT to do to market yourself and your firm successfully to them, call TIERNEY Coaching & Consulting!

Predictions for a Consolidating Accounting Industry

I was recently asked to share my predictions for the accounting industry with regard to the trend of the consolidation of CPA firms throughout the U.S. This is what I think: Accounting industry consolidation will most likely reflect similar affects that other industries have experienced as they have consolidated - broadcasting, banking and aerospace/defense come to mind. Each of these industries’ consolidation reported advances in information processing and overall reignited growth. The larger, national providers enjoyed growth that was fueled by advanced technologies and all enjoyed efficiency gains. I predict this will be the same for the accounting industry but would add that, like the banks, pricing will still be largely influenced by local, smaller providers as clients most likely remain with local providers. Larger firms will also likely continue to outsource work to other countries, also reducing internal costs and regaining higher profits while doing so.

A Comment About Partner Accountability

You can generate a sense of accountability in someone by demonstrating to then the value of achieving a specific goal. The important thing is that the goal should come from them. This is the required shift. Not that a quota is mandated from an external source; but rather that the individual set the goal for himself based on what will motivate him. When professionals are empowered to define their own goals – i.e. based around what they deem to be an ideal client, or an enhanced professional experience (they want to teach more, or present, or write…) you ask them what their goal is, you will often be surprised at the goals they set for themselves.

Giving creates deep connection

Yes, this is the title of my post today. “What does that have to do with professional services marketing?” you may ask. Perhaps it can be explained using as an analogy of a young man who buys a red sports car and spends every weekend for over a year fixing it up. He buys parts for it, waxes it, drives it around proudly, buys extra insurance on it – doesn’t really let anybody else drive it. He falls in love with that car. He is invested in that car….because of all that he GIVES to that car. Giving creates deep connection. Keep that in mind when you are working with prospects. Make sure you are giving regularly to your clients. How about your professional staff: Are you truly invested in them? Do they know you are? Your services are YOU and your expertise; it’s innately about giving of yourself. How can it not be? And I believe, the more you give, the more you get. That's why I take every call I get from other marketing professionals who are struggling with helping their firms to grow. Because I know that giving creates deep connection. And connections are how we grow our firms (including marketing consulting and coaching firms!) L