Monthly Archives: June 2016

Emerging Niche – Real Estate Accounting

Real Estate AcctgOver the past two years, there has been an emerging growth of accounting firms developing an expertise amongst the real estate industry.  By real estate, I am referring to accountants who want to service:

  • Real Estate Property Management
  • Real Estate Developers and Investor Groups
  • Commercial Real Estate Owner/Operators
  • Architects and Structural Engineers
  • Commercial Real Estate Agencies
  • Real Estate Investment Trust Companies
  • Non-Resident Property Owners
  • Condo and HOA Boards

 

Here are several worth exploring:

 

Using a Niche to Gradually Increase Profit Margins…

Niche Opportunity - keyword associationsFor many accountants, the concept of developing a niche makes total sense to generate higher fees but the process of selecting a niche is stressful and confusing.

Here are a couple myths that we commonly hear:

  • If I market our practice towards a particular niche, won’t that alienate my existing clients which are in many industries?
  • How will narrowing my target audience help me grow my practice?  It seems counter-intuitive….
  • I don’t have enough clients in that area to create a niche.

First, pursuing a niche does not mean that you will walk away from your bread and butter generalist clients.  It means that in addition to your generalist clientele, you will slowly start to acquire a tighter pattern of clients so you can demand higher pricing, reduce the number of viable competitors, provide a higher level of expertise, and after you acquire enough, it will be easier for your staff to process a particular client.

Jack of all tradesThe reality is that serving all types of clients (generalist) is the hardest type of practice to operate.  A generalist marketing approach yields a lower fee because you are in competition with nearly all firms in the local marketplace.  And, the complexity of tax and compliance issues make it very challenging to provide a high quality of service because there are virtually no economies of scale.  A generalist practice approach is analogous to using a shotgun and the pricing is a function of local market conditions.

Conversely, narrowing your marketing to a niche is analogous to using a laser, rather than a shotgun, and enables you to make your marketing message more compelling, thus making it easier to close prospects.  Here are the benefits of developing a niche:

  • Aviation Acctg nicheYou attract prospects from a wider geographic area.  The more unique the niche, the wider the radius.
  • Your marketing message becomes more compelling and higher quality prospects call your office.  The dialogue is now consultative and you are viewed as a subject matter expert.
  • Your pricing goes up because there are fewer competitors and the prospect is willing to pay extra because they think their situation is complicated.
  • Your close ratio goes up.
  • And after you acquire enough of these clients, it becomes easier to process that type of client.  The economies of servicing the same type of client are huge for you, and your staff.
  • Your retention rate becomes longer (years longer) because the prospect thinks their situation is complicated and could never be addressed by a generalist.

Gradually, you start to add new twists to your niche expertise which make your offering more attractive, and possibly more expensive.  And after this niche becomes mature and easy to master for your practice, another niche is created to create another feeder system of high paying clients.

Embarking on a Niche

If you are tired of competing in a commodity type fashion on price, Build Your Firm can help.  Watch a short video to illustrate examples of niche marketing opportunities.  Today, Build Your Firm has over 35 niches to make this transition easy for you.  The risk is nothing and you’ll wonder why you did not do this earlier.

In fact, Build Your Firm provides a 1 year money back guarantee so it’s a no risk offer.

BYF - ROI - blue typeBelow are examples of niches to consider:

Accounting niches by industry (AgriBusiness to Non-Profit to Transportation)

Accounting niches by service (Cross Border Tax to International Tax to QuickBooks Accounting)

Here’s one last short video and then call 888-999-9800 x1 with your questions.

 

Compelling Reasons to Attract Hispanic Small Business Owners

Here are three compelling reasons why you can no longer ignore this tidal wave…

  • While we all know the Latino population has doubled in size over the past 15 years, the number of Hispanic-owned businesses has quadrupled in the same period.
  • Over 30% of Hispanic-owned businesses have incomes higher than $100k – placing them in the top 20% of U.S. households.
  • Approximately 75% of Hispanic businesses are bilingual.  That’s right, they speak your language.
  • The 50M Hispanic market is expected to grow to 130M in 2050.
  • 6 out of 10 Latinos are U.S. born.

Hispanic by state

 

New Twist on Video Marketing

Great video has the ability to stop your prospect in their tracks and pay closer attention to your message.  And lousy video (or boring video) has the potential to hurt your reputation and push prospects to never work with your firm.

Most importantly, it’s all about the contextual relevance.  In other words, video is the icing on the cake that pulls the prospects eye in for a closer examination and then the content around the initial video needs to close the sale.  In your case, motivate the prospect to call your office.

Video - Bad ImageExample of lousy video – What Not to Do

In today’s marketplace, you want to project an image that your accounting practice is technologically savvy, cloud focused, and maybe even paperless.  This accounting firm paints the opposite image which is old file cabinets, paper focused tax preparation, cheap office space, and not technologically savvy.   This is the kinda of video marketing that creates negative persuasion and hurts your image rather than enhancing it.

New Twist on Video – Contextual Relevance – Eye Stopping

Let’s assume that you are a orthodontist located in Central Florida (say Orlando area) and your orthodontic practice is doing well but you need better financial guidance from your accountant.  The current accountant has been adequate but does not have the time to provide value added guidance like benchmarking because they only service 2-3 dentists.  In other words, the accountant is a generalist and this orthodontist needs to find a specialist accounting firm who focuses on dentists and charges more annually.  The orthodontist does not care about paying more because the benchmarking guidance is well worth the extra fee.  At the same time, the current accountant can’t dedicate the time to provide benchmarking for an industry that represents less than 2% of their overall revenues.

So the orthodontist goes to Google (or Bing or Yahoo) and types into a keyword search like “cpa firm for dentists Orlando” or “cpa firm for orthodontists Orlando” or “cpa firm for orthodontists florida” and lands onto a website that makes the light bulb go on.  The home page video knocks his socks off and makes him jump for joy.  This is contextual relevance that excites a prospect into making that phone call.

Dental Web Video2And after 1-2 clicks, this orthodontists stumbles onto a page that rocks his world.  This CPA Firm not only caters to dentists, it has a page dedicated to orthdontic accounting.  This is how video, when used in conjunction with your overall message, makes the phone ring.

If you are still kinda skeptical on the power of video to create that aha moment, below is the email:

Email from PFIf you’d like to learn more about how video can be integrated into your online marketing message, call Build Your Firm.  We have over 35 niches to help you improve your marketing message and turn on the light bulb for business owners who are looking for a needle in the haystack (not shopping on price).

 

Online Marketing to the Hispanic Community

English SpanishWith the meteoric growth of the Hispanic community, how much longer can you ignore this emerging target audience?

Here are a few numbers that illustrate the need to provide a multi-lingual website:

  • The U.S. Census Bureau projects the Hispanic population to grow by 57% from 2015 to 2050.
  • The Hispanic community will grow from 18% of the U.S. population to 28% in 2050.
  • The Hispanic community will be more than twice the size of the African-American community in 2050.

And in some cities, Hispanics represent the majority of the population.  Here are several large cities with high concentrations of Hispanics:

  • English Spanish map of USEl Paso – 80% hispanic
  • Miami – 69%
  • San Antonio – 61%
  • Anaheim – 52%
  • Los Angeles – 48%
  • Dallas – 43%
  • Phoenix – 42%
  • Hartford – 41%

Is it time to embrace this community by having English and Spanish on your website?

Below are several examples of accounting firms who are extending an olive branch by providing a bilingual website.

At Build Your Firm, we’ve been doing bilingual marketing for over ten years.  We encourage you to embrace an emerging audience which is probably right in your neighborhood.

Marketing in a Bilingual Society

Bilingual WebsiteTo broaden the appeal of your accounting practice, have you considered proactively communicating that your firm speaks multiple languages?  Or is a well kept secret?

With the power of the internet, building a bridge to multiple communities can be an effective marketing tactic to pull in a large and emerging market that may be under-served in your local community.

To walk both sides of the aisle, here is a CPA Firm in Orlando FL that is proactively marketing it’s firm to English and Spanish speaking business owners.  If large utilities can become multi-lingual, isn’t time for you to consider embracing the broader community and making this a marketing point of difference.  In other words, take a lesson from Donald Trump’s campaign and embrace this audience into your practice.

You might be surprised how much opportunity exists out there for your practice by removing the blinders.

Bilingual Web2

 

How to Stand Out in Today’s Crowded Marketplace

In today’s marketplace, there are plenty of competitors within a 5 mile radius of your office location.  That’s why it’s so important to identify what types of businesses are best for your practice.

And after you strategically identify who they are, the next challenge is to differentiate your practice and stand out.  Below is a great example of how Graber & Associates is targeting the transportation industry to better service that needs of:

To truly stand out and captivate these type of businesses, you need to visit the website at www.transportationcpa.com.

Transportation Accounting