Avoid Being All Things to All People
Trying to be all things to all people is one of the biggest mistakes accountants make in marketing and managing their practice. It’s virtually impossible to meet the needs of every client. While choosing a target market requires some thought, it’s the only way to develop a successful business. Quite frankly, it’s too difficult to work with every client that comes in over the transom and deliver the same level of service.
To narrow your range of services, here are questions that you should ask yourself:
- Do I have an identifiable target audience that can be processed the same way?
- Is the target audience large enough to support my business?
- Can I differentiate my accounting services from other firms?
- Can I customize my services to address the target audience’s specific needs?
- Is the target audience currently underserved?
- Can I reach my target audience in a cost effective manner?
This is the exact same process that marketers go thru when they are trying to develop new products or a niche service.
By developing a narrow and well defined target audience for your accounting practice, you will find that this process differentiates your practice from other local firms, increases your retention rates, and reduces your sensitivity to lower pricing.
If you would like to read more about the benefits of avoiding being all things to all people , I would recommend reading Blue Ocean Strategy by Kim and Mauborgne.