Most accountants have a fair idea of what percent of their fees are generated by the various services they offer (tax, write-up, audit, etc.). But few practitioners can tell you their total annual fees from different business segments (retail business, real estate offices, doctors, small manufacturers, etc.).

Your firm most likely has a niche that could be further developed — an area of practice where you already have the expertise, experience, and client base that could be built upon for real revenue growth.

Is there a large enough market in your practice area to make it worthwhile to pursue more clients like those you have in a particular area? If you are already serving the bulk of these businesses in your market area, perhaps you should explore a second niche related to your number one group. For example, if you have most of the local real estate offices as clients, perhaps a second target group might be home builders. Consider asking your real estate clients for referrals to home builders since many agents work closely with the building trades.

To maximize your marketing efforts, spend your time and money on one specific group. Make your promotional efforts as selective as possible. If you’re trying to add home builders as clients, make yourself available to speak to the home builders association meetings. Subscribe to the publications these prospective clients read. These publications will help you learn about their industry. Keep these publications in your reception area.

Ask what your firm has to offer this niche group that other accountants do not. Your best sales tool is having more to give these clients than other accountants do.

Your website should have information of interest to your niche group and links to sources they’ll find useful. Keep your website current; add new material regularly to keep your prospects returning.

As you gain visibility in your niche market, your firm will become known as the firm to go to for accounting, tax, and business advice in that industry. Referrals will bring in new clients in your niche.

Niche marketing pays off nicely in the long run, so be patient if short-term results seem somewhat disappointing. With the right approach to niche marketing, you will develop a stronger client base, a more loyal following, and you will command higher fees for your expertise.

I invite your comments and questions. Contact me at mostad[at]mostad[dot]com or 1-800-654-1654.