Stop Being the Best-Kept Secret
Do your clients fully benefit from all your skills and knowledge? Research reveals that most accounting professionals undervalue their expertise. Although it seems counter-intuitive, serving a select population significantly raises your value. Plus, it’s easier for new clients to find you.
Sometimes a niche population chooses you. You gradually notice that most of your clients come from a specific industry or share a similar issue. Either you already built a reputation because you previously worked in this industry or your clients came from word of mouth referrals.
More often than not, you decide on a specialty rather than a niche choosing you. Committing to that choice is one of the toughest things to do.
So you wonder:
- Will I eventually get bored?
- What if attorney are the wrong niche?
- I can serve other markets, but they won’t realize I can help them.
- What if my credentials get challenged? I don’t have enough experience with the legal profession to call myself an expert.
- Another firm is already serving attorneys, is there enough for both of us?
Omri Erel on Product2Market considers brand loyalty one of the major benefits of developing a niche market. Your clients know you provide what they need.
5 Top Reasons to Choosing the Legal Niche
Choosing the legal niche is an easy way to earn more money without additional time spent working. This strategic move allows you to charge a premium rate for your services.
1. Set Your Business Apart
Let’s face it, generalists constantly compete for clients. That’s because the only differentiator between you and another provider is time and cost. Both of those things are commodities, which makes it difficult for a potential client to recognize your value.Generalists constantly compete for clients. That’s because the only differentiator between you and another provider is time and cost. #getpaidwhatyoureworth Click To Tweet
As you begin to specialize, you may experience a feast and famine cycle. During the dry spells your phone stops ringing. That’s when you’ll wonder how your business can possibly survive.
Things do get better. Clarity emerges from your decision to specialize. You become crystal clear about the specific solutions that legal practices want and need; these solutions often extend beyond bookkeeping.
That’s exactly what Kim did. She decided to offer bookkeeping and tax solutions to attorneys.
She started attending their association meetings. One specific attorney couldn’t keep her bookkeeping records up to date any longer since she’d gotten so busy.
When it was Kim’s turn to speak, she didn’t talk about the fact that she does Quickbooks Online. That was too vague. Instead she shared her solution for busy attorneys. She works with them to increase their income, reduce their tax bill and maintain their bookkeeping.
This particular attorney introduced herself after the meeting. Kim’s targeted message got her attention. She was currently seeking a bookkeeping solution that would free up her precious time.
Furthermore, attorneys know other attorneys. They flock together. Pretty soon word-of-mouth had other busy attorneys knocking at Kim’s door.
Kim’s clear message stood apart from other bookkeepers. She no longer competed with the generalists who offer a broad spectrum of solutions. Eventually Kim let go of 30% of her old clients that no longer fit her services; plus, she doubled her income.
2. Clients Are Attracted to Specialists
Consider what grabs your attention when you’re looking for a service. Do you prefer a business that offers a wide variety of solutions? Or one which specializes in your exact problem?
You may save money up front with a generalist. Sometimes, however, the problem doesn’t really get fixed. Then you need to hire another company to clean up after the first job.
Typically, a specialist offers a less frustrating experience and completes the job faster. Value based pricing emphasizes expertise instead of time. Although the rate is higher, it’s more cost effective in the long run.
Shorten Your Sales Cycle
Solving a specific burning need shortens your sales cycle. Potential clients either view your bookkeeping service as the solution to their problem. Or, trust you to achieve a specific result.Solving a specific burning need shortens your sales cycle. #getpaidwhatyoureworth Click To Tweet
3. Identify a Specific Set of Problems
Wondering how to claim law firms as your niche?
- List the top specific problems that attorneys struggle with.
- Which do you solve?
- Identify what’s possible after their problems are solved.
- What new problem arises once the first one’s fixed?
- Know your solution for the new problem.
You’ve now identified their unique concerns, how you resolve their biggest challenge and the benefit of getting the job done.
4. You Are the Solution
Some accounting professionals claim they specialize with legal firms. However, their messaging is all over the place.
Their website and marketing materials create confusion because they discuss a variety of things that don’t truly apply to law firms. It’s like they said they specialized, but didn’t really commit to the legal profession.
Well, a confused mind doesn’t buy. Instead those potential clients move on. They continue searching for an accounting firm that specifically solves their problem.
Create a clear message which describes a legal firms realities. Emphasize the ideal solution you offer. Then teach them how you solve their problem.
5. Meet Exact Needs to Make Your Business a Success
Become keenly familiar with the ins and outs of legal firms. You gain expertise with each and every client you serve. Plus, you’ll discover sub-niches that you originally overlooked. This starts to distinguish your accounting firm as the go-to resource.
As you create success for your clients, you build success for your business. Then business starts seeking you out instead of you chasing new clients.
Find New Clients
Choosing the legal niche is your first step. Next, define your ideal client. Then, stop being a best kept secret. Go out and let them know you exist.
Identify where attorneys hang out. Educate them about the solutions you offer.
- Online groups and chats. Participate, listen to questions, answer questions and become known in their community.
- Network locally. Go to their association meetings. Meet attorneys face to face. Offer to speak at their meetings.
- Social media. Write articles and post them in virtual communities like LinkedIn groups.
Don’t expect attorneys to magically find you. You have to give first before you can expect to receive.
It’s okay to freely give away rich information. Don’t worry about sharing too much. You won’t ever give away everything you know. Give enough and attorneys will seek you out because they’ll resonate with your message.
Be the Legal Firm Solution
Now that you understand the top reasons to specialize with legal firms, you may discover that you possess a specific expertise. Deciding which area is the right one for legal firms is a balance between your skill set and your mindset.
Success leaves clues. Choosing the legal niche can be very rewarding. If you’re ready to develop your specialty, then let’s talk. Schedule your free Grow Your Ideal Business consultation. We’ll discuss the strategy to grow a highly profitable accounting firm.