They are our niche market.
How to find your niche market
Marketing strategist Alicia Olesinski of New Angle Marketing said, “Think about what pain points or what services they are buying from someone else.” Here are some ways on how you can define your niche market:
- Recognise a need – Identify a specific need in your served available market (SAM) that you can address.
- Find a pattern – Observe if there is a pattern of clients from your existing client base that yields the most profit.
- Determine where you are good at– Just like what I have stressed before, you have to do what you are good at and what you love so that your job will never feel like a chore.
How it can benefit your firm
Having a niche market opens marketing opportunities because it narrows down your target market. Aside from this, your firm can also reap the following advantages:
- Higher revenue – When you have a distinct niche market, you can stay focused on serving clients that are the most profitable.
- Increased brand recognition – Having a niche market helps you position your brand as you develop a reputation of becoming the go-to expert in the field.
- Reduced costs – since it targets a fixed demographic, your marketing budget would go a lot further.
Having a well-defined target market lets your firm know what you really want to deal with and focus your marketing efforts to this specific market.
The Outsourced Accountant helps accounting firms from all over the world grow their capacity, margins and profits through global outsourcing. Contact us to find out more about how we can help your firm.