Source: CPA Practice Management Forum
- Consider niches that are related to the baby boomer phenomenon, i.e., the coming retirement of millions of them. For example, consider succession planning, long term care, real estate, and recreational industries as niches.
- The new niche should offer opportunities for scale economies.
- You may already have a niche you haven’t identified. By focusing on it as a niche you will be able to realize higher rates from the market.
- Measure the potential revenues, costs, and profits for any proposed niche. Prepare a financial projection.
- Determine if the niche has permanence.
- How will your competitors react to your introduction of the niche?
- Research the niche by talking to people in the industry, clients in the niche, prospects in the niche, etc.
- Transform your niche services into products that are attractive to the market.
- Find out what competitors are doing in the niche. Attend industry conferences and trade shows, and read the literature of the niche.
- Success in any niche will depend on having the right person in the firm driving it.
- Test your marketing initiatives on a small segment of the market. Ask them to help you refine your message and the configuration of your services. When you are ready to launch, use narrow target marketing.
- Make sure the CEO or managing partner supports the new niche.
- Make sure the firm will allow a sufficient time period to realize results.
From CPA Practice Management Forum, CCH Incorporated, 800-449-8114, December 2005, p. 8. |
