Why Is Marketing So Important for Accountants?
An industry niche is the smaller subset of a larger market segment that a certain product caters to. The niche targets the product characteristics aimed at meeting specific market requirements, the price range, and the demographic it is meant to address. It is also quite a small industry segment compared to other products within a given market segment.
With the advent
of new business development on the Internet, an increasing number of new businesses are seeking assistance from marketing consultants to launch their ventures. Marketing consultants specialize in helping a company to carve out a niche within a large and competitive market segment by developing a website and other promotional resources. They help the new business owner to define and develop a brand strategy for his/her company. A niche law firm on the other hand looks for niche problems and legal solutions to those problems. The business development consultant conducts thorough research of the legal environment where the firm wants to operate.
A niche law firm normally works
on cases that deal with environmental laws, patent laws, copyrights laws, and regulations related to them. Marketing consultants will conduct an in-depth study of the legal market to identify potential problems. It would be followed by conducting a thorough analysis to find possible solutions to the same. An example is if the company wanted to launch a website promoting its services in the coastal region of India, it would conduct a keyword analysis to identify which terms potential clients would use to find information about the services offered by the firm. This would help the firm has come up with a unique offering that is not offered by its competitors.
Another area that requires niche focus
is the accounting sector. This is because accountants are mostly one-way marketers. They look for their clients in the same locality or state where they do their work. An accountant who is well connected with clients in his locality might be able to leverage his connection to convince prospective clients about the firm’s value proposition and hence increase his sales.
Another reason for accountants
to be one-way marketers is because most accountants are employed in large firms that have branches spread over several countries. Hence, they need to connect with clients from different countries to increase the sales volume. By identifying a proper industry focus, marketing experts can help their clients to carry out effective marketing campaigns that will in turn help to increase the number of clients. Apart from looking for clients in their area of specialization, niche accountants also need to study the marketing trends to keep abreast of the changing trends in the market.
Marketers should focus on gathering relevant industry data
to identify client demand and competition. The process involves identifying the interests and purchasing power of target markets. This is done by studying the purchasing patterns of consumers in the target industries. By gathering relevant industry data, marketers can plan campaigns accordingly and understand which industries will be ideal to initiate campaigns in. This helps the company owners to formulate a niche strategy that will yield results.