Developing Successful Niche Marketing Plans

Presented by Tamera Loerzel and Michelle Baca October 16, 2008

www.convergencecoaching.com ©Copyright ConvergenceCoaching, LLC 2000-2008 All rights reserved.

Poll #1
• What best describes your role in your organization?
– Partner, Owner or Niche Practice Leader – Marketing Director or Manager – Marketing Coordinator

– Business Development Manager
– Other
www.convergencecoaching.com ©Copyright ConvergenceCoaching, LLC 2000-2008 All rights reserved.

Agenda
• Identifying your niche practice value proposition and “story” • Identifying top brand and lead generation strategies to grow your specialty practice • Managing and measuring your marketing activities

www.convergencecoaching.com ©Copyright ConvergenceCoaching, LLC 2000-2008 All rights reserved.

Poll #2
• What niches does your organization have in place? (check all that apply)
– – – – – – – – – – – – – Specialty audits (i.e.. employee benefits, governmental, NPO, SEC, etc.) Tax services (i.e.. planning, consulting, etc.) Small business services (write up) Management advisory or consulting services Financial planning services Business valuation services Industry specializations Accounting or business management software CRM Security, privacy and/or disaster recovery planning Network services Other accounting niche Other technology niche

www.convergencecoaching.com ©Copyright ConvergenceCoaching, LLC 2000-2008 All rights reserved.

com ©Copyright ConvergenceCoaching. community and competitors – Focus your firm messaging and marketing campaigns www. LLC 2000-2008 All rights reserved.Why Niche Marketing? • It enables you to: – Leverage your firm’s core competencies – Focus your resources to maximize your return – Easily identify opportunities for vendor and alliance relationships – Definitively target clients best suited to use your services – Differentiate your firm with your clients.convergencecoaching. .

.What Generates Niche Success? • Top-down commitment to your chosen niche.convergencecoaching.com ©Copyright ConvergenceCoaching. LLC 2000-2008 All rights reserved. with a willingness to invest resources in it • A clear market positioning for your niche and a plan to develop the practice – In this forum. we’ll focus on the market positioning and planning aspects that can affect your niche practice success www.

what you’re going to offer • Price .convergencecoaching. .how much you’re going to charge for your services • Place .how you’re going to define your place in the market • Product or Service . LLC 2000-2008 All rights reserved.com ©Copyright ConvergenceCoaching.who you’re going to serve and where you’ll find them • Promotion .The 5 P’s of Marketing • Positioning .the activities you’re going to undertake to drive interest in these services www.

com ©Copyright ConvergenceCoaching.convergencecoaching.Positioning www. LLC 2000-2008 All rights reserved. .

we’ll assume that you have defined your firm’s mission.convergencecoaching. LLC 2000-2008 All rights reserved.com ©Copyright ConvergenceCoaching.Niche Market Positioning • For this session. vision and values • These provide the foundation for your niche practice positioning • Then define your firm’s core competencies and competitive differentiators within your niche practice www. .

convergencecoaching. weaknesses. .Identifying Your Niche Competencies • Conduct a “SWOT” analysis (strengths. opportunities.com ©Copyright ConvergenceCoaching. and threats) – Strengths and weaknesses are “internal” or about your firm – Opportunities and threats are “external” or about your environment (The Three C’s) www. LLC 2000-2008 All rights reserved.

com ©Copyright ConvergenceCoaching.SWOT Analysis Strengths Weaknesses Opportunities Threats Adapted from Boone & Kurtz’s Contemporary Marketing www.convergencecoaching. LLC 2000-2008 All rights reserved. .

LLC 2000-2008 All rights reserved. culture. sales. service delivery. referenceability – Infrastructure – systems. . CPE.com ©Copyright ConvergenceCoaching. programs – Financial performance – Prospect and referral source potential www. alliances – Quality – methodologies.Competencies? • Strengths and Weaknesses – Leadership – Organization – management. availability of resources – Processes – marketing.convergencecoaching. image – Staff – skills/specializations.

LLC 2000-2008 All rights reserved. .convergencecoaching.com ©Copyright ConvergenceCoaching.Opportunities and Threats –The 3 C’s • Clients: What does your target market look like? What sort of referral source potential do you have? Are there any existing clients you can offer this service to without conflict? • Community: What’s happening with your vendors or alliance partners? Is anything happening related to this service in your geography? What’s happening with legislation or your vendors? • Competition: How well do you know your competition? What are their strengths and weaknesses? www.

.convergencecoaching. other brand materials in this area that can give you a sense of their positioning? • It is easy to gain information! • Focus first on “hard facts” – Web site. associations. • Then gather softer information from your network of contacts – Vendors. brochures. former staff • Your intention is to gain information that will enable you to create a differentiating positioning for your niche www. etc.Know Your Competitors • What are your competitors doing in your niche? – Do they have web pages. LLC 2000-2008 All rights reserved. clients who chose you over them.com ©Copyright ConvergenceCoaching. a brochure.

com ©Copyright ConvergenceCoaching.convergencecoaching.Poll #3 • Please check the statement that most applies to your organization’s knowledge about your primary niche competitors: – We conduct annual research about our niche competitors and share it with the team – We gain anecdotal information “word of mouth” about our niche competitors and sometimes share it with our team – We don’t conduct research about our niche competitors or pay attention to what they’re doing in our niche – I don’t know if we conduct research about our niche competitors www. LLC 2000-2008 All rights reserved. .

including your niche: – Mission.Create Rallying Messages • Develop your niche’s marketing strategy. . vision and values – Strengths – Competitive advantages and chosen positioning – Statements that you can use to position yourself as “different” or unique – They become the foundation or theme throughout your niche story • Create “rallying messages” for your niche www.convergencecoaching.com ©Copyright ConvergenceCoaching. LLC 2000-2008 All rights reserved.

com ©Copyright ConvergenceCoaching. what you do and how you work • Benefits articulate the difference that you will make in your clients lives and businesses – They answer the WIIFM question “What’s in it for me?” or “So what?” www. .convergencecoaching. LLC 2000-2008 All rights reserved.Include Features and Benefits • Features include the list of products and services you offer – They are the “facts” about who you are.

convergencecoaching. www. .Sample Features. Benefits and Rallying Messages • With over X years of experience performing employee benefit plan audits.com ©Copyright ConvergenceCoaching. – We plan and execute our audits in a way that maximizes audit efficiency and quality and we provide your plan administrator and human resources personnel with confidence in their plan reporting and management. we presently audit the plans of over XX firms. LLC 2000-2008 All rights reserved.

LLC 2000-2008 satisfaction and retention All rights reserved.Sample Firm Features and Benefits • We offer both accounting and technology services – Our goal is to enhance your competitive ability and increase your financial performance through the implementation of tailored technology and business management solutions. we’re able to provide you with confidence and peace of mind that we’ll apply best practices to enhance your customer processes that will increase your client www. .convergencecoaching. • Our group specializes in CRM – Because of our expertise in both CRM applications and business and sales processes.com ©Copyright ConvergenceCoaching.

convergencecoaching.Understanding Promotes Credibility • When creating your niche messaging. ensure you’re credible by: – Speaking your niche target’s language verbally and in writing. in all aspects of our relationship – Offering solutions that are tailored to your niche target’s business – Understanding your niche target’s key pain points and business processes – Being aware of unique regulations they may be subject to – Knowing what their specific timing issues are www.com ©Copyright ConvergenceCoaching. LLC 2000-2008 All rights reserved. .

LLC 2000-2008 All rights reserved.Methods For Gaining An Understanding • To learn about your niche.get your education where they get theirs www. consider: – Surveying or interviewing clients or key prospects in your chosen niche – Subscribing to niche publications – get your news from the place they get theirs – Joining niche associations – Attending niche conferences and CPE opportunities -.convergencecoaching. .com ©Copyright ConvergenceCoaching.

com ©Copyright ConvergenceCoaching. .convergencecoaching. LLC 2000-2008 All rights reserved. have the marketing team share these thoughts with service delivery personnel www.Educate Others • Take the time to educate your niche team members in depth • Share important messaging ideas and language with your marketing team • Or vice versa.

LLC 2000-2008 All rights reserved.convergencecoaching. .com ©Copyright ConvergenceCoaching.Place www.

.convergencecoaching.Defining Your Niche Strategy • Define your ideal target client for the service by: – Size – Type of business – Driving need – Geography – Culture www.com ©Copyright ConvergenceCoaching. LLC 2000-2008 All rights reserved.

Plaxo www.convergencecoaching.Here’s Where Place Fits! • Determine where you will find and how you’ll reach your ideal target clients – Within your existing clients (unless you’re conflicted out under independence rules) – Referral sources and other CPA firms – Trade conferences – Publications – Associations • And their constituencies or lists – Social Networking Groups • LinkedIn.com ©Copyright ConvergenceCoaching. . LLC 2000-2008 All rights reserved.

.Promotion www.com ©Copyright ConvergenceCoaching. LLC 2000-2008 All rights reserved.convergencecoaching.

convergencecoaching. brand marketing. you’ll need to identify what brand positioning. LLC 2000-2008 All rights reserved. and lead generation activities you’ll undertake… www.Next.com ©Copyright ConvergenceCoaching. .

Niche Brand Positioning Activities • Write your niche “story” and elevator pitch • Allow your clients to speak for you • Develop a section of your firm’s Web site that is dedicated to your niche – This helps increase the credibility of your offering • Create a high-quality printable PDF that tells your niche “story” – Include client testimonials and success stories www. LLC 2000-2008 All rights reserved.com ©Copyright ConvergenceCoaching.convergencecoaching. .

LLC 2000-2008 All rights reserved. .convergencecoaching.com ©Copyright ConvergenceCoaching. use certifications or logos in the above and your letterhead and business cards www.Niche Brand Positioning Activities • Incorporate your niche story into your firm’s: – – – – – – Newsletters and Web site Brochures and advertisements Proposals PPT templates Client and prospect letters and other templates Employee handbooks • In addition.

sponsorships – Article writing – Public speaking – Networking and alliance development – Trade conferences www.convergencecoaching. .Brand Marketing Activities • Choose (or reaffirm) the activities that are most in-line with your niche positioning and ideal target client profiles: – Advertising – Public relations – press.com ©Copyright ConvergenceCoaching. LLC 2000-2008 All rights reserved. community outreach.

LLC 2000-2008 All rights reserved.convergencecoaching.com ©Copyright ConvergenceCoaching.Lead Generation Activities • Choose (or reaffirm) the activities that are most in-line with your firm’s positioning and ideal target client profiles: – Surveys – Direct mail – Teleprospecting – Seminar marketing – Lunch and learns www. .

Poll #4 Which brand or lead generation marketing activities do you find most successful in marketing your niche? (check all that apply) – Advertising – Public relations – press.com ©Copyright ConvergenceCoaching. sponsorships – Article writing – Public speaking – Networking and alliance development – Referral sources – Trade conferences – – – – – – Surveys Direct mail Teleprospecting Seminar marketing Lunch and learns Internal networking with partners – Other client cross selling activities – Other www. community outreach. LLC 2000-2008 All rights reserved.convergencecoaching. .

Organizing Your Niche Activities • By target audience – Your firm’s staff – New clients • Where to find them by activity – list sources. – Referral sources – Existing clients if you do not feel you would be conflicted out • By activity type (brand or lead generation) • By month www. LLC 2000-2008 All rights reserved.com ©Copyright ConvergenceCoaching.convergencecoaching. etc. .

com ©Copyright ConvergenceCoaching.Niche Marketing Plans • Create a (simple!) niche marketing plan that includes: – – – – – – – Positioning and target market Strategy Tactics and marketing activities Marketing team. .convergencecoaching. LLC 2000-2008 All rights reserved. including a subject matter expert Infrastructure requirements Performance goals Budget requirements www.

convergencecoaching. .Niche Marketing Plan Accountability • Assign one owner – For the marketing calendar – For the marketing plan • Meet regularly to review the calendar with all marketing activity owners www.com ©Copyright ConvergenceCoaching. LLC 2000-2008 All rights reserved.

.convergencecoaching. LLC 2000-2008 All rights reserved.Your Niche Marketing Plan is a Living Document • Update it as you progress or business needs change – it’s not set in stone! – Also add new activities or strategies as they arise • Discern patterns of success and also areas that haven’t produced the results you intended • Use it to manage your niche marketing investments and future marketing plans • Use it as a reporting tool to track ROI www.com ©Copyright ConvergenceCoaching.

LLC 2000-2008 All rights reserved.convergencecoaching.com ©Copyright ConvergenceCoaching.Next Steps www. .

competitive differentiators and rallying messages in writing  Document your firm’s brand positioning and ideal target clients in your plan  Choose which brand positioning. timing. the objective. and lead generation activities you’ll undertake this year  Determine the audience that each activity will address. cost.com ©Copyright ConvergenceCoaching. and other elements in your marketing calendar  Communicate your plans and outcomes internally www. LLC 2000-2008 All rights reserved.convergencecoaching. brand marketing. .Next Steps  Identify and document your niche strategies – your core competencies. owner.

.com ©Copyright ConvergenceCoaching.convergencecoaching.226.com 952.2094 www.Thank you! Contact us at anytime! Tamera Loerzel tamera@convergencecoaching.217. LLC 2000-2008 All rights reserved.1780 Michelle Baca michelle@convergencecoaching.com 505.

Marketing Tools and Resources www. .com ©Copyright ConvergenceCoaching. LLC 2000-2008 All rights reserved.convergencecoaching.

org/required_rea dingCat.convergencecoaching.asp?readCat=Niche%20Marketing%20zxc%2 0Target%20Marketing • ConvergenceCoaching. .com ©Copyright ConvergenceCoaching.Resources • Association for Accounting Marketing – http://www.accountingmarketing.ConvergenceCoaching. LLC 2000-2008 All rights reserved. LLC – www.com • Contemporary Marketing by Louis Boone and David Kurtz • Management by Bartol & Martin • Marketing Management by Peter Dickson www.

LLC 2000-2008 All rights reserved.Resources • List Brokers – Dunn & Bradstreet at www.com – Melissa’s Lists – Chamber of Commerce www.com ©Copyright ConvergenceCoaching.convergencecoaching. .infousa.dnb.com – InfoUSA at www.

the electronic MAP Handbook – For more information or to order.cpa2biz.com • Marketing Toolkit – http://www.cpa2biz.org/Professional+Resources/Public+Accounti ng+Firm+Resources/CPA+Marketing+Toolkit/ • eMAP .org/ebpaqc – http://www.com ©Copyright ConvergenceCoaching.aicpa.com www. visit www.org/tax • AICPA’s Marketing: Successful Strategies for CPA Firms and Successful Selling Strategies for CPA Firms self-study video courses – For more information or to order.Resources • AICPA – http://www.aicpa.convergencecoaching. . aicpa. LLC 2000-2008 All rights reserved. visit www.

Sign up to vote on this title
UsefulNot useful