Marketing Your Niche

1. Marketing Your Niche Sally Glick Chief Marketing Officer Sobel & Co. LLC

2. Today’s agenda • Review benefits of a focused approach • Identify elements of a niche marketing plan • Understand how to better brand the niche • Learn implementation techniques • Discuss how to track results - ROI

3. Benefits of a focused approach When you narrow your target to a specific niche, you can – • Add more value to clients • Market more effectively • Become more profitable • Enhance client retention • Recruit the “right” people

4. Add more value to clients Because you know more – • You can offer more effective advice • You can identify resources for them • You may assist with key decisions, such as software selection • You know their competitive landscape

5. Market more effectively Because you have a specific target you will - • Know the audience • Know the competitors • Know the COIs • Know how to “walk the walk” • Know the trade associations • Know where and how to spend your budget

6. Become more profitable • Develop economies of scale • Become more efficient as your are more proficient • Charge higher fees for specialization • Attract high quality clients • Attract higher volume of clients

7. Enhance client retention A “specialist” can be more proactive - • Share information with management • Provide benchmarks • Discuss their future • Expand your services

8. Attract the “right” people When you hire or train experts you can – • Improve status of firm with clients • Build a stronger brand • Fill the prospect pipeline more effectively • Have a competitive advantage when recruiting

9. How to develop a niche • Select a committed champion • Build pride • Have an internal focus • Become certified • Commit resources to education • Invest time in industry associations • Form strategic alliances

10. Select a committed champion • You need sustainability • You need knowledge • You need leadership • You need patience

11. Build pride • Branding starts at home • Niche team needs to be famous internally and externally

12. Have an internal focus • Hold monthly “Lunch ‘N Learns” • Conduct regular team meetings • Hold client and prospect clinics

13. Get certified • Build internal pride • Create external awareness of expertise • Provide proof of greater knowledge • Differentiate your message

14. Commit resources to education • You need to know more than the generalist • You need knowledge to be a leader • You cannot promote an expertise you do not have This should be mandated!

15. Invest time in industry associations • Build a presence in the industry • Strengthen ties with clients • Meet more industry leaders • Develop speaking/writing opportunities • Learn about the local and national industry issues

16. Form strategic alliances • Add value to clients • Create targeted marketing opportunities • Generate more meaningful leads • Enhance your knowledge • Build your reputation

17. Why start with a plan? • Forces you to conduct research • Helps you establish goals • Provides a road map to attain objectives • Gives you structure and a disciplined process

18. Components of a niche plan • Establish goals for the niche • Conduct a situational analysis; research the market • Consider your unique characteristics • Describe your services • Profile your target market • Create a list of branding tactics • Draft a budget and action plan • Include a tracking mechanism

19. Conduct a situational analysis • Consider your firm’s strengths and weaknesses • Research your market to identify key competitors • Know your allies and COIs • Identify local and regional opportunities • Answer key questions

20. Key questions to ponder • Is this a sustainable niche? • Does the marketplace need this? • Are there extensive barriers to entry? • Are there entrenched competitors? • Will we be able to standardize processes? • Do we have expertise and a champion? • Will we buy or grow talent? • Do we have clients in this niche? • Does the niche require specialized services?

21. Consider your USP(Unique Selling Proposition) • What do you do differently or better? • What do you have a passion for? • What solutions can you offer?

22. Describe your services • Audit and accounting • Tax planning and compliance • Value-added consulting

23. Profile your target audience You may define segment by – • Geographic location • Size • Need for specialized services

24. An integrated mix of tactics • Use tactics that promote the firm and build the brand • Use tactics that demonstrate your niche expertise

25. Use a variety of branding and promotional tactics • Web site content • Collateral materials • Newsletter mailings • Trade shows • Ads

26. Niche web site content • Update regularly • Add value • Include links to key resources • Provide testimonials • Post industry news

27. Collateral materials • Niche brochures • Business cards and letterhead • Targeted proposals • Power Point presentations • Meeting agendas

28. Niche newsletters Do you - • Include relevant industry topics • Use an insert • Send quarterly • Post on web site • Conduct readership surveys • E-mail PDF files

29. Trade shows Before you attend, consider: • Audience – decision makers or gate keepers? • Conference sessions • Floor plan/ location of booth • Well designed booth • Pre-conference mailings • Relevant handouts and logo items • Other exhibitors • Follow up

30. Niche ad campaigns • Select effective media (trade journals) • Calculate cost for frequent repetition • Craft an important message • Include a call to action • Manage internal expectations

31. Demonstrate your experience • Send direct mail and e-alerts • Leverage public relations • Participate in niche seminars • Author articles • Conduct an industry survey • Networking at trade associations • Collaborate with industry leaders

32. Direct mail campaigns • Purchase appropriate lists • Include a compelling message • Include bullet points • Use a “P.S.” • State your message in the first paragraph • Have a high level signature • Use E-Alerts when possible • Use multiple disciplines –postcard, letter, white paper, reprints

33. Public relations • Know the trade journalists • Introduce yourself to business reporters • Pitch a meaningful story • Be a resource • Be timely and responsive • Reprint articles; build a scrapbook

34. Seminars • Have a dynamic, targeted topic • Mail a save the date card 60 days in advance • Decide on date and location • Decide if you will charge attendance fees • Send a formal invitation 30 days before • Follow with phone calls • Confirm attendance one day before • Follow up with every attendee and “no shows”

35. Network at trade associations • Attend meetings regularly • Offer to contribute to their publication • Join and chair a committee • Launch a local chapter • Participate in panels • Host a program/meeting • Sponsor special events

36. Collaborate with industry leaders • Network within the niche – have a hot list • Connect with COIs for joint programs • Co-sponsor activities or surveys • Share articles • Share knowledge - host meetings with key leaders

37. Budget and action plan • Write a budget to keep focused • Write a budget to add credibility • Include actionable steps with dates • Reward and recognize implementation

38. Tracking mechanism • Record where leads come from and go to • Record niche activities • Record the number of proposals written • Track PD hours for team • Review quarterly results

39. Conclusion • Niche marketing is valuable • You need internal commitment • You need to gain and expand specialized knowledge • You need a meaningful network • You must be active in trade associations • You must be visible – speaking or writing • Industry press should recognize you • You much share knowledge - conduct a survey

40. Questions and comments Sally Glick c/o Sobel & Co. 293 Eisenhower Parkway Suite 290 Livingston, NJ 07039 973-994-9494, ext. 159 sallyg@sobel-cpa.com www.sobel-cpa.com