If you have heard the expression “jack of all trades, master of none,” you can see the importance of determining your specialisation and differentiating yourself from the competition.

Finding a niche is crucial for business owners who want to create a steady revenue stream, establish a loyal client base and create a more focused business.

Focusing on a niche market allows you to maximise your resources and target potential clients more likely to engage you without requiring a large budget. This principle applies across all your client acquisition activities, whether it involves creating precise segments through paid advertising campaigns or implementing email campaigns.

Niche markets are often less competitive, making it easier to penetrate and become a market leader by demonstrating your subject matter expertise. For more information on selecting your niche, read this Forbes article how to select your niche.

1.1 Segment your target groups

Your ideal customer profile is the starting point for identifying target clients. From there, you can determine how to focus your campaigns and further segment into smaller groups to better target your message at specific client pain points and challenges.

what is an Ideal Customer Profile

1.2 Understanding your target audience

To increase your client base, it's essential to have an understanding of your target audience. This includes knowing their demographics, interests, needs and preferences. Conduct market research and analyse data to gain insights into your clients' identities and what they want.

By understanding your target audience, you can tailor your business development strategies and messages to reach and engage them effectively.

Another important aspect of understanding your target audience is identifying their pain points and challenges. Buyer Personas help you understand these challenges and assist in mapping out the buyer's journey.

By addressing these pain points and providing solutions, you can position your business as the go-to solution provider, attracting more clients who need your services.

ICPBuyer Persona image2

Demographics-versus-psychographics

1.3 Research the competition

Compiling a list of competitors likely to be your main rivals in the niche market is a good starting point. It's helpful to look at the four P's of marketing for each competitor.

Product: How their product meets clients’ needs
Price: How much their product or service costs
Place: How do their clients find their product
Promotion: How they advertise to their customers

2. Utilising social media in business development

Social media platforms have become powerful tools for businesses to connect with their target audience and attract more clients. Develop a solid social media presence by creating profiles on relevant platforms where your target audience is active (which you know from the work you did to map out the Buyer's Journey).

Engage with your audience by posting valuable content, sharing industry insights and responding promptly to comments and messages. With social media, there are a few options to consider.

Social Media Advertising (for example: advertising on LinkedIn). Use social media advertising to reach a wider audience and promote your services. Collaborate with subject matter experts to expand your reach and credibility.
Social Selling - (for example: developing 2nd-degree connections on LinkedIn). Social Selling is a strategic approach that enables professionals to engage directly with subject matter experts on social media platforms.

2.1 LinkedIn and Social Selling

LinkedIn is one of the most influential social networking sites for businesses. No longer a platform to promote your CV, LinkedIn is the perfect place to showcase your credentials, distribute helpful content and expand your network with your ideal potential clients. Maybe you're thinking, what is Social Selling? The quick answer is developing relationships with potential clients and taking those relationships offline to explore ways you can help them. In a nutshell;

Share valuable expert content
Join LinkedIn groups that interest your target clients
Personalise your connection requests
Aim for meaningful conversations
Take conversations offline to explore opportunities to work together

LinkedIn can consume a lot of time and effort, especially on valuable subject matter experts who want to bill rather than be encumbered with internal tasks. We automate outreach with tools like Expandi. This approach can free up your team to spend their time with clients.

3. Implementing email campaigns

Email is a highly effective strategy for increasing your client base. Build an email list by offering incentives such as event invitations or valuable content in exchange for email addresses. Use email automation tools to send personalised and targeted emails to your subscribers.

Segment your email list based on your subscribers' interests and preferences to ensure that they receive relevant content. Provide valuable information, invites, and updates to keep your subscribers engaged and interested in your services.

Don't forget to optimise your emails for mobile devices, as more people access their emails on smartphones and tablets.

Analyse the performance of your email campaigns, including open rates, click-through rates, and conversions, regularly to identify areas for improvement and refine your strategies.

4. Direct Mail campaigns

Everyone is busy and inundated with emails and deadlines. Standing out from the crowd and capturing the attention of your target clients can be really challenging. So, how can you get your message across in a creative and engaging way that will make your firm more memorable and hopefully catch the eye of those who are ready to take up new services?

The answer could be Direct mail - Direct mail is an effective strategy for growing your client base.

As part of a multi-channel strategy, direct mail complements business development efforts and can also serve as a bridge to digital channels such as social media and your website.

While direct mail is less common than other types of campaigns, it can be more effective, especially when it includes a personal touch, such as a handwritten note or hand-addressing the package.

Direct mail is physical and has a lasting presence. To achieve that, it needs to have contain something attractive to the client. Whether it's a gift card for a coffee shop or a useful item they'll want to keep, be creative and think of something that will make an impact.

When people get this type of mail, your goal is to have them keep it close by to remind them when they need that service to choose your business instead of a competitor.

Direct mail increases brand awareness. In the scenario below, individuals took advantage of the brand's offer. But what if they don't? Will the mail sit there, eventually forgotten? Not necessarily. While they may not need it immediately, they still see your logo, brand name and offerings.

When the time comes for your mail recipients to require something you provide, they may visit your site, reach out, and set up a meeting.

This opportunity wouldn't have arisen without your mail introducing them to your brand. Once people become familiar with your brand, the chance for engagement presents itself - this is the essence of brand awareness.

Let's explore an example of a Nestle campaign;

KitKat Chunky

Kit Kat

Nestle thought sending a free chocolate bar voucher would be a great idea and created this campaign to promote their Kit Kat Chunky.

With a personalised “we’re sorry we couldn’t deliver your parcel” card, they invited people to redeem their Kit Kat from a local shop, stating that it wouldn’t fit through the letterbox due to its ‘chunkiness’.

Campaigns such as these don't have to be costly. With the right message and the right timing, they can make an enormous impact and generate new clients for your firm.

5. Google Ads

Google Ads is a powerful tool for attracting potential customers who are actively searching for services like yours. Running high-performing Google Pay Per Click (PPC) ads is an effective way for accounting firms to attract new clients.

PPC ads allow companies to display their ads at the top of search engine results pages, ensuring visibility to potential clients actively searching for their services. By leveraging Google Ads, you can increase leads and inquiries and drive traffic to your website.

With Google being the leading search engine and Google Ads a respected advertising tool for nearly two decades, it's a valuable asset for your accounting firm, enabling you to;

Tap into new territories and take your business to new heights
Capture clients actively seeking your specific services
Successfully launch new services such as managed accounting services or insolvency advisory

Additionally, Google Ads allows for ongoing analysis and optimisation of ads to enhance your business development efforts further.

Google Ads is a highly effective platform for sponsored advertising, providing access to a wide range of advertising options and reaching potential customers on one of the largest search engines globally. It's essential to focus on utilising Google Ads to boost visibility, increase awareness, and achieve your advertising goals. Otherwise, you risk wasting your budget on clicks that don't bring value to your business.

For more information on how to best use Google Ads to grow your business, visit our article Comprehensive Guide to Google Ads

6. Ask for Referrals

Your network and existing client base are good starting points for you when you begin asking for referrals. But how do you break the ice with your current clients to ask them for help? How do you encourage them to mine their network and help you without the interaction seeming pushy or awkward?

Whether it's in person, a phone call or an email, there are a few basic principles that apply;

timing - choose your moment
ask the right people and stick with your strongest relationships
keep it short and sweet
make it easy for them, make it frictionless

7. Improve your Google Search rankings

google image Being organically found on Google search is an extremely valuable strategy giving your firm inferred credibility. One effective practice to improve rankings is through Blogs. Blog Search Engine Optimisation (SEO) involves creating and updating a blog to improve search engine rankings. This approach usually includes keyword research, link building, image optimisation, and content writing.

Blogging is a highly effective strategy for boosting organic traffic and reaching a wider audience. It can enhance keyword rankings, generate backlinks, increase brand visibility, and ensure your website content remains up-to-date.

Achieving success in blogging requires meticulous planning, extensive research, optimisation and strategic promotion. Creating a blog is easy, but not everyone sees results. However, optimising your blog for SEO drives organic traffic from search engines.

Accounting firms benefit from SEO by attracting visitors interested in your expert blog content.

So, how does publishing blog articles improve your Google rankings?

Google and other search engines use ranking factors to determine the results of each search query. It also decides how to rank those results. Blogging can help you optimise your site for important Google ranking factors like the following.

Click through rate
Index coverage
Backlinks
Internal Links

For a comprehensive how-to article on creating high ranking blogs, check out our recent blog article linked here.

8. Networking and In Person events

Networking events are key to helping accounting firms attract new business opportunities. Firms can connect with potential clients and establish valuable relationships by participating in industry events, conferences, and seminars. Actively engaging in conversations, listening to the needs of others and offering assistance or advice when appropriate are essential strategies.

Moreover, forming strategic partnerships with complementary businesses can provide access to new opportunities and referrals. Collaborating with other professionals or firms that offer complementary services allows accounting firms to broaden their reach and access new client bases.

Additionally, joining professional associations and industry-specific groups can offer valuable resources, knowledge-sharing platforms, and networking opportunities. By actively engaging in these communities, firms can enhance their reputations, receive referrals, and attract new clients.

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9. Expand your share of wallet with existing clients

HubSpot integration services for professional services firms Encouraging clients to become advocates can not only help maintain a steady stream of new clients but also strengthen existing relationships. By involving clients in your inner circle and updating them on industry trends and product updates, they are more likely to discuss how your services can benefit their business needs.

Maximising your service footprint within your existing customer base is a smart strategy for driving revenue growth. By identifying complementary services that align with what your customers already have, you can create tailored offers that meet their evolving needs and preferences.

Offering additional services that complement what the customer has already purchased is known as cross-selling. On the other hand, upselling involves offering clients more premium or advanced versions of what they already have. Both strategies not only enhance each customer's value but also strengthen their relationship and loyalty to your firm.

To effectively maximise your footprint, it's essential to understand your clients buying behaviours and pain points. By analysing data from your CRM and utilising those insights, you can tailor your recommendations to better connect with each client.

Leveraging more services in your business development process can transform your install base into a valuable source of new revenue growth. By focusing on providing added value and personalised solutions to your clients, you can build long-lasting relationships and drive sustainable business growth.

Digitising the process for clients to upgrade or add services online, as self-service options are increasingly preferred by clients and reduce internal administrative overhead. Avoid creating barriers by requiring clients to speak with a staff member when they can easily upgrade online.

10. What other things can you do to grow your practice?

Enhancing client experience

Providing an exceptional client experience is crucial for attracting and retaining clients. Focus on delivering excellent client service at every touchpoint, whether through your website, social media, phone, or in-person interactions.

Collect feedback from your clients through surveys, reviews or social media listening to understand their satisfaction levels and areas for improvement. Continuously strive to exceed client expectations and create a positive brand reputation.

Measuring and analysing results

To effectively increase your client base, it's important to measure and analyse the results of your sales and marketing efforts. Use analytics tools to track key metrics such as website traffic, conversion rates, client acquisition costs, and lifetime value.

Analyse the data to identify trends, patterns and insights that can guide your decision-making process. Determine which marketing channels and strategies are generating the best results and creating new clients. Allocate your resources and budget to the most effective channels to maximise your return on investment.

Monitor and evaluate your campaigns regularly to identify areas for improvement and optimisation. Experiment with different strategies, test new ideas and learn from your successes and failures. You can continuously measure and analyse results to refine your business development strategies and drive sustainable growth.

Make good use of automation to scale your communication strategies and use AI to help reduce the time it takes to research articles.

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If you'd like some help with putting a growth plan in place or would like to chat about Google Ads or outsourcing your Business Development activities, get in touch for an easy obligation free chat.

Use this link to book a meeting today

FAQ

We are just starting to think about growth. Where should we start?

Congratulations on beginning the thinking, planning and strategy stage - finding the time to do so is difficult.

Start by writing down the buyer's journey and collate a short list of business problems you can solve.

Here is a list in order of priority to consider:

1. Google Ads- Quick to implement and focused on the business problems you solve

2. LinkedIn Social Selling- Automated outreach to new clients on the business problems you solve

3. Email outreach and building subscribers

4. SEO for Blogs- This takes 60-90 days to see a noticeable improvement and is resource-intensive but considered by many as table stakes.

5. Digitisation of client experience- Once you have proven the business development activities has delivered new clients, the next phase is to reduce the effort to scale.

This is where we lean into HubSpot, automation and considered use of AI
We are at capacity. Can we outsource growth?
How much billable time would be lost in setting up more business development?

Most firms have several key resources whose time is at a premium.

We have designed our managed services for Google Ads, LinkedIn and Email outreach to include the collation and re-design of existing articles, papers and digital assets which means there is much less time required from your key resources to QA the approach and content before it's published.

To further reduce the need for billable resources we deploy automated tools to increase efficiency and maximise return.
Is HubSpot CRM a good option for Accounting Firms?