After 24 years coaching Accounting firms around the world I have seen successful firms who have a wide range of industry types as clients and successful firms who have a limited range (maybe 1 or 2) of industry types as clients. 

My preference is the latter. Focus on one single niche market or if you’re a bigger firm multiple niche markets. 

Here are 5 good reasons why you should get very focused on a key niche market(s):

1) You are more useful to them. When you are trying to be all things to all people you are spread too thin. When you only have one type of client to serve then you can help them faster (because you have seen it before) and more accurately. Your intellectual property is finely tuned and you are more valuable to your clients. You can invent new products very quickly based on existing client experiences.  

2) Your marketing is so much easier to get a ROI on. You build a list of your target market, you position yourself as the expert in their field, and you go after your target market with vigor. 

3) Service Delivery. You’re dealing with the same industry type, they have the same systems and you can get super efficient with your product delivery. Your people are trained on one space only and they are more efficient as well. 

4) Your pricing. You’re an industry expert – charge more. Who gets paid more the GP Doctor or the Specialist Doctor? Case closed. 

5) IT’s EASIER. Business is hard enough as it is. By being focused on one market makes business easier. 

OK – you get it. You need to double down on a niche market. But what do you do with the current clients? 

I get this all the time. My clients are a broad range of clients and I don’t want to upset them. I get it. So don’t do anything different with them. It’s the next client you get. All clients should be a A class clients anyway so the next client you get needs to be 100% aligned with where you want to take your business to. Maybe you’re like an Accountant I know who specializes in Professional Services Firms. He has 60 clients that are not PSF’s so he is selling that fee block off. 

Or I get this one. I like the variety of many different industry types. Yes, you will have variety with 100 different industries in your client portfolio. If you’re focused on one type you can still have a heap of variety with different services and products delivered. 

Or the big one. This new client was referred by an existing A class client and I don’t want to upset them by turning away the business. Why would you be upsetting anyone if you said you only wanted to focus on (insert industry type here) going forward. 

Be bold. Get focused and go deep with your niche. You’ll thank me for it in the long run. 

Happy niching!