Should accountants Niche or Micro-niche?

Last week I interviewed Daniel Priestley on a webinar during which we discussed ways in which accountants in practice can become more entrepreneurial.

One of the issues we touched on was the benefits of identifying a niche, or preferably a micro-niche.  Daniel made the point that this makes you more referable as it distinguishes you from all the other accountants. And this is a point with which I certainly agree. I’m always amused when I see a list of “areas in which we specialise” on accountants’ websites. In fact such lists are more often simply a list of all those areas in which the firm’s clients operate. As such they provide less evidence of specialist expertise than is ideal.

The same point arises when accountants try to describe all the things they can do when they announce themselves at a networking event. All this does is to make you sound just like every other accountant. And that means you’re BORING and not memorable. So the low rate of referrals and new work introductions that follows from such activities shouldn’t be a surprise.

Claiming a micro-niche involves focusing on something like: “Divorced women over the age of 50 who are worried about their finances.” That’s a clear memorable and distinct focus. It’s a micro-niche.  You probably are already finding yourself thinking of people who fit that demographic. If so you’re putting yourself in the position of someone who could refer work to an accountant who focuses on that micro-niche. And that’s why it can be so valuable to have such a focus. Clearly you should pick one that relates to your own experience. But PLEASE make it different to all the other accountants who (claim to) focus on SME businesses…. (yawn),

Daniel suggested that micro-niches might include reference to gender, age, level of wealth, location, income, beliefs, values or any other such distinguishing personal or business feature. Focusing on micro-niches also makes it easier for search engines to find you. This is relevant for when your target audience is looking for an accountant. Your micro niche makes you more referable, more memorable and more obviously a specialist from the media’s perspective too.

I had one further thought after the webinar had finished. And anyone who has ever worked for or met someone from a larger firm of accountants will be able to relate to this. Often their business cards will define the niche or area in which they work. They are not simply a partner or a manager. Often they are not simply a tax partner or audit manager. Their business cards typically identify an area such as ‘property’, ‘retail’ or ‘international’.  These are akin to niches. But I know dozens of property tax specialists in large firms and I have difficulty in distinguishing them in my memory.

The accountants (in any size of firm) who stand out are those who emphasise their own unique micro-niches.They make these clear on their websites, on their marketing material, when networking and seeking referrals and when obtaining media coverage.

During the webinar Daniel answered a couple of related questions:

a)  Can you have more than one micro-niche? Yes you can but it’s rarely necessary and will confuse people if you mention them both in the same conversation;

b) What about the work and opportunities you miss through focusing on a micro-niche? In real life you gain far more than you lose.

What do you think? Do you have micro-niche you’re prepared to share?

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