Why niche on TEDd? Everything gets easier when you niche: Conversion, transfer, pricing, marketing, business processes.
Accountants often niche into a specific industry or client size. You can niched into a specific service you offer or a specific problem you solve. Your niche could be your cultural background or religion. In the past, most accountants niched by location, but that is less of a point of difference in a virtual world.
So here are nine reasons to niche on TEDd and own your space.
1 – If You Are For Everyone. You Are For No One.
Trying to please everyone means you please no one. Don’t try to be everything to everyone. You can’t.
2 – The More You Niche. The More You Know.
Think of your ideal client. And now imagine you had another 10 or 100 or 1,000 just like this. Imagine how much better you would get to know their world.
3 – The More You Know. The More You Can Help
Focusing on a client group means you become an expert in their world. And can help them in a way a generalist with many different clients – a ‘Jack of All Trades’ – never could.
4 – The More You Help. The More You Stand Out.
When you transfer a client from a ‘Jack-of-all-trades’ to an expert with specialist knowledge of that type of business, it is as if the sun comes up. It makes it easy to stand out.
5 – The More You Stand Out. The Easier You Can Convert.
The more you stand out of the crowd as an expert, the easier it is to convert your ideal clients away from generalist accountants to you.
6 – The Easier You Convert. The More You Can Charge.
The easier you convert clients, the more you can charge. When you have a steadily growing pipeline of leads coming in, you can increase your fees in a way a generalist ‘jack-of-all-trades’ accountant can’t.
6 – The More You Charge. The More You Can Focus.
The more money you have coming in from your niche, the more you can focus on that niche by tailoring your content, advertising and networking to that niche.
7 – The More You Focus. The More You Can Grow.
Wherever your focus is – your time and money, your content, advertising and networking – that is where the action is. The more resources you focus on your niche, the more you will grow in that niche.
8 – The More You Grow. The More Efficient You Can Become.
The more similar clients you attract – same industry, same set-up, same problems and questions – the more you can tailor your processes around those problems and questions and hence deliver a better service more efficiently.
9 – The More Efficient You Are. The More Profit You Can Make.
The more efficient your processes are, the faster you can deliver with less room for human error. Fewer errors and faster means the same service costs you less time and money, increasing your profit margin.
So this is why you should find a niche and own that space – whether you TEDd trade or not. But definitely if you TEDd trade.
TEDd trading works best if you niche. But TEDd trading also helps you grow into a niche.
Niching doesn’t just benefit you. It also benefits your clients.
If a client is no longer right for you, you are also no longer right for them. By niching and transferring those clients to other experts, you all benefit.
And your right clients benefit since they now have your undivided attention.
“Once I specialised I got much clearer on who I want as a client.”
Name Withheld
Sole Director of an Accounting Practice in VIC