In Spring 2012, I was invited by CPAmerica to co-present with other marketing directors and accounting professionals at the Central/Mountain Partners meeting (Dallas) and the Northeast Partners meeting (near Baltimore). The subject of both presentations was building and growing industry niches within an accounting firm.

1. Building and
Growing a Niche
Joe Kovacs, APR
Marketing Director
May 18, 2012

2. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
Overview
• What is a niche?
• Starting a niche (collecting information)
• Executing a niche (responding to information)
• Evaluating a niche (evaluating the response)
2

3. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
What Is a Niche?
• A strategic industry- or service-focused initiative
to meet business development goals
• Should incorporate competitive
differentiators, range of service
capabilities, business/marketing plan, reporting
and ongoing evaluation
• Outgrowth of a firm’s strategic plan
3

4. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
Starting a Niche
• Internal environment
• External environment
• Situation analysis
• Goal setting
4

5. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
Six Internal Steps
1) Management support
2) Research past successes and failures
3) Communicate benefits of niche building
5

6. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
Six Internal Steps (cont.)
4) Nonprofit team building with full service capabilities
• Nonprofit audit – Terri McKnight, CPA
• Nonprofit tax – Stephen J. Kelin, CPA, JD
• Grant compliance – Andreas Alexandrou, CPA
• Employee benefit plan audits – Jackie Oneto, CPA
• Temporary controllership – Ian Shuman, CPA
• Fraud detection – Caroline Cheney, CPA, CFE
6

7. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
Six Internal Steps (cont.)
5) Professional Certifications
• AICPA Employee Benefit Plan Audit Quality Center
• Certified Fraud Examiner (ACFE)
• QuickBooks ProAdvisor
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8. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
Six Internal Steps (cont.)
6) Roles and responsibilities
• Speaker – Trevor Williams, CPA
• Writer – Terri McKnight, CPA
• Rainmaker – Bob Albrecht, CPA
• Business development / marketing lead – Joe Kovacs
8

9. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting

10. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
External
1) Read trade publications, join industry
groups and meet influencers
2) Industry trends
3) Client identification
(revenue, size, geography)
10

11. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
Situation Analysis
1) SWOT analysis
• Strength - Well-known in the niche
• Weakness - Competitor “owns” the market
• Opportunity - Competitive differentiator
• Threat – Competitor hired a business development
professional
11

12. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting

13. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
Situation Analysis (cont.)
2) Competitors
3) Current market trends and conditions
4) Current ability of the firm to compete
5) Impact of niche on firm operations
• Realignment of resources
13

14. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
Goal Setting
• Set realistic but ambitious expectations
• Short-term tactical vs. longer-term revenue goals
• Benchmark against prior success rates plus
additional projections from niche planning
14

15. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
Executing A Niche
• Strategic/business plan: use strengths and
resources to overcome weaknesses
• Build industry relationships
• Distribute news and examples of expertise
(website, alerts, mailings, social media)
• Presentations, webinars and published articles
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16. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting

17. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
Executing A Niche
• Networking
• Referral requests
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18. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
Niche Materials
• Online and printed marketing materials
• Forms, surveys, registration flyers
• Prospects and database
• Reporting capabilities
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19. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting

20. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
Monthly Revenue Report

21. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
Strategic/Business Planning
• Marketing budget
• Measurement metrics
21

22. Building and Growing a Niche
CPAmerica International:
Central/Mountain Partners Meeting
Niche Evaluation
• Ongoing evaluation/ quality control processes
• Incorporate new discoveries
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23. 4550 Montgomery Avenue, Suite 650N • Bethesda, MD 20814
Connect with Us
Joe Kovacs, APR
Email: jkovacs@grfcpa.com
Telephone: (301) 951 – 9090
Website: www.grfcpa.com
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