Marketing Your Niche Sally Glick Chief Marketing Officer Sobel & Co. LLC

Today’s agenda Review benefits of a focused approach Identify elements of a niche marketing plan Understand how to better brand the niche Learn implementation techniques Discuss how to track results - ROI

Benefits of a focused approach When you narrow your target to a specific niche, you can – Add more value to clients Market more effectively Become more profitable Enhance client retention Recruit the “right” people

Add more value to clients Because you know more – You can offer more effective advice You can identify resources for them You may assist with key decisions, such as software selection You know their competitive landscape

Market more effectively Because you have a specific target you will - Know the audience Know the competitors Know the COIs Know how to “walk the walk” Know the trade associations Know where and how to spend your budget

Become more profitable Develop economies of scale Become more efficient as your are more proficient Charge higher fees for specialization Attract high quality clients Attract higher volume of clients

Enhance client retention A “specialist” can be more proactive - Share information with management Provide benchmarks Discuss their future Expand your services

Attract the “right” people When you hire or train experts you can – Improve status of firm with clients Build a stronger brand Fill the prospect pipeline more effectively Have a competitive advantage when recruiting

How to develop a niche Select a committed champion Build pride Have an internal focus Become certified Commit resources to education Invest time in industry associations Form strategic alliances

Select a committed champion You need sustainability You need knowledge You need leadership You need patience

Build pride Branding starts at home Niche team needs to be famous internally and externally

Have an internal focus Hold monthly “Lunch ‘N Learns” Conduct regular team meetings Hold client and prospect clinics

Get certified Build internal pride Create external awareness of expertise Provide proof of greater knowledge Differentiate your message

Commit resources to education You need to know more than the generalist You need knowledge to be a leader You cannot promote an expertise you do not have This should be mandated!

Invest time in industry associations Build a presence in the industry Strengthen ties with clients Meet more industry leaders Develop speaking/writing opportunities Learn about the local and national industry issues

Form strategic alliances Add value to clients Create targeted marketing opportunities Generate more meaningful leads Enhance your knowledge Build your reputation

Why start with a plan? Forces you to conduct research Helps you establish goals Provides a road map to attain objectives Gives you structure and a disciplined process

Components of a niche plan Establish goals for the niche Conduct a situational analysis; research the market Consider your unique characteristics Describe your services Profile your target market Create a list of branding tactics Draft a budget and action plan Include a tracking mechanism

Conduct a situational analysis Consider your firm’s strengths and weaknesses Research your market to identify key competitors Know your allies and COIs Identify local and regional opportunities Answer key questions

Key questions to ponder Is this a sustainable niche? Does the marketplace need this? Are there extensive barriers to entry? Are there entrenched competitors? Will we be able to standardize processes? Do we have expertise and a champion? Will we buy or grow talent? Do we have clients in this niche? Does the niche require specialized services?

Consider your USP (Unique Selling Proposition) What do you do differently or better? What do you have a passion for? What solutions can you offer?

Describe your services Audit and accounting Tax planning and compliance Value-added consulting

Profile your target audience You may define segment by – Geographic location Size Need for specialized services

An integrated mix of tactics Use tactics that promote the firm and build the brand Use tactics that demonstrate your niche expertise

Use a variety of branding and promotional tactics Web site content Collateral materials Newsletter mailings Trade shows Ads

Niche web site content Update regularly Add value Include links to key resources Provide testimonials Post industry news

Collateral materials Niche brochures Business cards and letterhead Targeted proposals Power Point presentations Meeting agendas

Niche newsletters Do you - Include relevant industry topics Use an insert Send quarterly Post on web site Conduct readership surveys PDF files

Trade shows Before you attend, consider: Audience – decision makers or gate keepers? Conference sessions Floor plan/ location of booth Well designed booth Pre-conference mailings Relevant handouts and logo items Other exhibitors Follow up

Niche ad campaigns Select effective media (trade journals) Calculate cost for frequent repetition Craft an important message Include a call to action Manage internal expectations

Demonstrate your experience Send direct mail and e-alerts Leverage public relations Participate in niche seminars Author articles Conduct an industry survey Networking at trade associations Collaborate with industry leaders

Direct mail campaigns Purchase appropriate lists Include a compelling message Include bullet points Use a “P.S.” State your message in the first paragraph Have a high level signature Use E-Alerts when possible Use multiple disciplines –postcard, letter, white paper, reprints

Public relations Know the trade journalists Introduce yourself to business reporters Pitch a meaningful story Be a resource Be timely and responsive Reprint articles; build a scrapbook

Seminars Have a dynamic, targeted topic Mail a save the date card 60 days in advance Decide on date and location Decide if you will charge attendance fees Send a formal invitation 30 days before Follow with phone calls Confirm attendance one day before Follow up with every attendee and “no shows”

Network at trade associations Attend meetings regularly Offer to contribute to their publication Join and chair a committee Launch a local chapter Participate in panels Host a program/meeting Sponsor special events

Collaborate with industry leaders Network within the niche – have a hot list Connect with COIs for joint programs Co-sponsor activities or surveys Share articles Share knowledge - host meetings with key leaders

Budget and action plan Write a budget to keep focused Write a budget to add credibility Include actionable steps with dates Reward and recognize implementation

Tracking mechanism Record where leads come from and go to Record niche activities Record the number of proposals written Track PD hours for team Review quarterly results

Conclusion Niche marketing is valuable You need internal commitment You need to gain and expand specialized knowledge You need a meaningful network You must be active in trade associations You must be visible – speaking or writing Industry press should recognize you You much share knowledge - conduct a survey

Questions and comments Sally Glick c/o Sobel & Co. 293 Eisenhower Parkway Suite 290 Livingston, NJ , ext