{"id":2189,"date":"2020-05-20T13:31:24","date_gmt":"2020-05-20T13:31:24","guid":{"rendered":"https:\/\/www.oconnorcpafirm.com\/blog\/?p=2189"},"modified":"2020-05-21T14:12:57","modified_gmt":"2020-05-21T14:12:57","slug":"marketing-to-an-industry-niche-can-lead-to-substantial-new-business-opportunities","status":"publish","type":"post","link":"https:\/\/www.oconnorcpafirm.com\/blog\/2020\/05\/marketing-to-an-industry-niche-can-lead-to-substantial-new-business-opportunities\/","title":{"rendered":"Targeting an Industry Niche"},"content":{"rendered":"

Marketing to an industry niche can lead to substantial new business opportunities.\u00a0 Being the expert in a few specific industries makes so much sense from every perspective.\u00a0 Your marketing is more focused, effective and generates qualified leads.\u00a0 You save time and money and can value price your services as an expert instead of a generalist.\u00a0 What you learn for one client can be applied to most clients, it is a time savings, a cost savings and you can charge for your expertise.\u00a0 There is no downside to specializing.<\/p>\n

We want to help you build a successful law practice because it is our niche market.\u00a0\u00a0https:\/\/www.oconnorcpafirm.com\/law-firm-accounting.htm<\/a><\/p>\n

This article was written by Sally J. Schmidt<\/p>\n

Many of the lawyers I coach had a very good first quarter. And, despite the pandemic, most continued to be busy in April and even into May. They are starting to express concern about the \u201cpipeline,\u201d however. Deals or disputes have been put on hold, and new matter intake is slowing.<\/p>\n

No one knows for sure what the future will look like for legal services. But if you\u2019re concerned about your practice and looking for an effective business development technique, I have a suggestion for you: Develop an industry focus.<\/p>\n

Marketing to an industry niche (as opposed to focusing on substantive expertise) can lead to substantial new business opportunities. Some studies show that clients care more about what you know about their business<\/em> than what you know about the law<\/em>. That\u2019s largely because your knowledge of the law is an assumption \u2014 table stakes, as they say.<\/p>\n

Major industries, like health care, construction or transportation, have been discovered and covered by law firms. But industry subcategories (like medical practices, marine construction or short-line railroads) or niches within an industry (such as labor and employment work for hotels) often present untapped opportunities.<\/p>\n

Starting Down the Industry Niche Path<\/h2>\n

If you\u2019re interested in developing industry expertise or positioning yourself as a subject matter expert within an industry, here are some thoughts on how to make it happen.<\/p>\n

1. Evaluate potential opportunities<\/h3>\n

First, take some time to research areas to make sure they\u2019re worth your investment. I recall a lawyer who wanted to pursue a niche of trademark issues related to T-shirts. Unfortunately, there were no clothing manufacturers in his city. Here are some considerations for you:<\/p>\n