Typically, from the perspective of your clients, most accountants and the services they provide are the same. When it comes to completing tax returns or offering business tax advice, there isn’t a lot to set two firms apart. So what can you do to make yours stand out?
1. Define your unique value proposition
Defining your unique value proposition (UVP) is a critical step in your business strategy. A UVP is a clear statement that describes the specific benefit your business offers to your customers. It establishes your speciality, the reason why your business exists, who your service is for, and why you are the best at providing it.
With a tight link to your overall business plan, it helps you stay focused and sets the foundation for your brand message. Knowing your unique value, or why you’re the best at offering a particular service, allows you to better understand who your clients are and their needs. It also makes creating a brand and marketing strategy that’s perfectly suited to your target customer easier.
To define your UVP, ask yourself the following questions:
- Who are my target customers and my competitors?
- What problem or need does my business address?
- How does my business solve the problem and how do I add value?
- What makes my service different to my competitors?
2. Consider a niche market
Providing a specialist service to a niche market [Link to ‘To go niche or diversify: What you need to know’] is another way to make your firm stand out. Focusing on a niche means concentrating your efforts on a small but very specific market, industry, or profession, like forensic accounting or accounting services for not-for-profits.
Offering a niche service means you can tailor your own skills or the skills of your employees to your niche, and allows you to take a strategic approach when marketing to your prospective client. It also means your customers can find you more easily – particularly when they’re looking for an expert in your field.
3. Build your brand
Now you know the unique value of your service, and your ideal target market, make sure you build your brand and marketing strategy with both in mind. This will ensure you’re sending the right message at the right time.
You should also consider how you tell your story and which channels your customers are using. If you’re marketing in the right place, with a clear brand and UVP, you’ll have a better chance of connecting with prospective clients.
Standing out in a crowded market is as simple as defining how your offering is unique and using this point of difference to reach a specific audience with a specific message. Get it right and your business could make a big impression on an attractive group of new clients who may not have noticed you otherwise.
For more advice on how to make your accounting firm stand out, check out these resources.