Pitch your nitch they tell you.
Pitch Your Nitch
Finding a niche – to pitch your nitch – if this was easy, we would all be doing it. But it isn’t. So let’s talk with Andrew Hunzicker, the Dope CFO, about his views on niching.
Here is what we learned but please listen in as Andrew explains all this much better than we ever could.
To listen while you drive, walk or work, just access the episode through a free podcast app on your mobile phone.
Pitch Your Nitch
We don’t have a ready-made answer for you about how to pitch your nitch. It is a list of questions and some answers and thoughts, but not a recipe you follow. More just food for thought.
1 – What niche?
You might choose your niche based on external factors (for example industry growth or current service levels). Or you let internal factors (for example your previous experience and industry contacts) guide you.
You can choose from the outside – not yet working in the niche – or from the inside.
2 – How fast?
Some move gradually into a niche. You really enjoy working with a certain set of clients. You learn from them and so gradually transition into their world. And let your other non-niche clients slowly fade away with time.
Others go for all or nothing. They fire non-niche clients and lean all in.
3 – How deep?
You might just go for that one niche and go really deep with laser-sharp focus on that one client persona.
Or you continue your full-service practice and service a specific niche or niches through separate brands with tailored content and marketing.
4 – How narrow?
How wide or narrow do you define your niche?
Narrow is a question of definition. Is ‘e-commerce’ a narrow niche? Or would something like ‘Dropshipping online retailers on Shopify’ count as narrow enough?
5 – How exclusive?
How exclusive do you want to serve your niche? Is your niche an ‘only this and nothing else or just a preferred client group?
What about the family and friends of clients?
Pricing plays a big role in this. If you can charge higher fees because of specialist knowledge or service levels, then those fees will probably have family and friends look elsewhere.
These are just some of the points we discuss in this episode. Please listen in since Andrew Hunzicker shares a lot more insights than we listed here.
MORE
Find a Niche and They Will Come
Disclaimer: Tax Talks does not provide financial or tax advice. All information on Tax Talks is of a general nature only and might no longer be up to date or correct. You should seek professional accredited tax and financial advice when considering whether the information is suitable to your or your client’s circumstances.