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STRATEGY COACHING
Industry Relationships Key to Building Your Niche
David Wolfskehl
Industry Relationships Key to Building Your Niche

I have just published a new article on building a niche as a vital way to build your practice. I’m working on another article that I expect to publish next month on niche building, also.  I have some thoughts to share that are a bit outside what I’m talking about in either of the articles. Those thoughts are about how important industry relationships are in you plan to grow your practice by building a niche.

Let’s say you provide finance and accounting services to businesses in the green construction industry. At least you have a group of clients in this industry and you have gained significant knowledge about both opportunities and challenges in the industry. You have learned about all of the minute tax laws and state and local incentives available to green construction contractors and companies.

This is a relatively young industry. New materials and standards are emerging almost daily. Some of these new materials are changing construction specifications and building codes. There are many programs available from federal, state and local governments and from utility companies to make green construction and renovation more affordable (and thus desirable).

It is abundantly clear that this is an industry with significant growth potential. You have decided that the growth of the industry is the way you want to grow your practice in the future.

In order to accomplish this goal, you decide to market your interest in the niche locally. You decide to try to gradually expand the reach of your firm into other regions. You know you can place advertisements. You know you provide exceptional client service. You know your firm’s work is impeccable.

You can rely on client referrals to other companies connected with green construction for some practice growth. But the way to grow your business into other regions will be through introductions to people within the industry in those locations. Your challenge is figuring out how to put your reputation and your value proposition before those people in other regions.

The answer is simple. You might experience some success with advertising. You will certainly have some success through client referrals. But the way your firm will experience the kind of growth you want will be through the relationships you build within the industry. So, how do you make that happen?

You build relationships by becoming involved in as many aspects of the industry as possible:

  • Attend meetings, conferences and trade shows
  • Write about your knowledge of the industry and how your knowledge helps your clients achieve their business goals
  • Make yourself and your knowledge available as a speaker at events and gatherings
  • Talk to everyone you can to make your name a “household word” throughout the industry.

 In short, the way to build your visibility and your share of the market you want to dominate is to build relationships that will open doors.

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David Wolfskehl
David Wolfskehl

Accrediated Strategic Planner - helping accounting firms build thier businesses from the inside out

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