Industry specialization is a true “win-win” situation. Deep industry knowledge and experience allows you to command a higher price for your services because your clients realize the significant additional value you bring to the table.
Industry expertise and a Client-Centric Focus
Industry expertise underpins a client-centric focus – delivering significant value adds for your clients.
When I’ve asked clients whether they perceive a real difference between their own accounting firm and its direct competitors, the most common answer was “no.” The expectation is that most firms are on an even playing field when it comes to doing the work. Everyone is expected to provide high-quality services, delivered on time, for a competitive fee. If a firm and its closest competitors are hard to differentiate, clients tend to differentiate based upon price. Naturally, being known as the lowest-cost provider is not the reputation you want for long-term sustainable growth.
Industry specialization is a differentiation strategy focused on the professionals who make up your firm. It’s about each of their careers and their personal growth. The industry strategy that benefits your firm’s professionals also benefits the firm.
What value proposition do you offer your clients? What separates your firm from the competition? What do you want to be known for?
Time and again, client feedback discussions reveal how important it is for a firm to demonstrate a dedication to the client’s industry to win their business and build a deep and long-lasting relationship.
