Best Practice for Categorizing Your Client Base? The NAICS System is an Essential Tool.
If you decide to put your firm’s clients into industry buckets, many leading firms map them using the North American Industry Classification System (NAICS). NAICS codes allow you a view the client’s business through the eyes of the outside business marketplace rather than the subjective viewpoints of partners entering clients into your CRM or billing system.
Assigning clients and revenues to specific industries can be challenging.
Years ago, I had the task of entering new client information into billing or customer relationship management (CRM) systems containing a number of required and optional information fields. One important field was the “client industry” field. Unfortunately, industry was often open to the interpretation or opinion of the partner who brought the client in. Frequently, the client’s industry …
Walk a Mile in Your Clients’ Shoes
Clients want service providers who know their industry. If your firm serves multiple organizations in the same industry, you notice similarities and differences in their business models, how management decisions impact profitability and other nuances that make them more competitive within their industry.
Industry specialization reduces the risk of errors and maximizes the opportunity to give good …
Outstanding Industry Team Leadership Transforms the Practice
A Powerful Story of Strong Leadership Propelled a Top Firm’s Real Estate Practice from Good to Great
Ten years ago, I sat in a conference room and heard the magic words that transformed my thinking about the power of industry specialization. And these words are still just as magical in 2023! It opened my eyes to the very core …
Stand Out from the Crowd − 4 Key Differentiators for Your Firm
What are clients are looking for to distinguish competing accounting firms, other than the lowest priced provider? Clients consistently point to these 4 key differentiators:
- Bring deep understanding and informed perspective of your client’s business within the context of their industry.
Companies lean toward service providers that come prepared with an understanding of their business model and business connection to its …
Why Industry is a Win for Your Clients AND for Your Firm
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 …
Industry specialization increases your value in the eyes of your clients.
Knowledge is of no value unless you put it into practice.
─ Anton Chekhov
Industry specialization is one of four components of a client-centric focus. It elevates your standing as a trusted advisor in the eyes of your client and enables your firm to command a higher price for its services.
When I’ve asked clients if they see a real difference …
Short on resources for your industry program? – Part 2
You can achieve extraordinary output using the tactics below.
Leverage other industry teams’ thought leadership by tailoring it to your specific industry. Typically, 80 percent of the work will already have been done ─ meaning you just need to contribute 20 percent of the effort to customize it to your industry.
- Squeeze the juice out of external resources. National industry …
Short on resources for your industry program? – Part 1
Think creatively to support your industry group program. OR, where there’s a will there’s a way.
So, you’re not a Big Four firm. While the Big Four enjoy the luxury of having sophisticated internal resources for each of their industry practice teams, much smaller firms with smaller budgets can learn from the Big Four. Naturally, you may need to adjust implementation …
Focus gets you to the next level.
Each man is capable of doing one thing well. If he attempts several, he will fail to achieve distinction in any.
─ Plato
If your firm can’t distinguish itself using specialization, it will be known as a generalist. And that puts you at a definite competitive disadvantage. Fast-growing firms usually attribute growth to specialization. Committing to a specialization strategy enables firms …
