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 between their own accounting firm and their direct competitors, the most common answer was “no.” Clients expect most firms to be on an even playing field when it comes to doing the work. Everyone is expected to provide high-quality services that are delivered on time and for a competitive fee. In fact, 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 to have.
Industry specialization is a differentiation strategy focused on the professionals who comprise your firm. It’s about each of their careers and their personal growth. The industry strategy that benefits the firm’s professionals also benefits the firm. The firm’s reputation and brand promise are really based on the collective reputations earned by the firm’s professionals.
What value proposition do you offer clients? What separates your firm from the competition? What do you want to be known for? Client feedback consistently confirms how important it is to demonstrate a dedication to the client’s industry to win their business and build a deep and long-lasting relationship.
