Is Niche Marketing Suitable for Your Accounting Practice?

In recent years, accounting firms like many other professional organizations have been facing more aggressive competition from marketing-driven competitors. To compete effectively, some accounting firms are turning to niche marketing or niching. However, this strategy of subdividing market into very small slices and then selecting slice to serve may not be feasible for all firms. Although there are numerous advantages to niche marketing, there are also certain risks associated with it. By conducting niche opportunity analysis for each element in the marketing mix, firm can make decision whether it possesses the resources to serve niche. The discussion in this paper focuses on way to approach and develop niche opportunity analysis.