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 a market into ve...

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Bibliographic Details
Published inServices marketing quarterly Vol. 15; no. 1; p. 137
Main Authors Lowry, James R, Wrege, William T
Format Journal Article
LanguageEnglish
Published New York Taylor & Francis LLC 01.01.1996
Subjects
Accounting firms
Competition
Contractors
Cost benefit analysis
Mission statements
Niche marketing
Opportunity
Professionals
Small business
Strategic planning
Studies
United States > US
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Summary: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 a market into very small slices and then selecting a 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 a niche opportunity analysis for each element in the marketing mix, a firm can make a decision whether it possesses the resources to serve a niche. The discussion in the study focuses on a way to approach and develop a niche opportunity analysis.
ISSN:1533-2969
1533-2977
DOI:10.1080/15332969.1996.9985264