When you have tightened up your processes and systems and are beginning to see growth level off, it is natural to begin seeking sources of new money. Perhaps it is time to add a new niche to keep the party rolling.
We have gone over the issues around jumping the gun too early and seeking new business when your current processes are as organized as a toddler soccer game. Yet, there is definitely a right time to begin investigating a new niche market, and if it’s that time for you, where do you begin?
A great first step is to brainstorm every group that can benefit from your services—whether they know it yet or not. A bankruptcy attorney, for instance, might begin targeting single mothers, if the current leads come largely from families dealing with medical bills. If you are an estate planning attorney working with seniors, perhaps you begin seeking prospects that are younger and still working. Break out of the mold and get these ideas down.
Next, begin creating your lead magnet strategies. Once you know your new market, think of how you will attract them. Remember that your new audience is not your OLD audience in different clothes. They are completely different and will respond differently to different processes. Keep in mind how this new audience thinks, buys, where they eat, whom they talk to, what shows they watch, and what they read etc.
As you move throughout the process, you should consider how this new audience lives and aim to make them feel precisely as at home in your firm as your original audience. Design your materials and communications that will be received by this new group.
This is an oversimplified view of adding a new niche market, yet it is a good place to begin the conversation. Adding a new niche is simple but it isn’t easy. In fact, it is more like starting a new business. Keeping this in mind will save you loads of heartache. If it is time for you to add a new niche, structure your plan to allow plenty of time to craft the process.
Building a successful practice, one niche at a time…
