Angel Reyes has a nice article about finding a niche for your firm in the Small Firm Business section of Law.com. Angel talks about the importance of finding a way to stand out from the crowd and shares his experience of deciding to focus on an underserved population – the Spanish speaking market.
I couldn’t agree more with Angel’s assertion about the need to find a way to stand out from the crowd. If you have existing clients, one of the best ways to develop your message is to interview your ideal clients and find out why the do business with you. You may be surprised to find that what was important to them in making a decision is often very different from the reasons you think you are special.
There are many ways find a niche. Angel did a great job of finding an under served market. Many firms will focus on a practice area. Others will choose to serve business clients. Some may focus on a particular industry.
When we think of niches we typically define them by demographic characteristics – age, size, income, location, etc. Don’t forget to consider psychographics or how people make decisions and what they value.
Once you have determined your niche, make sure the way you package your services is consistent with your marketing message and the needs of your niche. If you decide to work with start up businesses, can you package and sell your services in such a manner that meets their legal needs and also address their need to manage cash flow?
Follow Angel’s advice. Chose a niche, stand out from the crowd, and build a successful law practice.
