what segments and services offer you the most potential?
by august j. aquila
price it right: how to value accounting services
let’s continue with our marketing audit discussion. now that we have some firmwide objectives, we need to select strategies. there are many ways to accomplish something, and it is necessary to select how you are going to go about doing it.
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selecting your strategies
let’s look at four different strategies.
- cost reduction. as new forms of technology and artificial intelligence enter the workplace, it is increasingly possible to achieve a competitive advantage by using them to reduce the cost of service delivery. tax processing software is a common example that firms have used over the last 20 years. ai could help firms reduce costs in multiple areas of the firm, from tax research to improving processes.
- client service. the relationship between the client, the service provider and the firm is paramount. firms strengthen ties with clients by making sure they receive exactly the kind of service they desire. to accomplish this, a system for continuously measuring client satisfaction and problem resolution needs to be implemented. sample strategies include regular use of client satisfaction surveys, investing in staff training, and broadcasting quality standards within the firm.
- service delivery enhancement. clients may be satisfied with the scope and cost of your services but dissatisfied with your ability to deliver them in a timely manner.
- market segmentation. a traditional method for developing strategies is to examine market segments (new or existing markets) and products/services (new or existing) to determine which ones offer the most potential for business development. here are the strategies that are available:
| current services | new services | |
| current markets | market penetration | new services development |
| new markets | market development | diversification |
- market penetration. this strategy assumes that the firm’s growth can be achieved by selling existing services to current clients.
- market development. this strategy assumes that growth will come by promoting current services to new market segments.
- new services development. here you will develop new services and products and offer them to your existing clients.
- diversification. your plan is to develop new services and market them to new segments. this is the riskiest of the four strategies.
selecting the right strategies for your firm can be quite a challenge. when deciding which ones to use, consider these four questions:
- how does the strategy fit the organization?
- does the firm have sufficient resources to support the strategy?
- do the economics of the strategy make sense?
- how is the market likely to react to this strategy?
it’s all about having good strategies and implementing them.