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Blue Ocean Strategy.

The Case for Not Telling People You’re an Accountant.

Maybe you’ve heard of the Blue Ocean Strategy, maybe you’ve heard of the Red Ocean Strategy… or maybe this sounds like a Dr. Seuss book to you. One ocean, two oceans, red ocean, blue oceans? 

But really, following a blue ocean strategy could be your business’s new best marketing tool. 

So now we’ll go ahead and answer that question that’s probably on your mind: 

What is a Blue Ocean Strategy? 

Blue ocean strategy refers to using different and low-cost methods to target a completely new market space, creating new demand for your services. Like diving into a vast blue ocean, this strategy targets uncontested market space; there is no other competition for these fish in the blue sea.

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This is opposed to the “red ocean strategy” you’re probably more familiar with, which has well-defined industry lines and encourages competition amongst firms to attract existing demand within the market. This usually drives prices down because of competition. 

Instead of competing head-to-head with other accounting businesses for the same clients, differentiate your strategy to create your own demand pool to fish from. 

How to pursue a Blue Ocean Strategy as a CPA or firm? 

It’s simple, don’t tell people you’re an accountant. Instead, tell them what to do. 

What we mean by this is by helping businesses understand how long they can survive, and the specific actions they can take to extend their runway, you will be creating demand for a service that other firms aren’t offering yet. 

Telling potential clients that you’re an accountant or offer these services tends to box yourself in. Whether they’re conscious of it or not, clients hear “accountant” or “CPA” and immediately think they know all of what you can offer them, and it will be harder to convince them otherwise.

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So, before telling people you’re an accountant, tell them about the benefits you can bring through your cash flow management and forecasting services, and why this matters for their businesses. 

It’s simple to stop spending valuable time (and money) competing with other CPAs/Firms when you can provide immense value, while seizing new growth, through a Blue Ocean Strategy. 

Saying “goodbye” to the “cutthroat” competition or “Red Ocean Strategy” of a competitive market will only continue to shrink the profit pool. But by creating your own profit pool and erasing the boundaries of an existing market space, the opportunities for your firm are endless.

Providing clients and potential with an insight into the importance of your role in their business will allow them to envision the bigger picture. They will be able to envision exactly how your cash flow management and forecasting services will allow their business to grow, and this is more valuable than simply listing off services traditionally provided by a CPA. You will also attract non-traditional clients from exciting new market spaces that are ready to work with you to grow their business!

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Visit www.dryrun.com/partners/ for more like this. 

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