According to our August poll, most firms (90%) have created and implemented industry and/or service line niches. However, the percentages of niche areas with prospect lists vary from 10% to 100%.
Many firms, 68%, compile prospect lists on their own from contacts and research, whereas 20% obtained a list from an industry organization and 12% built their list organically.
When asked how prospect lists are utilized, 69% of respondents use their list strictly for email marketing, 38% review at regularly scheduled pipeline/BD meetings, 38% develop strategies for key prospects, and 12% assign prospects.
Success of niche practices in firms have varied as well. Niche practices are the primary growth area for 63% of respondents. 43% say they are the most profitable, and 25% say they have enabled their firm to expand their geographic reach. In addition, 18% say they have enabled their firm to serve larger clients, and 56% of respondents say their firm is shifting from compliance work toward advisory through creation and development of niche practices.