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Niches are delicious….easy roll out, low cost. (Inc., 5/20/10
Target Your Audience ashington DC Competition Niche
Riches in Niches If you're the best in the world, the market cares. The secret, if you have limited resources (don't we all) is to make 'world' small enough that you can actually accomplish that. --Seth Godin, The Dip
Holy purple cow, brother! A store with only cupcakes! I hear ya, Brother! I’m drooling! Niches ignite, excite & delight - both lawyers & clients
Isn’t a niche going to be too limited? Small % of revenue, but shines a light on your entire practice
Aren’t all of the good niches taken? Motifake.com
Examples of Niche Practices NOT Found Online…. <ul><li>Social media in the workplace lawyer </li></ul><ul><li>Single mothers by choice lawyer </li></ul><ul><li>Estate planning for single parents </li></ul><ul><li>“ Cloud” law </li></ul><ul><li>Outside counsel for solo & small law firms </li></ul><ul><li>Lawyers representing the [XXX] cultural community </li></ul><ul><li>Outsourcing to India </li></ul><ul><li>Virtual law practice for the military </li></ul><ul><li>Lawyer for home based businesses </li></ul><ul><li>Criminal defense of computer based crimes </li></ul><ul><li>Medical malpractice in women’s health </li></ul><ul><li>Negotiation of electronic rights for book authors & freelancers </li></ul><ul><li>Bully law - victims & accused </li></ul><ul><li>Blogger lawyers </li></ul><ul><li>Family law for domestic partners </li></ul>
Considerations for Choosing a Niche *Personal interest *% of time desired to devote to niche *Existing contacts within niche area *Substantive capabilities - existing or ability to procure. *Ability to re-purpose existing capabilities (if adding a niche) *Geographic capabilities
Resources for Figuring Out the Demand for a Niche *Google trends, www. google .com/trends *Census data, www.census.gov *Chamber of Commerce information *Twitter.com/search *Pewresearch.com *Trendspotting.com/blog *Slideshare.net *Speak with colleagues
Different Approaches…. Will it be a transition to a full niche - or just a partial practice niche? Do you want to grow into the niche gradually? Do you want to formally launch the niche? (if so, don’t do it in summer!)
Marketing your niche practice Notify existing clients Identify tradeshows or trade press Participate in niche specific listservs and social media communities Create an ebook for niche specific practice Online webinars and video Local cable TV? Respond to HARO requests or contact the media yourelf Start a blog & purchase niche-specific names If local niche, explore Google Local, FourSquare and other local search engines Collaborate with other lawyers in the niche who don’t compete
Ethics Issues With Niche Practice Caution about advertising as a “specialist” In niche practice of national scope, watch out for UPL issues In niche that may involve non-lawyers, be attentive to rules on fee-splitting and referral fees