11 WAYS TO MARKET AN ACCOUNTING FIRM

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Molly Young
5 years ago
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1 11 WAYS TO MARKET AN ACCOUNTING FIRM

2 0 Many Accountants acknowledge they are poor at marketing and sales. Some even consider marketing and sales to be dirty words; tasks that are not the domain of the professional. However modern, progressive firms know better. They realise that a proactive focus on marketing generates a steady stream of new clients for the firm. For most firms, the vast majority of new clients are referred to the firm from existing clients. It makes sense then to focus marketing efforts on pleasing existing clients and then generating referrals on the back of that. Based on what's seen with high performing firms, here are 11 ways that Accountants can market their business. 1

1 DO A SENSATIONAL JOB Ensure your job turnaround time is excellent. Ideally Work In Progress (WIP) should be single digit days at the end of each month.

Implement standardised and systemized procedures so that the work can be done more efficiently.

3 1 DO A SENSATIONAL JOB Ensure your job turnaround time is excellent. Ideally Work In Progress (WIP) should be single digit days at the end of each month. Have great communication with clients before, during, and after each job. Clearly set expectations up front on the value of the job and how long it will take. Implement standardised and systemized procedures so that the work can be done more efficiently. Do not expect clients to understand or appreciate the value of the work you have done for them (or the tax you have saved them) unless you take the time to explain that to them after the job. This explanation should be done verbally (over the phone or, with larger clients, face-to-face) and in writing - in the covering letter that accompanies the invoice. In summary, do a great job and then let your clients know what a great job you did for them. Don t be modest.

4 0 2 DIFFERENTIATE YOURSELF Draw up a list of those things that you think make your firm different to other firms. Then, go through the list and ruthlessly cross out those items that other firms also (or could also) say. See what items remain. Generate a list of things that make a difference. Perhaps your firm has an industry focus that ensures you understand these clients businesses in depth. Perhaps your firm has a service guarantee. For example, there are firm's out there who have a guarantee, Your work is completed within 14 days or it is free. Now that is different! 3

5 3 NURTURE EXISTING CLIENTS Make sure each of your Client Managers (including you) telephone their top 20 clients every month and see how they are going. Visit clients (do NOT then send them a bill for the visit!) Take your good clients to lunch, to coffee, to golf or other sporting or cultural events. At a minimum, send them tips on business improvement or useful content to show you care. Keep note in your firm s Contact Management System of your clients interests or behaviours so that you can invite them to appropriate events. It s remarkable how much work you bring back when you visit, socialise or meaningfully connect with clients. It s great client service, however most firms do not do it because they are too busy getting through the work they already have, who has time to socialise? It's not uncommon, therefore, focus on improving your firm s workflow management and efficiency so that you can free up some capacity and get active in your marketing.

6 NURTURE CENTRES OF INFLUENCE 04 Do this in the same way you nurture your top 20 clients. Lawyers/solicitors, bankers, insurance brokers, business brokers, and financial planners are the obvious candidates. Contact them, take them to coffee, keep them in touch with what you re doing and build a relationship with them. Over time they will refer new clients as they come to trust and like you. People do business with people they like. It is not rocket science, but look at what you are doing to develop relationships (dare we call them what they are - friendships) with centres of influence for your firm. 05 RUN EDUCATIONAL SEMINARS Start with a topic like Accounting for non-accountants or How to structure your business to save tax and then move through a variety of topics on business improvement and wealth creation. 5

8 6GET PUBLISHED Newspapers and magazines are looking for good editorial content. If you can be published you are seen as an expert. Contact the local newspaper and ask them if they would be interested in you writing a regular column for them regarding Small Business or Business and Taxation issues. If you are targeting a specific industry sector then make sure you are published in their trade journals. Getting published creates enormous credibility. 7

9 07 USE CASE STUDIES Write case studies on successful clients and then distribute them to future clients (prospects) and existing clients. Be as thorough or brief about this as you like - sharing your client wins or short testimonials via social media is another way to engage with others. 8

10 8 CREATE AN AUTOMATED COMMUNICATION PROGRAM FOR YOUR PROSPECT BASE Create a database of prospective clients you would like to bring on board and then communicate with them via a regular paper or newsletter. Make sure the content is not boring material, but value added material on growing and developing businesses or building wealth. New clients take a long time to switch accounting firms due to the fact that they are generally very loyal to their existing Accountant (like your clients). It may take years from first meeting a prospective client to having them on your books. So stay in touch with them.

11 INTRODUCE NEW SERVICES 09 There are many services that accounting firms can offer. Some services you may already be able to provide or be providing to a small number of clients, but you simply don t promote the fact. List these services out and promote them to clients throughout the year. Create a Menu of Services, or similar brochure, you can give to new clients and also send out to existing clients. Such services might include: Systems and Procedures Development Business Health Checks Cash Flow Management Management Reporting (Quarterly or Monthly) Budget Preparation KPI Monitoring Business Benchmarking Valuations and Appraisals Business Financing Business Sales Business Startup Advice Net Worth Change Reports Customer Service Research Strategic Planning Business Planning HR Development Business Coaching Financial Planning Risk Management Salary Packaging Estate & Succession Planning Property Services The best bit, you do not need a large percentage of your existing or new clients to take up just one of these additional services in order to generate a significant amount of new business.

12 0 ASK If new business comes from referrals then why not ask existing clients if they know of anyone else like them who could benefit from your services. Do not expect referrals if the message you give out is that you are flat out busy. If that message is perceived by clients (often they are told that by Partners) then you are implying that you cannot accept any more clients. You need to be like a duck. Cool and calm on top but peddling like heck underneath! Change the perception and actually ask for new business from existing clients. If you do a great job and you have the perceived available capacity, then clients will refer new work either from themselves or new clients provided you ask. 11

SELL11 LEARN HOW TO MARKET AND By nature Accountants are reactive in their style. Marketing and sales are proactive activities. Selling is a skill which can be taught if the student wants to learn.

13 SELL11 LEARN HOW TO MARKET AND By nature Accountants are reactive in their style. Marketing and sales are proactive activities. Selling is a skill which can be taught if the student wants to learn. There are many self help courses, books, websites, videos, seminars, newsletters and manuals available. Learning only one or two new things in sales can make an enormous difference to your results. For example, there is a science to the handling of objections and there are simple methods and phrases to use to close a sale. These are things that most Accountants have not bothered seeking training in. Learn these skills and your business will grow. Below is a diagram which represents the cycle of a current or future client. The objective is: To generate an enquiry (prospect) with marketing To convert that enquiry to a sale (client) with selling To create repeat and referral business (fan) through servicing 12

Marketing your firm does not need to be a complex exercise. You just need to remember that marketing is the first part of a client cycle not the entire cycle.

14 Marketing your firm does not need to be a complex exercise. You just need to remember that marketing is the first part of a client cycle not the entire cycle. To make the most of your marketing dollar, every enquiry needs to be followed up with a sales process and every client needs to be serviced well to create a referral. In the eyes of the business community, Accountants are the premier trusted advisers. Use it to your advantage. In an Accounting industry amidst disruption, be a step ahead of the competition through automated marketing innovation. I WANT TO LEARN NOW

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WAYS. To Profitably Acquire Clients For Your Practice

WAYS. To Profitably Acquire Clients For Your Practice Growing an accountancy practice isn t always plain sailing In a client focussed business, delivering value to your clients always comes first. But often, this can mean we neglect the time spent on growth