Most UK companies are finding things tough right now, as the financial disaster of 2008 has left many organisations struggling, accountancy firms are one business group that have not really been affected. The issue that many accountants find is the fact that businesses rarely swap or change accountants, so getting new clients is hard work. Businesses may change an internet site designer, or delivery firm, but changing accountants is not something that is normal practice.
Finding New Customers. Most accountants would rather have large or medium sized clients (instead of new companies, startups or sole traders) because the annual fees are higher; however since many businesses usually do not chop and change accountants, lead generation is hard. It is quite much a case of taking what you can get as opposed to picking and selecting clients; which for most accountants is frustrating.
Prospecting for new company is hard work; different to a lot of kinds of sales whereby a target is identified and approached; with accountancy this can be different, clients come to you, not the normal sales process. This makes the sales process an exclusive and specialist one which demands a unique type of marketing zest.
Sales Process For Accounts. Rather than the traditional kind of marketing approach, reactive CPA Marketing works better for accountancy businesses.
Reactive marketing will be conducted by allowing as numerous businesses know you might be there, so that when a chance comes up, they will think of you. This might be carried out by advertising, sponsoring business events or by direct marketing to each and every business. Direct marketing is going to be difficult (telemarketing, e-marketing, mailing) as response would depend greatly on the need (catching someone in the right time). Reactive marketing could be online advertising or having a website that appears high for relevant search phrases that incoming enquiries are readily available.
Networking is popular with most accountants as many businesses do have a tendency to ask friends or family for recommendations. Breakfast meetings, online networking forums are used by lots of accountants for this very reason and do seem to work quite well.
You will find specialist agencies that offer marketing for accountants and have a specialist knowledge on how to assist to both produce a logo and also help to generate new clients.
Selecting The Right Marketing Specialist. Because the marketing and sales process for accountancy businesses and bookkeepers is such a specialist and unique one, care needs to be consumed in selecting the right marketing company. Because of this, selecting the one that worked with businesses within the sector before, that understands the sales process and it has a reputation producing results.
Clearly attracting new clients and hanging to the existing clientele are definitely the lifeblood of any healthy business. A number of the article’s commentary is interesting and a jumping off point for that conversation. A basic analysis of the firm’s “positives” and “negatives”, both internally and externally, can reveal opportunities for growth and retention in every industry, even Accounting:
Strength – The facts that your particular firm does that is different from your competitors?
Weakness – How does your client base rate the services you provide on a scale of 1 to 10? Otherwise a 10, the facts that the firm has to push the final results to a 10?
Opportunities – Exactly what is the industry trends for marketing, information technology and client services?
Threats – Who definitely are the competition? The facts that your competitor does that differs from your competition?
This can be a SWOT analysis and among the critical first steps in creating a marketing plan. While CPA firms understand their business, it requires a professional marketer to understand the proven tactics and greatest practices to bring in new customers and retain existing clients. They are two different professional disciplines; while the CPAs of the firm work within your business, careful thought needs to be provided to hiring and designating a marketing pro to meet your goals for revenue growth and profitability. From there, attracting and retaining qualified candidates (#9 on the survey list) to aid the company growth can additionally be addressed with rmgaux integrated marketing program.
One of many challenges of promoting for accountants is to redirect their thinking from considering marketing as being an investment not a line item expense. Take into account the return on Marketing In Denistry and also the timeless words from the widely influential business thinker, Peter Drucker: “Business just has two functions – marketing and innovation.” If your accounting firm or professional practice needs innovation and marketing to improve the growth of your services, look outside of the accounting profession and consult for marketing expertise.