Most United kingdom companies have found things tough at the moment, as the financial disaster of 2008 has left many organisations struggling, accountancy firms are one business group which have not really been affected. The situation that many accountants find is the fact that businesses very rarely swap or change accountants, so getting new customers is hard work. Businesses may change a website designer, or delivery firm, but changing accountants is not something that is normal practice.
Finding New Customers. Most accountants prefer to have large or medium sized clients (as opposed to new companies, startups or sole traders) as the annual fees are higher; however as most businesses do not chop and change accountants, lead generation is hard. It is very much a case of taking everything you can get instead of picking and choosing clients; which for many accountants is frustrating.
Prospecting for first time company is hard work; different to many types of sales whereby a target is identified and approached; with accountancy this can be different, clients come your way, not the regular sales process. This will make the sales process an exclusive and specialist the one that needs a unique breed of marketing zest.
Sales Process For Accounts. Instead of the traditional kind of promoting approach, reactive CPA Marketing works better for accountancy businesses.
Reactive marketing will be conducted by permitting as much businesses know you might be there, in order that when the opportunity comes up, they are going to consider you. This might be carried out by advertising, sponsoring business events or by direct marketing to each business. Direct marketing will be difficult (telemarketing, e-marketing, mailing) as response would depend greatly on the need (catching someone at the right time). Reactive marketing could be internet advertising or possessing a website that appears high for relevant search phrases that incoming enquiries are readily available.
Networking is favored by most accountants as many businesses do have a tendency to ask friends or family for recommendations. Breakfast meetings, online networking forums are used by many accountants for this particular very reason and do appear to work quite well.
You will find specialist agencies that provide marketing for accountants and will have a professional knowledge about how to help to both produce a brand and also help to generate new clients.
Picking Out The Right Marketing Specialist. Because the marketing and sales process for accountancy businesses and bookkeepers is such a professional and unique one, care must be taken in selecting the right marketing company. For that reason, selecting one that has worked with businesses within the sector before, that understands the sales process and contains a reputation producing results.
Clearly bringing in new clients and hanging onto the existing clientele are the lifeblood of any healthy business. A few of the article’s commentary is intriguing and a jumping off point for your conversation. A basic analysis of the firm’s “positives” and “negatives”, both internally and externally, can reveal opportunities for growth and retention in almost any industry, even Accounting:
Strength – What exactly is it that the firm does that differs from your competitors?
Weakness – How exactly does your client base rate your services on a scale of 1 to 10? If not a 10, what exactly is it that your particular firm must push the final results to your 10?
Opportunities – Exactly what is the industry trends for marketing, i . t and client services?
Threats – Who are your competition? What is it that your competitor does that is different from your competition?
This is a SWOT analysis and one of the critical first steps in making a marketing plan. While CPA firms understand their business, it takes a specialist marketer to know the proven tactics and finest practices to usher in new clients and retain existing clients. They are two different professional disciplines; while the CPAs of your own firm work in your business, careful thought needs to be provided to hiring and designating a marketing pro to fulfill your goals for revenue growth and profitability. From that point, attracting and retaining qualified candidates (#9 on the survey list) to aid the organization growth can also be addressed with rmgaux integrated marketing program.
Among the challenges of promoting for accountants would be to redirect their thinking from considering marketing as an investment not just a line item expense. Consider the return on Dentistry Marketing as well as the timeless words in the widely influential business thinker, Peter Drucker: “Business only has two functions – marketing and innovation.” In case your accounting firm or professional practice needs innovation and marketing to improve the expansion of your own services, look outside the accounting profession and consult for marketing expertise.