Accountants are not very good at marketing – marketing people are. My definition of marketing is ‘salesmanship multiplied’. My definition of sales is ‘finding out what the other person needs and then transferring emotion’. These definitions mean that marketing is a ‘one to many’ strategy and sales is a ‘one on one’ strategy. Marketing is…
Marketing anything to clients takes a proactive approach. Some of your clients will ask about the latest and greatest accounting solution – most will not. If you believe that a cloud based accounting system is better for your clients then you need to promote it. The benefits (to your client) of a cloud based accounting…
Accountants need to market in many different ways. The diagram below is what our best clients use when selecting marketing methods to generate leads.
The web is the way prospective clients will research Accounting firms. It is also the way potential team members will decide if they want to work for you or not. What is your presence like on the web? If you are going to have a presence then you might as well have dominant one. …
Every business needs new enquiries for new clients. You can get new enquiries either:
1) Reactively or
Most firms follow option 1 and wait for enquiries to come through by the way of referrals from existing clients. Other than being a very slow path to growth there is nothing wrong with it.
If you are proactive about it then you will adopt marketing techniques that encourage your target market to make an enquiry with you. Most Accountants I know do not want start-up businesses (due to the majority of them having the inability to pay) so that means that the client you want is already serviced by another Accounting firm.
A client will leave their current firm (or join another) because of 2 reasons only:
1) Service – not being proactive, sloppy customer service, limited communication/relationship
2) Services – perceived value for money, looking for more but not offered
For you to encourage new enquiries you have to offer multiple ‘experiences’ with you. Can the prospective client hear you speak at a conference, meet with you, read an article etc.
Some firms need more clients than others. As a rule of thumb you might be losing 10% annually (attrition or letting some go) so you should at least aim for a net 10% increase which means a 20% growth rate in new clients to cover the loss.
If you need 20% new clients and your conversion rate is 50% (not following our system) then you need approximately 3% of your current client count in quality enquiries – each month!
I have written an extensive report on Accounting firm performance. You can download the full report here.
Enjoy video # 8.