learn what the client wants and needs.
by hitendra patil
the definitive success guide to client accounting services
have a cas question? get it answered here.
q: my firm is growing into cas offerings. we have different pricing levels as well. but it seems clients are not grasping how our cas offerings are different. how do we differentiate?
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a: accounting is about doing work that is exceptionally well-defined. it follows clear laws and regulations. people, processes and technology cannot easily differentiate you from the competition. but client accounting services is different than traditionally defined accounting work. you can differentiate cas in many ways.
a templated answer to your question will not do it enough justice. anything templated is not differentiation. it will need one to understand your practice, services and client mix. it will need information about your competition, current usp and core expertise, etc., to be able to provide insightful advice on cas differentiation. however, let me share some quick ideas here.
in the world of accountants having:
- similar education,
- similar experience,
- similar services,
- comparable pricing,
- similar location and
- similar technology stacks …
… the biggest and the most potent differentiator to bring in more clients to your door will be your marketing and sales abilities.
before and after that, what really defines your firm’s competitive advantage are your firm’s cas processes. why? simply because other accounting firms cannot (easily know and) copy your cas processes. your processes provide and define your clients’ experience of working with your firm. the value you differentiate through your processes defines your clients’ experience.
there are two ways in which you can differentiate your cas offering:
- differentiate cas relative to your other services. (hint: deliverables and what clients do with what you deliver must be different.)
- differentiate cas relative to your competitors.
pitch your differentiation only after identifying your client’s wants and needs. if you are not thirsty, it does not matter whether you are presented with plain water, carbonated water or mineral water. differentiation has to be relevant to the client. present your firm’s cas reports samples to your cas-fit prospect. also, present your non-cas sample reports. comparison is an excellent way to show the difference.
how do you out-differentiate your competitors? your strength(s) is (are) your differentiator(s). one of my clients developed deep expertise in restaurant accounting. multiple restaurants were waiting to get onboarded with this firm in any given week. the firm’s salesperson would show the “reports package sample” to the prospects (the restaurant owners) and then explain how they could use the insights to run their restaurants better. the firm’s core strength was knowing how to use accounting and advisory to help clients (restaurants) become more successful.
riches are not only in niches, though. your advisory insights that emerge from underlying cas can be your differentiator, but only if the advice helps your clients succeed more. you will need some proof that it works. get some client testimonials/case studies that state their problems and how you helped them overcome them.
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