how to get started.
by august j. aquila
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great marketing tactics can take time, money and a great deal of sweat to plan and execute. cpas who appreciate the power of marketing are frequently anxious to jump right into the implementation process without doing any planning. but do they really know what the marketplace wants from them? sometimes gut feelings are right, but few firms can afford to act on intuition alone.
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investing marketing dollars with confidence requires a thorough understanding of your practice, its people, the marketplace and your competitors. an audit-based marketing plan lets you do just that. this post provides both the theoretical and practical knowledge needed to (1) perform a marketing audit, (2) develop marketing objectives and strategies and (3) implement the plan through an integrated approach.
performing a marketing audit
a marketing audit is a systematic approach to gathering the information needed to prepare an effective marketing plan. it is the equivalent of taking a highly detailed snapshot of your firm – its people, clients, economic environment, competitors and history – and ultimately enables you to develop a market position strategy statement that will underlie the firm’s marketing plan.
here are examples of the kinds of information usually gathered in a marketing audit. the audit subject areas fall into two broad categories:
- external analysis. this involves evaluating the marketplace, key competitors and the general economic environment.
- internal analysis. this includes evaluating the client base, the quality and scope of services provided to clients and personnel.
the following will give you an overview of the marketing audit:
external analysis
- assess the competition. identify principal competitors, collect information about their key people, services, pricing and promotional activities, as well as their strengths and weaknesses.
- determine your market size. identify how many businesses fit your target client profile.
- study the economic environment. determine which local industries are growing and which are in decline.
- identify industry trends and regulations that are pertinent to your clients. study any regulatory constraints that could have an impact on your clients.
- find out what clients and the marketplace think of your firm. survey client opinions about the firm and the services they currently use and assess their knowledge of all firm services.
internal analysis
- review client services.
- study existing clients. segment the client base by industry, fees, services used and profitability.
- assess personnel. evaluate the technical, communication and marketing skills of partners and professional staff.
- conduct an employee attitude survey. find out how staff feel about the firm, its future and its current approach to marketing.
the importance of full participation
while high-level planning is usually a prerogative of the partners, great marketing calls for the full involvement of everyone who will be asked to participate. embracing a democratic process will help foster an atmosphere of creative thinking and active participation – and the more your people know, the faster the firm can move when confronted with a new business opportunity.
set marketing objectives
marketing objectives spell out what you want to accomplish. they should be specific, stating the desired outcome in measurable terms. topics you choose depend in large part on the weaknesses and threats you want to alleviate and the strengths and opportunities you want to exploit.
for example, you could have objectives regarding the opening of new offices, improving realization or utilization percentages, introducing new services, or penetrating new markets. here are some examples:
- increase visibility in the health care industry by making at least five presentations to trade and professional associations between now and the end of 20xx.
- acquire four new technology consulting engagements, each valued at $____, by july 1, 20xx.
- merge a four-partner cpa firm into the practice within 24 months. the firm will bring expertise in state and local taxation and estate planning.
don’t try to do too much at one time. focus and produce!