{"id":21205,"date":"2012-07-17t10:12:20","date_gmt":"2012-07-17t14:12:20","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=21205"},"modified":"2024-09-01t14:49:26","modified_gmt":"2024-09-01t18:49:26","slug":"9-things-we-know-for-sure-about-how-to-grow-an-accounting-firm","status":"publish","type":"post","link":"\/\/www.g005e.com\/2012\/07\/17\/9-things-we-know-for-sure-about-how-to-grow-an-accounting-firm\/","title":{"rendered":"nine things we know for sure about how to grow an accounting firm"},"content":{"rendered":"

what we know about what works.<\/strong><\/p>\n

by bruce w. marcus<\/em>
\nprofessional services marketing 3.0<\/a><\/em><\/p>\n

the fact remains, we know far less than we should about why, when or how people choose to do business with an accounting firm \u2013 or with one firm over another.<\/p>\n

but, in light of what we do know, and considering the singular nature of marketing professional services (as compared, for example, to product marketing), what works?<\/p>\n

or more specifically, what seems to work?<\/strong><\/p>\n

1. name recognition. <\/strong>except for corporations and very large or national companies, people tend to buy names they recognize. the concept of branding seems to have crept in under the door, but in accounting, branding is simply jargon for name recognition. (professional services marketers seem to be attracted to jargon like flies to honey). stick to the real world and plain english \u2013 it works better. establishing name recognition, however, is easy \u2013 simply inundate the market with your firm\u2019s name. an ad campaign that says little more than \u201csmith & dale is a cpa firm. we do good work\u201d and saying it over and over again, will give you name recognition, but little more. it helps, but it\u2019s not everything.<\/p>\n

more professional services marketing 3.0<\/a>:<\/strong><\/p>\n

the cpa\u2019s castle is crumbling<\/a>
\nmy address in space: the dynamics of change at accounting firms<\/a>
\nsix quick reasons why cpa firms will never be the same<\/a>
\n14 steps to find the right \u201cvalue price\u201d<\/a>
\nit\u2019s not just accounting anymore. today, everyone\u2019s in marketing.<\/a><\/p>\n

2. reputation.<\/strong> if your firm has a reputation for resolving problems, or for service, or for not overcharging, or for anything good, it goes to building trust \u2013 which is an essential element in professional services. trust is an essential factor in retaining professionals.<\/p>\n

3. specialty.<\/strong> if your firm has a reputation in a specialty \u2013 estate planning, cash flow management, etc., it\u2019s a major factor in being considered by a prospective client.<\/p>\n

4. demonstrating expertise.<\/strong> a significant reason you are asked to propose is that your reputation is founded on demonstrable expertise. this is accomplished by such activities as writing articles, social media, speaking, participating in seminars, public relations, and other such devices.<\/p>\n

5. networking.<\/strong> in the old days, it was the golf course or the country club. today, it\u2019s done by planned participation in organizations in the fields served by your prospective clients. case history \u2013 a client of mine belonged to an organization of business people. her specialty was labor law. the problem was that another member, who was also a labor lawyer and a competitor, was running seminars for the organization\u2019s members. our plan was for the client to become visible and active in the organization, volunteering, offering to run for office, and so forth. we then came up with a specific seminar idea that hadn\u2019t been done before. it worked. harry potter and his wand couldn\u2019t have done it better.<\/p>\n

6. client referrals and word of mouth.<\/strong> clients who are particularly satisfied with your work will enthusiastically recommend you to other prospective clients. your clients may have to be prompted, but it\u2019s worth the effort. word of mouth (now called by the peculiar name, viral marketing \u2013 more jargon), in which people tell one another about your virtues, is a marvelous concept, but difficult to generate. you have to do something worth talking about, though (my accountant saved me thousands of dollars, etc…). viral marketing will, in the long run, sell more beer or tomato soup than it will accounting services.<\/p>\n

7. influentials.<\/strong> in \u00a0accounting, there are always people from other professions or trades who are in a position to recommend you. not just lawyers who recommend accountants, or vice-versa, but bankers, business leaders, relatives and friends. a client once told me that if he could take a banker to lunch once a week, he\u2019d double his practice in a year. a colleague asked, \u201cbut what do i talk about? our firm?\u201d no, you talk about his or her business and clients. you listen. and if you listen carefully, you\u2019re going to hear something to which you can say, \u201cwe can help with that. can you arrange an appointment?\u201d it works.<\/p>\n

8. serendipity<\/strong>. or luck, is more like it. a former client of mine claimed that he brought in clients by hanging out in a bar and conversing with strangers. and he did both. everybody has a story, and if you\u2019re lucky, and listen, and play it right, you can do it to. however, serendipity is great, but you can\u2019t build much of a practice on it.<\/p>\n

9. practice development.<\/strong> at some time in every marketing campaign, the name recognition and reputation and networking come to a point at which the prospect has to agree to start monday. this may require some heavy-duty work, which is how the concept of practice development comes into play.<\/p>\n

in the end, the prospect must be sold. a request for a proposal may have to be answered. the prospect may be considering other of your competitors. this goes well beyond the skills of name recognition and reputation building, which is why the specialty of practice development evolved.<\/p>\n

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\"click<\/a>
click to buy<\/figcaption><\/figure>\n

bruce w. marcus is a pioneer in professional services marketing and coauthor of “client at the core.” this is adapted from his new book, “professional services marketing 3.0,” available for purchase here<\/a>. <\/em><\/p>\n

copyright 2011. used by permission.<\/em><\/span><\/p>\n

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