{"id":54084,"date":"2018-03-19t08:00:39","date_gmt":"2018-03-19t12:00:39","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=54084"},"modified":"2018-05-17t12:18:41","modified_gmt":"2018-05-17t16:18:41","slug":"target-prospects-sales-success","status":"publish","type":"post","link":"\/\/www.g005e.com\/2018\/03\/19\/target-prospects-sales-success\/","title":{"rendered":"how to target your prospects for sales success"},"content":{"rendered":"<p><strong><a href=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2017\/09\/businessmanpolevaultgoal_adobestock_168559690.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-52763\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2017\/09\/businessmanpolevaultgoal_adobestock_168559690-424x283.jpeg\" alt=\"businessman pole vaulting toward his goal\" width=\"424\" height=\"283\" \/><\/a>and how to pull in help from outside your firm.<br \/>\n<\/strong><\/p>\n<p><em>by jean marie caragher<\/em><\/p>\n<p>imagine creating a vision board of the top targeted prospects you would like to obtain as clients.<\/p>\n<blockquote><p><b>more:<\/b> <a href=\"\/\/www.g005e.com\/2018\/03\/10\/jean-caragher-high-performing-firms\/\">jean caragher on high-performing firms<\/a> | <a href=\"\/\/www.g005e.com\/2018\/01\/16\/family-business-niche\/\">all in the family business niche<\/a> | <a href=\"\/\/www.g005e.com\/2017\/12\/07\/networking-still-strong-lead-generator\/\">networking still a strong lead generator<\/a> | <a href=\"\/\/www.g005e.com\/2017\/04\/18\/using-events-lead-generation-tool\/\">how smart cpa firms use events as a lead generation tool<\/a> | <a href=\"\/\/www.g005e.com\/2015\/02\/26\/14-timely-questions-tax-season-clients\/\">14 timely questions for tax season clients<\/a> | <a href=\"\/\/www.g005e.com\/2015\/02\/19\/12-step-program-building-better-client-relationships\/\">the 12-step program for building better client relationships<\/a><br \/>\n<strong><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-49700\" src=\"http:\/\/4f2bur4nuye2cgakm2rm61qk.wpengine.netdna-cdn.com\/wp-content\/uploads\/2016\/08\/yellow_key_clip_art-e1375897299811-36p-hi-1-e1470686574894.jpg\" alt=\"goprocpa.com\" width=\"39\" height=\"16\" \/><span style=\"color: #b79c00;\">exclusively for pro members. <\/span><\/strong><span style=\"color: #b79c00;\"><a style=\"color: #b79c00;\" href=\"\/\/www.g005e.com\/wp-login.php?redirect_to=\/\/www.g005e.com\/2018\/03\/19\/target-prospects-sales-success\/\">log in here<\/a> or <a class=\"external\" style=\"color: #b79c00;\" href=\"http:\/\/goprocpa.com\/\" target=\"_blank\" rel=\"noopener\">2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n<p>this is what happened at legacy professionals, a niche-focused firm headquartered in chicago, illinois, focused on serving employee benefit plans, labor organizations, not-for-profits and government entities.<br \/>\n<!--more--><\/p>\n<figure id=\"attachment_54085\" class=\"thumbnail wp-caption alignright\" style=\"width: 86px\"><a href=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2018\/03\/julietucek.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-54085\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2018\/03\/julietucek.jpg\" alt=\"portrait of julie tucek\" width=\"86\" height=\"120\" \/><\/a><figcaption class=\"caption wp-caption-text\">tucek<\/figcaption><\/figure>\n<p>their top prospect list started six years ago and includes 20 prospects\/relationships. julie tucek, legacy\u2019s longtime marketing director, reviews it with partners and managers three times per year. \u201cour largest new clients have been on this list,\u201d says tucek.<\/p>\n<p><strong>how to create your top prospect list <\/strong><\/p>\n<p>the first step is to analyze your current client base. segment your clients by sic or naics codes. then, for each industry, calculate the gross fees, net fees, realization, average fees billed, average hours billed, average billing rate and number of clients. also, analyze your client base by sales volume, geographic location and services provided.<\/p>\n<p>graph this information to give an accurate picture of your client base (see table below). this will show you in which industries you are spending the most time, earning high fees, experiencing high collection rates, offering a variety of services.<\/p>\n<p>use this analysis to write the description of your ideal client. the description of your ideal prospect should be the same.<\/p>\n<p><a href=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2018\/03\/caragher_idealprospect.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-54086\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2018\/03\/caragher_idealprospect.png\" alt=\"table regarding ideal prospects\" width=\"631\" height=\"243\" srcset=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2018\/03\/caragher_idealprospect.png 631w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2018\/03\/caragher_idealprospect.png 300w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2018\/03\/caragher_idealprospect.png 600w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2018\/03\/caragher_idealprospect-424x163.png 424w\" sizes=\"auto, (max-width: 631px) 100vw, 631px\" \/><\/a><br \/>\nwith the description of your ideal prospect in hand meet with your team members. create your initial prospect list with businesses and individuals your team may currently be courting. then, add to your list by purchasing a targeted list. sources include:<\/p>\n<ul>\n<li><a href=\"http:\/\/hoovers.com\" target=\"_blank\" rel=\"noopener\">hoovers<\/a><\/li>\n<li><a href=\"http:\/\/guidestar.org\" target=\"_blank\" rel=\"noopener\">guidestar<\/a>\u00a0\u2013 nonprofits<\/li>\n<li><a href=\"http:\/\/charitynavigator.com\" target=\"_blank\" rel=\"noopener\">charity navigator<\/a> \u2013 nonprofits<\/li>\n<li><a href=\"http:\/\/judydiamond.com\" target=\"_blank\" rel=\"noopener\">judy diamond<\/a> \u2013 employee benefit plan audits and tpas<\/li>\n<li><a href=\"http:\/\/auditanalytics.com\" target=\"_blank\" rel=\"noopener\">audit analytics<\/a> \u2013 public companies<\/li>\n<li>organization membership directories\n<ul>\n<li>chambers of commerce<\/li>\n<li>business organizations<\/li>\n<li>trade organizations<\/li>\n<\/ul>\n<\/li>\n<li>business lists\n<ul>\n<li><a href=\"http:\/\/www.infousa.com\" target=\"_blank\" rel=\"noopener\">infousa.com<\/a><\/li>\n<li><a href=\"http:\/\/www.directmail.com\/mailinglists\/\" target=\"_blank\" rel=\"noopener\">directmail.com\/mailinglists\/<\/a><\/li>\n<li>and many more<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>review your prospect list and focus on a realistic number. whether that\u2019s one or three or five it needs to be a number that a team member can keep track of, and communicate and follow up with.<\/p>\n<p>then, conduct additional research on each company by looking at their website, social media, google searches and what your team may know\/contacts they have at the company.<\/p>\n<p>with legacy\u2019s niche focus, information can be found about the current auditors and fees from tax forms. this helps with their pursuit strategy.<\/p>\n<p><strong>how to reach out to your top prospects<\/strong><\/p>\n<p>legacy reaches out to their top prospects using traditional marketing tactics, including taking them to lunch, direct mail, email blasts, speaking, trade shows and writing.<\/p>\n<p>\u201cwe know where our prospects will be,\u201d explains tucek. \u201ca partner or manager is assigned to reach out and say hello.\u201d<\/p>\n<p>legacy also reaches out to other service providers for assistance, including attorneys and money managers. \u201cwe know the service providers who work with our prospects,\u201d says tucek. \u201cwe look for the opportunity to say, \u2018we\u2019re looking to work with xyz prospect. how can you help us?\u2019\u201d<\/p>\n<p>legacy\u2019s reputation plays a critical role. service providers in their markets are aware of how they work with their clients and enjoy working together on mutual clients.<\/p>\n<p><strong>the advantages of a niche marketing strategy<\/strong><\/p>\n<p>legacy\u2019s targeted prospecting is successful because of the firm\u2019s niche strategy. here is a list of the benefits of niche marketing.<\/p>\n<ul>\n<li><strong>high profitability.<\/strong> niche marketing offers higher profitability for two reasons. first, clients are willing to pay a higher fee for industry expertise. second, there is less danger of losing clients if your firm is the industry specialist.<\/li>\n<li><strong>economical.<\/strong> marketing dollars are being spent on specific niches rather than random efforts.<\/li>\n<li><strong>high-value services to clients.<\/strong> firms specializing in an industry niche have the ability to offer services far beyond an audit and tax return. there are often opportunities for consulting engagements that benefit the client&#8217;s bottom line.<\/li>\n<li><strong>easily identified prospects.<\/strong> by utilizing basic market research techniques, firms can identify prospects by geographic area, sales, number of employees, standard industry classification (sic) code or north american industry classification system (naics) code, and cpa firm. this information can then be used to define your market.<\/li>\n<li><strong>fewer geographical barriers.<\/strong> being known as an industry specialist opens the door to clients outside your local marketplace. the skills and services offered by your firm can be leveraged to build your client base in other geographic markets.<\/li>\n<li><strong>personal and professional challenges and rewards.<\/strong> being known as an industry specialist provides opportunities and exposure for your partners and professional staff. also, building a book of business is an effective career path to become a partner.<\/li>\n<li><strong>easily identified competition, and strengths and weaknesses.<\/strong> while researching your prospects, determine the cpa firms that currently serve these companies. then, research the cpa firms to find their industry specialists, marketing products and industry involvement<em>. <\/em><\/li>\n<li><strong>prestige.<\/strong> a reputation as a specialist in a specific industry makes your firm more valuable to your clients and leads to additional marketing opportunities, for example, published articles, speeches, blogs, videos and leadership positions in trade associations.<\/li>\n<li><strong>year-round work.<\/strong> by expanding the range of services offered to clients, it is more likely that you will provide services on a year-round basis, unlike traditional, seasonal accounting work.<\/li>\n<li><strong>increased knowledge of your clients.<\/strong> by focusing on a specific niche you are also able to focus on continuing professional education (cpe), trade association memberships and outside reading on topics of need and concern to your clients. this in turn makes you better able to serve your clients&#8217; needs and more valuable to them because you have an enhanced knowledge of their industry.<\/li>\n<\/ul>\n<p><strong>unpeeling the relationship <\/strong><\/p>\n<p>\u201cit\u2019s all about unpeeling the relationship,\u201d says tucek. \u201cwe keep an eye on all the people we know related to each prospect. it\u2019s never just one contact. for nonprofits, for example, there could be 10-15 people involved in the decision-making process.\u201d<\/p>\n<p>teamwork is important at legacy. the prospects on their top prospect list are managed by multiple team members. \u201cwe want the prospects we want to know we\u2019re here,\u201d says tucek, \u201cand that takes a team effort.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong>and how to pull in help from outside your firm.<\/strong><br \/>\n<em>by jean marie caragher<\/em><\/p>\n","protected":false},"author":1334,"featured_media":54050,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[2271,3120],"tags":[],"class_list":["post-54084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marketing","category-pro-member-exclusive"],"acf":[],"yoast_head":"<!-- this site is optimized with the yoast seo plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>how to target your prospects for sales 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