Why accountants must make marketing a business priority
Accountants are facing a triple dilemma in the marketing stakes.
Firstly, the traditional model of a lifelong client – accountant relationship is waning. Digital advances mean that clients can research and change their accountants with relative ease.
Secondly, increased competition is a war fought on many fronts. Accounting firms can be edged out by industries such as management consulting, payroll services and the legal sector.
Thirdly, technology and robotic process automation (RPA) is replacing repetitive work. Cloud software and mobile apps give more control to clients who may need less bookkeeping support.
Put these three together and we have the perfect storm with new business acquisition at the epicentre. GoCardless’ recent “Accountants Benchmarking Survey” hammers this point home: increasing client numbers is THE top business priority for accountants, outstripping other concerns such as increasing efficiencies or reducing costs .
Help your practice to get ahead and stay ahead of the competition with Think Beyond’s four step guide to marketing for accountants below. We’ll talk you through the basics of how you can carve your competitive distinction and bring in new clients.
Prefer to discuss your marketing strategy with a member of the team direct? Call 01625 682110 for a no obligation chat.
Marketing basics for accountants to grow client numbers
Increase new business by following these tried and tested methods.
1. Know your ideal customer
This is golden rule number one. By creating an accurate profile of your ideal customer, you can refine and hone your marketing efforts to target the most valuable acquisitions be that corporation tax services, annual accounts, financial audits, M&A advice or other. Consider:
– Target markets
– Firmographics and demographics
– Pain points
2. Explore opportunities with existing clients
With all this talk of new business acquisition, it can be tempting to overlook existing clients. Aside from cross sell and upsell opportunities, your client base can be a vital referral source that taps into customer trust.
In order to make referrals work for your accountancy firm you should:
– Focus on customer experience
– Offer incentives
– Track and analyse take up
3. Invest in digital marketing
Digital marketing for accountants is a must. From website development to Pay Per Click advertising, content creation to email campaigns or social media marketing, digital channels help to provide visibility and those all-important conversions.
Knowing which channels to invest in should be driven by your wider marketing strategy and be detailed in your marketing plan.
4. Have a plan
No accounting firm should be without a marketing plan. This strategic document is your marketing blueprint; it should outline where you are, where you want to be and how to get there.
What’s more, research has proven that having a documented marketing plan can help to boost business results.
Discover how to write a winning marketing plan by following our “10 Golden rules to create a marketing plan that works.”
Marketing support for accountants: why it pays to hire a consultant
Researching your customer, determining your competition, creating effective marketing campaigns (digital, offline or both) and tying everything together in a clearly defined marketing plan takes time. And that’s time that many accounting practices just do not have.
It’s easy to see why many accountants instead outsource their marketing. If you’re an accountant on the look-out for a marketing partner, a qualified marketing consultant like the Chartered Marketers at Think Beyond can be a sensible place to start. Why? Because marketing consultants do more than manage campaigns. As outside experts, they support you to deliver a marketing strategy to achieve your business goals. Think Beyond also offer full marketing agency support, providing you with a one-stop shop for all things marketing through our trusted partner network.
The marketing consultancy with a difference – Think Beyond
Want to know what really makes Think Beyond different? We are uniquely positioned to understand the challenges that an accountant faces. Our co-founder, Steven Cozens, is a Chartered Accountant and ex-Finance Director with close to 20 years’ experience in businesses ranging from an SME of 50 employees right up to a 130,000 person blue-chip.
Book your free Think Beyond consultation
Find out how Steven and the team can help support your accountancy practice by getting in touch with Think Beyond today.
Alternatively, you can submit your contact details online.
Discover what it’s like to work with Think Beyond by checking out our case study and client testimonials.
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