Most United kingdom companies have found things tough right now, as the financial disaster of 2008 has left many businesses struggling, accountancy firms are one business group which have not really been affected. The situation that lots of accountants find is that businesses rarely swap or change accountants, so obtaining new clients is hard work. Businesses may change a web site designer, or delivery firm, but changing accountants is not something that is normal practice.
Finding New Customers. Most accountants choose to have large or medium-sized clients (as opposed to new companies, startups or sole traders) as the annual fees are higher; however as many businesses tend not to chop and change accountants, lead generation is hard. It is very much a case of taking everything you can get instead of picking and selecting clients; which for many accountants is frustrating.
Prospecting for first time company is hard work; different to a lot of forms of sales whereby a target is identified and approached; with accountancy this really is different, clients come to you, not the standard sales process. This will make the sales process a distinctive and specialist one that demands a unique breed of marketing zest.
Sales Process For Accounts. Instead of the traditional kind of marketing approach, reactive CPA Marketing works better for accountancy businesses.
Reactive marketing would be conducted by allowing as numerous businesses know you might be there, so that whenever the opportunity arises, they are going to think of you. This may be done by advertising, sponsoring business events or by direct marketing to each business. Direct marketing will be difficult (telemarketing, e-marketing, mailing) as response would depend greatly on the need (catching someone on the right time). Reactive marketing might be web advertising or using a website that appears high for relevant keyphrases that incoming enquiries are readily available.
Networking is popular with most accountants as numerous businesses do often ask family or friends for recommendations. Breakfast meetings, online networking forums are used by lots of accountants for this particular very reason and do seem to work quite well.
You will find specialist agencies offering marketing for accountants and do have a professional knowledge about how to help to both create a brand and also assist to generate new clients.
Choosing The Right Marketing Specialist. Since the marketing and sales process for accountancy businesses and bookkeepers is such a specialist and unique one, care must be taken in selecting the right marketing company. For this reason, selecting the one that worked with businesses within the sector before, that understands the sales process and it has a track record of producing results.
Clearly attracting new customers and hanging onto the existing clientele are the lifeblood of any healthy business. A few of the article’s commentary is interesting and a jumping off point for that conversation. A basic analysis of the firm’s “positives” and “negatives”, both internally and externally, can reveal opportunities for growth and retention in every industry, even Accounting:
Strength – What exactly is it that the firm does that is different from the competition?
Weakness – How does your client base rate your services on a scale of 1 to 10? If not a 10, what exactly is it that your firm must push the final results to some 10?
Opportunities – What is the industry trends for marketing, information technology and client services?
Threats – Who are your competition? The facts that your particular competitor does that differs from your competitors?
This can be a SWOT analysis and among the critical first steps in making a marketing plan. While CPA firms understand their business, it requires a professional marketer to know the proven tactics and greatest practices to bring in new clients and retain existing clients. They are two different professional disciplines; whilst the CPAs of your firm work in your business, careful thought needs to be given to hiring and designating a marketing pro to fulfill your goals for revenue growth and profitability. From that point, attracting and retaining qualified candidates (#9 on the survey list) to aid the business growth can additionally be addressed with rmgaux integrated marketing program.
Among the challenges of promoting for accountants is to redirect their thinking from considering marketing being an investment not just a line item expense. Think about the return on Marketing In Denistry and the timeless words from the widely influential business thinker, Peter Drucker: “Business only has two functions – marketing and innovation.” In case your accounting firm or professional practice needs innovation and marketing to boost the expansion of your services, look away from accounting profession and consult for marketing expertise.