Among professional services industries, accounting firms often experience slower growth compared to other sectors. Recent studies show that accounting and finance firms grew at a median rate of 11%, compared to 12.3% for the AEC sector and 15% for technology and software. In fact, accounting and financial services firms were some of the slowest growing of all professions studied.
However, this doesn't have to be the case. Many accounting firms are robust high-growth businesses, growing 20% or more year after year.
The difference between high-growth and average-growth firms lies in their marketing approach. High-growth firms invest more in marketing – both time and dollars – and as a result, they achieve extraordinary growth rates. Specifically, they focus on differentiation as their top marketing priority, create educational content to build visibility around their subject-matter experts, and strike the right balance between traditional and digital channels. In short, the marketing decisions you make can dramatically affect the growth and profitability of your firm.
Wouldn't you like to know what high-growth accounting firms do differently? Are there marketing techniques that are proven to work better than others? And can a business like yours emulate the best performing CPA firms? (Yes, it can.)
This guide aims to provide answers to these and many other questions.
Accounting marketing is evolving from a geographically limited, relationship-driven discipline to a multifaceted, expertise-based strategy that leverages technology and scientific techniques to target specific audiences across a wide area. This new approach can have a major impact on a firm's reputation, visibility, new client acquisition, service offerings, pricing, client retention and recruiting.
Marketing is often confused with sales and business development. Sales is the process of understanding a specific prospect's needs, offering a specific set of services to address them and convincing the prospect to purchase the services. Marketing, on the other hand, is the process of understanding a market's needs, tailoring your offerings to those needs, generating awareness for a firm's services and encouraging qualified prospects to reach out and request more information.
Or more simply, marketing is about generating qualified opportunities. Sales is about turning those opportunities into clients.
Unfortunately, a lot of CPA marketing falls far short of its potential. We begin this guide by exploring why this happens.
Then we'll explain how you can get the most from your accounting marketing investment by taking a research-based approach to growing your CPA firm. Last, we'll describe the skill sets you need to succeed.
Sadly, most accounting firms do a comparatively poor job of marketing. According to a recent study, over 70% of firms have made business development a top priority. But in practice, we repeatedly encounter five common patterns that work against their success.
Today's digital marketing landscape allows for more accurate measurement of marketing effectiveness. High-performing firms are using data-driven approaches to optimize their marketing efforts:
Research shows that relevant experience and subject-matter expertise are the most important criteria for buyers when selecting a firm. However, expertise is often invisible. The fastest-growing firms actively work to improve the visibility of their expertise through strategies such as:
To build a successful modern marketing program, accounting firms need to develop or acquire the following skill sets:
While there are many wrong ways to market a CPA firm, high-growth firms have demonstrated that a data-driven, strategic approach to marketing can yield significant results. By focusing on differentiation, leveraging expertise, and developing a comprehensive set of marketing skills, accounting firms can overcome the industry's typical slow growth and achieve remarkable success.
Implementing Your Accounting Marketing Strategy
Once you've developed a solid marketing strategy and assembled the necessary skills, it's time to put your plan into action. Here are some key areas to focus on:
Content marketing is a powerful tool for accounting firms. By creating valuable, informative content, you can demonstrate your expertise and attract potential clients. Consider the following:
Remember to tailor your content to your target audience and their specific needs.
While not all social media platforms may be relevant for accounting firms, LinkedIn and Twitter can be particularly effective:
Optimizing your online presence for search engines is crucial:
Email remains a powerful tool for nurturing leads and maintaining client relationships:
While digital marketing is important, don't neglect traditional networking:
Measuring and Improving Your Marketing Efforts
To ensure your marketing efforts are effective, it's crucial to regularly measure and analyze your results:
Establish key performance indicators (KPIs) that align with your business goals. These might include:
Leverage tools like Google Analytics, social media insights, and email marketing analytics to track your performance.
Schedule monthly or quarterly reviews of your marketing metrics. Look for trends, identify what's working well, and pinpoint areas for improvement.
Don't rely solely on numbers. Regularly seek feedback from your clients about how they found you and what influenced their decision to work with your firm.
Be prepared to adjust your strategy based on your findings. The marketing landscape is always changing, and what works today may not be as effective tomorrow.
Overcoming Common Challenges in Accounting Marketing
Even with a solid strategy in place, accounting firms often face unique challenges in their marketing efforts:
Accounting firms must navigate strict regulations regarding how they can market their services. Stay informed about the latest guidelines from professional bodies and ensure all your marketing materials comply.
With many firms offering similar services, standing out can be challenging. Focus on what makes your firm unique – whether it's specialized expertise, innovative technology use, or exceptional client service.
While digital marketing is crucial, many accounting clients still value traditional relationships. Find the right mix of modern and traditional marketing techniques for your target audience.
As automated tools handle more basic accounting tasks, firms need to market their value-added services. Focus on showcasing how you can help clients with strategic financial planning, business advisory services, and other high-value offerings.
Many potential clients view accounting services as a commodity and are highly price-sensitive. Your marketing should focus on the value you provide and the potential return on investment for clients, rather than competing solely on price.
As you develop your marketing strategy, keep an eye on these emerging trends:
AI tools are increasingly being used to personalize marketing efforts and automate routine tasks. Consider how you can leverage these technologies to enhance your marketing efficiency.
Short-form video content is becoming more popular across all industries. Explore ways to use video to explain complex concepts, showcase your team, or provide quick tips.
With the rise of voice-activated devices, optimizing your content for voice search is becoming more important.
Clients expect more personalized experiences. Look for ways to use data and technology to provide tailored content and services to different client segments.
Individual experts within your firm can become powerful marketing assets. Encourage key team members to develop their personal brands and share their expertise publicly.
Effective marketing is crucial for the growth and success of accounting firms in today's competitive landscape. By implementing a comprehensive marketing strategy that encompasses content creation, digital presence, networking, and continuous improvement, firms can attract new clients, retain existing ones, and establish themselves as industry leaders.
Remember that successful marketing is an ongoing process. It requires consistent effort, adaptability, and a willingness to embrace new trends and technologies. Stay attuned to your clients' needs, industry developments, and emerging marketing opportunities to ensure your firm remains at the forefront of the accounting profession.
By focusing on demonstrating your expertise, providing value, and building strong relationships, your accounting firm can overcome common marketing challenges and thrive in an increasingly digital and competitive marketplace. Whether you're a small local practice or a large multinational firm, the principles of effective marketing remain the same: understand your audience, communicate your value proposition clearly, and continuously refine your approach based on results.
With the strategies and insights provided in this guide, you're well-equipped to elevate your accounting firm's marketing efforts and drive sustainable growth. Remember, the most successful firms are those that view marketing not as an expense, but as an investment in their future success.
Want assistance from a team with deep knowledge of the accounting industry? We've served dozens of top 200 firms - connect with our team to learn more about our consulting and content marketing services.