Accounting Marketing: The Essential Guide for Accounting Firms

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.

What Is Accounting Marketing?

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.

5 Reasons Accounting Marketing Fails

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.

1. A Flawed Strategy - Most CPA firms get marketing strategy all wrong. They often rely on large group brainstorming sessions that result in a mishmash of gut instinct, political compromise, and stale tactics. Instead, firms should delegate marketing strategy to a small team with decision-making authority, conduct research on target audiences, build a differentiated brand, and deploy proven tactics.
2. The Wrong Skills - Many firms fail to recognize the broad suite of skills required for modern marketing, from writing and search engine optimization to social media and web analytics. They often understaff or under-skill their marketing teams, limiting their potential impact.
3. Failure to Fully Execute - Some firms formulate workable strategies but struggle to implement them fully. Initial enthusiasm fades as novelty turns into work, and many initiatives die before they can show results. Lack of oversight and accountability also contribute to poor execution.
4. A Broken Funnel - Effective marketing funnels have three primary parts: top (awareness), middle (nurturing), and bottom (conversion). Many firms fail to connect these pieces effectively, leaving prospects stuck or losing interest along the way.
5. Running While Blindfolded - Many accounting firms pay little attention to the performance of their marketing efforts, relying on anecdotal evidence or gut feelings. This approach often leads to wasted resources on ineffective tactics.

Take a Scientific Approach to Accounting Marketing

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:

1. Research proven marketing techniques used by high-growth firms.
2. Conduct research on your target audience to understand their needs and preferences.
3. Implement scientific experiments and A/B tests to determine which tactics work best.
4. Use analytics to track results in real-time and make course adjustments.

The Importance of Visible Expertise

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:

1. Writing and speaking on topics of interest to clients
2. Using promotional techniques to expose their expertise beyond their immediate locale
3. Leveraging search engine optimization, social media, and partner marketing

Key Skill Sets for Successful Accounting Marketing

To build a successful modern marketing program, accounting firms need to develop or acquire the following skill sets:

1. Research: Including survey design, interview skills, and data analysis
2. Strategy: Developing market, growth, brand, and content strategies
3. Branding: Creating a differentiated brand identity and tools
4. Online Marketing: Mastering content marketing, SEO, social media, email marketing, and analytics
5. Graphic Design: Creating visually distinct and compelling materials
6. Writing: Translating complex accounting concepts into clear, engaging content
7. Website Design and Development: Building a lead-generating hub for marketing efforts
8. Video Production: Creating engaging visual content to reach different audience segments

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

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:

• Blog posts on timely tax issues or financial planning tips
• Whitepapers on complex accounting topics
• Infographics explaining financial concepts
• Podcasts featuring industry experts
• Video tutorials on using accounting software

Remember to tailor your content to your target audience and their specific needs.

Social Media Engagement

While not all social media platforms may be relevant for accounting firms, LinkedIn and Twitter can be particularly effective:

• Share your content and industry news
• Engage in conversations with potential clients and peers
• Showcase your firm's culture and team
• Participate in relevant groups and discussions

Search Engine Optimization (SEO)

Optimizing your online presence for search engines is crucial:

• Conduct keyword research to identify what potential clients are searching for
• Optimize your website's structure and content
• Create location-specific pages if you serve multiple areas
• Build high-quality backlinks through guest posting and partnerships

Email Marketing

Email remains a powerful tool for nurturing leads and maintaining client relationships:

• Segment your email list based on client types or interests
• Send regular newsletters with valuable insights and updates
• Use automated email sequences for lead nurturing
• Personalize your emails as much as possible

Networking and Partnerships

While digital marketing is important, don't neglect traditional networking:

• Attend industry events and conferences
• Join local business associations
• Develop referral partnerships with complementary businesses
• Host or sponsor community events

Measuring and Improving Your Marketing Efforts

To ensure your marketing efforts are effective, it's crucial to regularly measure and analyze your results:

Set Clear KPIs

Establish key performance indicators (KPIs) that align with your business goals. These might include:

• Website traffic and engagement metrics
• Lead generation numbers
• Email open and click-through rates
• Social media engagement rates
• Conversion rates for specific marketing campaigns

Use Analytics Tools

Leverage tools like Google Analytics, social media insights, and email marketing analytics to track your performance.

Conduct Regular Reviews

Schedule monthly or quarterly reviews of your marketing metrics. Look for trends, identify what's working well, and pinpoint areas for improvement.

Gather Client Feedback

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.

Stay Agile

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:

Compliance and Regulations

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.

Differentiation in a Crowded Market

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.

Balancing Traditional and Digital Marketing

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.

Demonstrating Value Beyond Compliance Work

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.

Addressing Price Sensitivity

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.

Future Trends in Accounting Marketing

As you develop your marketing strategy, keep an eye on these emerging trends:

Artificial Intelligence and Automation

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.

Video Marketing

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.

Voice Search Optimization

With the rise of voice-activated devices, optimizing your content for voice search is becoming more important.

Personalization at Scale

Clients expect more personalized experiences. Look for ways to use data and technology to provide tailored content and services to different client segments.

Thought Leadership and Personal Branding

Individual experts within your firm can become powerful marketing assets. Encourage key team members to develop their personal brands and share their expertise publicly.

Accounting Marketing - Tighten Up and Succeed

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.