Firm marketing tips and ideas

Here are some free firm marketing and client service tips, taken from the Marketing Director CD-ROM.

We have created two guides, packed with more tips and strategies for your practice: Marketing Strategies That Work and More Marketing Strategies That Work.

For your free copies in Word format, just putting "Marketing guides request" in the subject line. Please include your name, the name of your firm and your town or city.

Do websites work for accounting firms?

Issue Two of Accountancy Tips and Tricks includes advice on getting your firm online, building a great website and maximising your firm's online presence.

To read our FREE guide to websites click here.

Gain leads with the Quick and Easy Client Survey

Would you like to attract new clients without being too forthcoming? The Quick and Easy Client Survey is a great way to do just that.

Comprising six carefully-crafted questions, this survey will allow you to enhance relations with existing clients, while potentially gaining new business to maximise revenue.

For more information or to request a free copy of the survey in Word, visit Issue One of our Accountancy Marketing Tips and Tricks guide.

Five ways to get more from your client newsletter:

Send a copy to the top 80% of your client base
Include a covering letter and client response faxback (based on the free templates we provide every issue)
Send five copies to each of your referral sources, so they can pass them on to potential clients
Display recent editions in your reception area, and PDF versions on your website
Send regular copies to your best prospects, using a highlighter to emphasise particular passages

Marketing Tip: Purchase a Start-Up Database

We recommend that you obtain a database of start-up businesses in your area. This is an easy and cost-effective way to ensure a stream of leads.

Selectabase offer a service called Startupsplus. This provides you with a monthly list of all the latest new and changing businesses in your chosen postcode area. These leads have been checked against the Corporate Telephone Preference Service, so they can all be contacted.

The service is available from £37 per month on an annual subscription basis, so a single client gained will more than cover the costs. For more information about Startupsplus, call them on 01304 382211, and mention that you were directed to them by Practice Track.

Is firm marketing a state of mind?

'Marketing' used to be a dirty word among accountants, but that's no longer the case. Forget the knee-jerk mental associations with telesales and expensive advertising campaigns: successfully marketing and growing an accountancy practice is as much about developing the right attitude to clients, prospective clients and referral sources.

UK accounting firms operate in an increasingly competitive marketplace. Gone are the days when 'marketing' meant at most a plaque on the door and perhaps an ad in the Yellow Pages. Now even the smallest sole practitioners are splashing out on marketing campaigns and expensive websites.

But before you hire a marketing guru or even open your wallet, there are some simple, cost-free steps you can take to transform your approach to growing your practice. Here's a top ten:

Monitor your sources of new business and organise your leads.
If you learn where your best business comes from, you will know how to invest your time in the future. Organise your referral contacts into 'A', 'B' and 'C' categories, then formulate a communications strategy tailored to each.
Never assume your clients are delighted.
Delighted clients are your most important source of referrals. Survey your client base to identify those who are merely 'satisfied,' then look for opportunities to convert them into fans. While you are at it, review everything your client sees, hears or touches. Is your reception area inviting? How does your receptionist welcome each client? Are your accounts covers attractive? Are letters well-written and easy to read? Are your staff skilled communicators?
Know every professional service provider of every client
These are the referral sources who don't know you and your firm, but who should. By getting to know the other professional service providers of your clients, you establish a referral source, cement client relations, and enhance your image and reputation.
Focus on clients' profits – not your own.
There is a limit to the demand for tax return preparation, services and audits, but there is unlimited demand for accountants and consultants who can help clients improve net profits! If you are still focusing on increasing your chargeable hours, charge rates, or net fees, it's time to reorientate your thinking.
Write a personal marketing plan.
Most partners and managers have only 100-300 hours a year to devote to marketing. Why not plan this time as well as you would a 300-hour client engagement? Focus on desired outcomes, actions, steps, money, time, and a budget.
Stop talking about fees and focus on the USP
When meeting prospects, focus on the value you can give, and on what makes you different from and better than your competitors. Fee terms should almost seem like an afterthought.
Build relationships with your clients' team members.
Before the tax season starts, meet the financial teams of your ten best clients. These people are the movers and shakers in your community. Create a team working for your client and you will create a team that works for you too.
Don't hibernate during the tax season.
Clients are never more interested in help with their business than when confronted with last year's financial results and this year's tax liability. Plan now for cross-selling to every client you meet during the tax return season. Capitalise on this effort with press releases, articles, and mailings. Prepare your materials now in time for the next self assessment return season.
Learn to ask better questions.
Knowing how to ask good questions is the foundation of being an effective adviser. Through questioning and listening, you learn what you need to know to help your clients, and ultimately this will benefit your firm.
Focus on tomorrow, not just yesterday
Clients are more interested in today and tomorrow than they are in yesterday – the traditional province of the accountant. Help your clients use financial statements as a foundation stone for making better judgements and business decisions.

Marketing is not a dirty word, and neither is it black magic. A few simple actions to change your attitude to clients and referrals can have remarkable results in maintaining and winning business – and all for less than the cost of a plaque and a Yellow Pages ad.

Ten ways to publicise your firm

Clients like to see their accountant in the limelight because they enjoy the prestige of dealing with a recognised expert in the field. Here are ten ways you can start generating publicity:

Send out press releases
A press release should report, in one or two pages, a focused news item. This could include information about people you have taken on, seminars you are offering to the public, significant management changes or milestones, new services your firm is offering, and so on. Send press releases out regularly, bearing in mind that editors will only print your news if they can see that it is of clear interest to their readers.
Set up one-to-one meetings with reporters
Target reporters who cover stories that are in line with the type of publicity you are seeking. If you share information, and make meetings friendly and informal, reporters will often be generous in their advice on the best way to get coverage in their publication or on their station.
Contact editors and reporters with fresh ideas for stories
Editors and journalists are often under constant pressure to produce stories with a fresh angle or point of view. If you come up with ideas or spot trends in the course of your business, share your information with an editor or reporter. If they use your idea, they might well publicise you too within their story.
Invite the media to important firm events
If you are celebrating some big firm event, such as an important anniversary, a new managing partner, or other significant milestone, invite members of the press to attend. This will give them an opportunity to get to know your firm and its employees better. You might not benefit from publicity the first time, but this type of interaction will increase your chances of publicity for the future.
Write articles for local publications
If you have writing talent, or can enlist the help of someone who does, look for opportunities to publish articles or stories that will display your, or your firm’s, accounting and business expertise. Send an article or some helpful business tips to your local newspapers, or a technical article to a trade journal – your article may be read by a reporter looking for a quotable source, or a prospect shopping for the right accountant.
Offer to speak at functions/seminars etc.
Accountants who speak regularly increase the prestige and visibility of their firm within the community. Because they are constantly communicating ideas to new groups of people, they often encounter new business opportunities, and expand their referral network.

Contact local business associations, trade show organisers, and any other groups that might welcome information on accountancy related topics. Begin with small gatherings, and make sure your speech is simple and punchy – you don’t want to bore any prospects in the audience! We look at the art of delivery later in this issue. It is wise to ask someone you respect to give you feedback on your performance before the event. Note: speeches can often be turned into articles, and vice versa.
Think big on marketing and promotions
If your marketing is innovative and interesting, it may be newsworthy enough to catch the interest of reporters. Spend some creative time with your staff every month to generate ideas that will reinforce client satisfaction and bring in new clients. Try your ideas out on a small scale to begin with, and then present the refined product to a larger audience. Success is more likely to depend on how creative you are than how much you spend.
Identify unusual or interesting events in your business
Look out for human interest stories that could be of interest to local reporters. The accounting business is full of outlandish but true tales, and creative solutions to problems. Stories such as these can provide you with the perfect material for interacting with reporters or illustrating a point in a speech. If you intend to use names, or identify those involved in some other way, do ask permission. Capturing attention with the grand and the unusual will mean you occupy more space in the minds of reporters, clients, and prospects alike.
Distribute a newsletter
A newsletter with helpful business and personal finance information can be a highly effective marketing tool, and will be read and appreciated by both clients and prospects alike. It can benefit your practice in a number of ways, from simply increasing your firm’s name recognition in your area to developing a club culture among your clients. Add a personal note to some newsletters from time to time, and highlight articles that might be of interest to a particular client or prospect.
Stage a series of seminars
As an accountant, you deal with business and personal financial issues on a daily basis, so you know which topics are likely to draw people to a seminar. Create an entertaining and informative programme of issues, invite clients, referral sources, and the media – and encourage them to bring friends and family. Once you are comfortable with this approach, widen your guest list to include prospects, too.

Do not let inexperience in public relations stand in your way. Anyone can make good use of publicity. Attend seminars, read books and articles, and talk to anyone who has experience in dealing with the media.

Reporters are always looking out for knowledgeable and helpful sources of information, so when they come to see you, put other responsibilities aside until they have all the information they need for their story. If necessary, put them in touch with other sources who can answer questions you cannot.

Do not ask to approve the reporter's manuscript – this could change their attitude to you entirely, and ruin a potentially productive relationship. Although you cannot control what they write about your firm in the way you could for paid advertising, the credibility and visibility that goes with editorial exposure can be immeasurable.

Marketing myths

For some reason, the accounting profession is riddled with marketing myths. These can be quite damaging if taken too seriously. In this section we outline some popular misconceptions and explode common myths.

Myth: The best source of new business is from new clients.
It is a myth that your best source of new business is your new clients rather than established clients. The theory is that your new clients will be so ecstatic with your service that they will gladly refer you to other clients, allowing you to gradually phase out older clients. In fact, it is easier to sell to your current clients. The referral relationship is more established with current clients and they are more likely to purchase additional services. Sales and marketing expenses are cheapest when cross-selling. It is far more expensive to get a new client than to keep an old client.

The single exception to this is industry-specific direct marketing. For example, if you act for a substantial number of medical practitioners, you wish to specialise in this area and there are seventy more in your vicinity, you should attempt to pursue all of them.

Myth: You must keep all of your clients.
It is unfortunate that many accountants feel that they should keep every one of their clients. Many also feel that all fees are equally important. The accountant who feels that he must keep all of his clients is buying market share, and is failing to capitalise on potential fees. Buying market share is a failed marketing strategy and is not advisable.

Myth: Your biggest customers are always your best customers.
This is a dangerous myth, and probably the one most invisible to accountants. Many accountants are tempted to attract and keep large clients, typically because he or she feels that fewer client relationships are easier to handle and that the clients are more prestigious. On the surface this is true. But it is essential to avoid a situation where clients become the tail that wags the dog. A client whose departure could take away an appreciable part of the practice income is potentially dangerous.

Myth: Personal sales calls are the best marketing weapon and their use should be encouraged above all else.
Personal sales calls are very expensive, very time consuming and amount to a hidden cost. The best marketing weapon is an ability to develop qualified leads. With qualified leads, you can focus your sales skills and develop more business. It is more important to uncover a good lead than to be a great salesperson, because good leads are more difficult to come by.

Myth: Price sensitivity is a function of the customer's personality.
Price sensitivity is a function of the customer's estimation of an accountant’s value. If an accountant, or any other professional service provider uses low fees as the main thrust of their marketing argument, then that person can be assumed to have a low skill level. If a customer thinks that a service provider is adding value to his business, he will respond to value. If he sees the accountant as little more than a clerk; he will employ the cheapest clerk available.

Myth: An accountant has to match a competitor's rates.
This myth suggests that in essence, an accountant is a victim of the pricing structures of other accountants. This is potentially a very damaging misconception. Accountants are perpetually concerned with their billing rate, wondering whether they are charging enough, or too much. The short answer to fees is that they are worth what your clients think they are worth. The real answer is that your quality and skills exist apart from those of your competitors. If the fee level is too great a component of a client or prospect decision, then that is not a client or prospect that you need.

Myth: Price is the consumer's 'bottom line'. In a recession, pricing becomes paramount.
Pricing takes on additional importance during a recession, but it does not turn a normally value-conscious client into a generic, "commodity-pricing-only" company. Clients who seek a low fee will seek it in good times and bad. Clients who seek value for their fees will seek it in recession and boom times. These clients realise that it is more important during a recession to have a quality accountant. It is not time to look for a cheap advisor when the margins are tight.

Myth: Detecting a prospective client’s problems is the best way to position yourself with them.
This is not completely untrue. Standard sales theory holds that the best way to impress a client is to solve his problems. But detecting the problem is only the first step. Before you can be perfectly positioned with the client, you must:

Ensure the client realises that he has a problem.
Have an adequate solution.
Persuade the client that your solution is the right one.
Persuade the client that your firm is the best one to carry out the solution.

These are some of the more common marketing myths that are held within the accounting profession. Although some do contain an element of truth, it is important not to take them too seriously, or allow them to obscure the truly effective marketing ideas and techniques.

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