Mediaboss Marketing

As Amazon prepares to overtake Macy's as the number-one apparel seller in the United States, Exults, an internet marketing agency in Florida, weighs in on what that means for traditional clothing stores.

Fort Lauderdale, FL (PRWEB) June 28, 2017

The retail shopping landscape continues to shift, a fact that is especially evident upon an examination of recent developments between Macy's and Amazon. For over a century and a half, Macy's has held a strong position as a leading retailer, but in a recent quarter, the giant reported a 39 percent decrease in net income.

While Macy's tries to adjust its marketing strategy to keep up with online retailers, Amazon continues to rise to prominence. It is expected to soon become the number one apparel seller in the United States.

The reasons behind Amazon's success are manifold. One is the focus on innovation. When Amazon began, it was nothing but a bookstore, but Jeff Bezos, Amazon's CEO, wanted Amazon to become "the everything store," which it has. With innovative programs like Amazon Locker, which lets residents in major cities such as London and Seattle pick up their packages at convenient locations, the company continues to appeal to individuals who lack the time and the will to shop at traditional retailers. Amazon even offers a suite of apps that make online shopping easy for consumers.

Amazon's wide variety of products and its outstanding customer service are other reasons the online store has become so successful. While Macy's has sustained their traditional ways and falls behind on keeping up with the digital trends, Amazon will continue to be the online retailer to set those shopping trends.

If traditional clothing retailers want to stay relevant, they should follow Amazon's example in any way they can. For example, they may have to revisit the design of their websites and apps. Zach Hoffman, CEO and Founder of Exults, stated, "E-commerce websites are some of the more robust sites we build because functionality is critical. Even a mega store like Macy's is lacking in usability across various platforms like mobile." With help from Exults, traditional clothing stores may be able to adjust their marketing strategy to keep up in a world that thinks online first.

For the original version on PRWeb visit: http://www.prweb.com/releases/2017/06/prweb14469898.htm

See the original post here:
Exults Evaluates E-Commerce and Traditional Shopping Habits - Benzinga

WILKES-BARRE Kris Jones likes to refer to himself as a serial entrepreneur, and this week his latest venture received national acclaim.

Jones, 41, of Jackson Township, recently appeared on Planet of the Apps Apples first original programming and he and his business partner, Damon Wayans Jr., walked away with $1.5 million in venture financing for their joint project, Special Guest App.

Jones sat down in his Wilkes-Barre office Wednesday to talk about the show, his newest venture and his partner, who happens to be the son of actor-comedian Damon Wayans and is famous in his own right. Wayans is also the nephew of Keenen Ivory Wayans, Shawn Wayans, Kim Wayans and Marlon Wayans.

Planet of the Apps provided Kris and myself with a huge marketing platform and ecosystem to launch Special Guest., Wayans Jr. said. Its my hope that our appearance on the show, as well as successfully raising $1.5M in venture capital from Lightspeed Ventures propels Special Guest to entrepreneurial success.

In explaining Special Guest App, Jones said by just a few clicks on your cell phone or computer, it is simple and affordable for anyone, anywhere to hire live entertainment on demand via mobile and Web apps.

Jones gave a demonstration. He opened the app, hit a few buttons and in a minute or two he was ready to pull the trigger on hiring a caricature artist for a birthday party.

Jones said Special Guest App removes friction from the live entertainment booking process by seamlessly facilitating discovery, communication, scheduling, agreement and payments.

Special Guest App has two offices one in Los Angeles and the other in Wilkes-Barre at 10 East Northampton St., just a short walk from Jones other office space on South Main Street.

Jones is founder of Pepperjam, which he sold in 2009, and ReferLocal, APPEK Mobile Apps, French Girls App and LSEO.com. He said his KBJ Capital offers unparalleled insight and guidance into leveraging the digital world. Jones said his companies interact and provide needed services for each other.

On the Planet of the Apps show, Jones and Wayans Jr. competed for more than $10 million in venture financing and the duo walked away with more than $1.5 million in venture financing led by Jeremy Liew of Lightspeed Venture Partners who happen to be the first investors in Snapchat.

The show is similar to ABCs Shark Tank, except that it limits its contestants to app developers.

So how did Jones get involved in Special Guest App, and how did he meet Wayans Jr?

Jones said a friend of his, Lauren Rodgers, was an investor with his French Girls app. Rodgers, Jones said, grew up near Wayans Jr. and she asked Jones if she could introduce him to Wayans Jr.

Lauren arranged a meeting with Damon during which he told me about his idea for the Special Guest app, Jones said. I helped him make his dream become a reality. He reached out to me because Ive had a lot of experience raising capital and buying and selling businesses.

Jones said his role was to find investors for the idea. When the Planet of the Apps show expressed interest in bringing Jones and Wayans Jr. on, Jones said it seemed like a no-brainer.

I told Damon that if we were to be successful on the show, we would have the Apple platform to launch this business, Jones said. To buy that kind of publicity and marketing would cost millions of dollars. Look, the size of your megaphone is a primary determinate to your success. It all comes down to who is listening.

In explaining the Special Guest app, Jones gave an example.

Would it make more sense to stand out in the street to wave for a cab, or just go to your phone, call up the app and hire one? he asked.

And then Jones spoke about the market for people that could use the app.

There are 41 million kids 12 and under in the U.S. who would like to have a Spiderman impersonator at their birthday party, Jones said.

Jones said he loves having his headquarters in Wilkes-Barre. He said the region has all that is needed to be a successful entrepreneur.

We have the talent, the office space, the proximity to major markets, an international airport and much more, he said.

Jones other companies

French Girls commissions digital paintings by real artists from your iPhone. Founded in 2014 by Jones, Adam Ceresko and Andrew Herman, French Girls is the worlds largest social network for artists and makes it simple and affordable for anyone, anywhere to get drawn by talented artists. Artists make money by getting commissioned by users, who are then able to buy commissioned prints and canvases all within a mobile app.

LSEO.com is a full-service digital marketing company providing search-engine optimization (SEO) consulting, link building, content marketing, pay per click (Google AdWords, Bing Ads, Yahoo Gemeni), paid social media management (Facebook Ads, Instagram Ads, Twitter Ads, Pinterest Ads), Display (Google, Yahoo, MoPub), and Videos Ads (YouTube).

ReferLocal.com is a local e-commerce and digital marketing platform that connects local consumers to local businesses through partnerships with traditional media (newspapers, television, print), native mobile apps (IOS and Android), and all forms of digital media (e-mail, SEO, PPC, social media, display).

UM Technologies, LLC is an innovation agency which leverages business, user experience (UX) and software design to intentionally create disruptive software enabled solutions which create business value and engaging customer experiences, with the goal of creating meaningful change in the business landscape.

Pepperjam was founded in 1999 by Jones. For nearly 10 year, Jones led Pepperjam as its CEO to become one of the nations most celebrated Internet marketing agencies and affiliate networks. Top clients included the NFL, eBay, Toys R Us, Tory Burch and Rocawear.

Jones sold Pepperjam to eBay Enterprise (formerly GSI Commerce) in 2009. In 2016 Pepperjam, was divested from eBay (as part of the PayPal and Enterprises spinoff) and acquired by Permira Funds and Banneker Partners.

Most recently Pepperjam has grown to one of the premier performance marketing organizations on the planet with over $1B annually in sales.

Kris Jones shows his Special Guest app that he pitched on Planet of the Apps Apples first original programming.

http://timesleader.com/wp-content/uploads/2017/06/web1_TTL062917kris-jones1.jpgKris Jones shows his Special Guest app that he pitched on Planet of the Apps Apples first original programming. Aimee Dilger | Times Leader

Reach Bill OBoyle at 570-991-6118 or on Twitter @TLBillOBoyle.

More here:
'Serial entrepreneur' Kris Jones embarks on newest venture - Wilkes Barre Times-Leader

Lets face facts, the majority of accounting firms in this country are either flatlining or in decline. Firms are struggling to grow and they are now characterised by an ageing client base. Their brand is stale, they have no real point of difference and they have been reduced to what I describe as compliance sweatshops.

No doubt, the commoditisation of compliance work through the automation of data entry and outsourcing finds these firms under pressure. The profession is being disrupted in so many ways and firms who follow the SALY (same as last year) model with a total focus on compliance work are going to pay the price.

As we all know, in business, the definition of insanity is keep doing things the same way and expect different results. The internet and cloud technology have changed the profession forever and marketing for professional service firms has also changed.

If youre still relying on traditional offline marketing methods to grow your firm, be warned. Flyers, local newspaper ads and Yellow Pages might have served you well in the past but they dont deliver anymore. Old habits die hard but these tactics have lost their marketing mojo. Digital Marketing is part of the new rules of business and the marketing magnets for accounting firms are all online tactics - Google searches, content marketing, email campaigns and social media.

Research from Hinge Marketing tells us that a professional services firm generating 60% or more of their leads from digital sources are likely to be twice as profitable as firms who generate less than 20% of their leads online (source). Theres no doubt, adopting new technology and tactics can certainly present a challenge because most people prefer the old way because its easy and doesnt require a change of habits. While Im certainly not advocating you abandon all those tried and true methods, you need to know that Online Marketing techniques are significantly cheaper and provide a greater return on investment.

Reignite your referral engines

Historically, accountants havent invested heavily in marketing. They haverelied on satisfied clients referring them to family, friends and business colleagues. This has been very successful but there has been a shift. Firms with an ageing client base have seen their referrals dry up in recent years because an ageing client base full of 55 to 60 year-olds dont refer like a client base full of 35 year-olds. The baby boomer generation are in wind down mode and theyre not buying businesses or investment properties.

Theyre also not the generation setting up self-managed super funds. These services and referrals have fuelled the growth in small firms for years but its now time to turn your attention to the millennials.

These millennials range in age from 16 to 36 and have grown up in an electronics-filled and increasingly online and socially-networked world. In the US, millennials have surpassed the baby boomers as the nations largest living generation. The demographics in this country are similar and the millennials are the business owners of today and tomorrow. They have been raised under the mantra of "follow your dreams" and on average start a business 8 years earlier than their parents generation (source). They plan to work smarter than their baby boomer parents and you simply cant afford to ignore them.

Unlike previous generations, they dont rely on word of mouth referrals. Instead, they put their faith in commentary on social media channels and online reviews. When they get a referral to an accountant their reflex is to check out the firms website. Unfortunately, this is where so many accounting firms let themselves down. In many cases they are finding an accountants website that is just an electronic brochure that lists the who, what and where of the firm. Its not the first impression that most firms are proud of so if your website isnt generating a constant stream of new clients then its time for a makeover.

Brand or bland?

Dont underestimate the valueand importance of your brand. Millennials expect a modern, fresh and creative look and they will pass judgement on your firm in a split second based on your online presence. Get it right and you will enjoy the spoils because online marketing is relatively inexpensive and works 24/7/365.

The search engines like Google crave quality, relevant content. If you deliver they reward you with high search engine page rankings. In turn, these online search results coupled with a lead generation website provide you with a steady stream of leads, prospects and new clients.

Doom, gloom or boom?

Unfortunately, a large number of accountants got complacent and fell asleep at the marketing wheel. In the blink of an eye they now find their brand is tired and their ageing client base is leaking with clients retiring, selling their business and falling off their perches. To maximise the value of your practise you need to attract the next generation of clients and reignite your referral engines.

Heres the big wake up call. A study of online marketing for professional services firms found that firms that generate at least 40% of their leads online grew four times faster than firms that did not generate online leads (source). They were also two times more profitable.

Its time to shift your marketing focus online and your website is your most important business development tool. Its your silent Marketing Account Executive working 24/7/365 to generate leads and new business. You need to stop thinking of your website as a cost; its an investment and you need to measure your return on investment.

Of course, marketing is a lot more than just a website and you need a marketing plan. It serves as your roadmap and if you persist with those old offline strategies youll find its like running your business looking in the rear-view mirror. A collision is just around the corner.

Lets face facts, the majority of accounting firms in this country are either flatlining or in decline. Firms are struggling to grow and how they are now characterised by an ageing client base. Their brand is stale, they have no real point of difference and they have been reduced to what I describe as compliance sweatshops.

No doubt, the commoditisation of compliance work through the automation of data entry and outsourcing finds these firms under pressure. The profession is being disrupted in so many ways and firms who follow the SALY (same as last year) model with a total focus on compliance work are going to pay the price.

As we all know, in business, the definition of insanity is keep doing things the same way and expect different results. The internet and cloud technology have changed the profession forever and marketing for professional service firms has also changed.

If youre still relying on traditional offline marketing methods to grow your firm, be warned. Flyers, local newspaper ads and Yellow Pages might have served you well in the past but they dont deliver anymore. Old habits die hard but these tactics have lost their marketing mojo. Digital Marketing is part of the new rules of business and the marketing magnets for accounting firms are all online tactics - Google searches, content marketing, email campaigns and social media.

Research from Hinge Marketing tells us that a professional services firm generating 60% or more of their leads from digital sources are likely to be twice as profitable as firms who generate less than 20% of their leads online (source). Theres no doubt, adopting new technology and tactics can certainly present a challenge because most people prefer the old way because its easy and doesnt require a change of habits. While Im certainly not advocating you abandon all those tried and true methods, you need to know that Online Marketing techniques are significantly cheaper and provide a greater return on investment.

Reignite your referral engines

Historically, accountants havent invested heavily in marketing. They haverelied on satisfied clients referring them to family, friends and business colleagues. This has been very successful but there has been a shift. Firms with an ageing client base have seen their referrals dry up in recent years because an ageing client base full of 55 to 60 year-olds dont refer like a client base full of 35 year-olds. The baby boomer generation are in wind down mode and theyre not buying businesses or investment properties.

Theyre also not the generation setting up self-managed super funds. These services and referrals have fuelled the growth in small firms for years but its now time to turn your attention to the millennials.

These millennials range in age from 16 to 36 and have grown up in an electronics-filled and increasingly online and socially-networked world. In the US, millennials have surpassed the baby boomers as the nations largest living generation. The demographics in this country are similar and the millennials are the business owners of today and tomorrow. They have been raised under the mantra of "follow your dreams" and on average start a business 8 years earlier than their parents generation (source). They plan to work smarter than their baby boomer parents and you simply cant afford to ignore them.

Unlike previous generations, they dont rely on word of mouth referrals. Instead, they put their faith in commentary on social media channels and online reviews. When they get a referral to an accountant their reflex is to check out the firms website. Unfortunately, this is where so many accounting firms let themselves down. In many cases they are finding an accountants website that is just an electronic brochure that lists the who, what and where of the firm. Its not the first impression that most firms are proud of so if your website isnt generating a constant stream of new clients then its time for a makeover.

Brand or bland?

Dont underestimate the valueand importance of your brand. Millennials expect a modern, fresh and creative look and they will pass judgement on your firm in a split second based on your online presence. Get it right and you will enjoy the spoils because online marketing is relatively inexpensive and works 24/7/365.

The search engines like Google crave quality, relevant content. If you deliver they reward you with high search engine page rankings. In turn, these online search results coupled with a lead generation website provide you with a steady stream of leads, prospects and new clients.

Doom, gloom or boom?

Unfortunately, a large number of accountants got complacent and fell asleep at the marketing wheel. In the blink of an eye they now find their brand is tired and their ageing client base is leaking with clients retiring, selling their business and falling off their perches. To maximise the value of your practise you need to attract the next generation of clients and reignite your referral engines.

Heres the big wake up call. A study of online marketing for professional services firms found that firms that generate at least 40% of their leads online grew four times faster than firms that did not generate online leads (source). They were also two times more profitable.

Its time to shift your marketing focus online and your website is your most important business development tool. Its your silent Marketing Account Executive working 24/7/365 to generate leads and new business. You need to stop thinking of your website as a cost; its an investment and you need to measure your return on investment.

Of course, marketing is a lot more than just a website and you need a marketing plan. It serves as your roadmap and if you persist with those old offline strategies youll find its like running your business looking in the rear-view mirror. A collision is just around the corner.

Here is the original post:
Accountants Caught Asleep at the Wheel! - Accountingweb.com (blog)

CANNES, France Marketers are used to being the sideshow to the main event, whether its ads in a magazine, tents at a music festival or commercials during the Super Bowl. So imagine a conference where marketing is the star and pretty much everyone who attends specializes in attention-getting. Toss in the French Riviera and you have what is known as the Cannes Lions International Festival of Creativity Awards.

The annual Cannes Lions, established in the 1950s to honor the best in marketing, attracts executives from the worlds biggest brands and advertising agencies, as well as the top players from technology, entertainment and media. (Its unrelated to the citys famous film festival.) Their presence transformed the beachfront here last week, giving a first-timer like me the sense that I was walking through the internet in real life or IRL in web parlance.

Stretches of sand were renamed #TwitterBeach, Facebook Beach and Pinterest Pier. The pavement was painted teal, brought to attendees by Waze. Promotions for Shazam, the song-recognition app, and Oath, the newly named tie-up of AOL and Yahoo, dominated the entryways of five-star hotels to somewhat garish effect. Not enough? There was also a Spotify House and an Oracle Deck.

When I marveled over the setup to another attendee, he asked, Have you seen the yachts yet? I hadnt. Sure enough, there was a long line of luxurious boats nearby that were festooned with banners for brands like Nielsen, the TV ratings company, and the accounting firm PwC. Music thrummed from them well into the early hours of the morning, and the drinking and dancing seemed to be made safer by the fact that people had to take their shoes off to board.

At times, though, the lavish displays felt strangely disconnected from what some of the companies face in the real world. Snap, whose stock plummeted after its first earnings report last month, erected a massive Snapchat-branded Ferris wheel and had its own event space, inspiring a popular guessing game as to how much it all cost.

Then there was the exclusive evening party that executives were jockeying to get into at the glamorous Htel du Cap-Eden-Roc, where rooms cost upward of $1,000 a night. The event, which featured a performance by the Weeknd and refreshments like sushi and key-lime pie bites, was co-sponsored by iHeartMedia, the biggest radio broadcaster in the United States. The company, saddled with billions in distressed debt, has been struggling financially for some time, bringing to mind the phrase, You have to spend money to make money. Many guests continued the festivities on iHeartMedias yacht, where bartenders crouched to serve cocktails and wine from rowboats on the upper deck.

There were plenty of celebrity sightings throughout the week, with private performances offered by Stevie Nicks (courtesy of Oath), Ed Sheeran (thanks to News Corporation) and Solange (via Spotify). Elisabeth Moss, the star of Hulus The Handmaids Tale and an industry favorite from her Mad Men days, joined the party at the du Cap, where she chatted with Hulus chief executive and the founders of PopSugar as the sun set. Ryan Seacrest, Alicia Silverstone and Gwyneth Paltrow were also spotted a reminder of how sprawling the marketing world now is. (To that point, the Cannes Lions themselves no longer distribute awards for advertising, but rather for branded communications.)

Executives, despite their jam-packed schedules, seemed to be taking full advantage of the weather, donning sundresses, light button-downs and T-shirts with blazers. One said he had conducted a morning meeting during a swim in the Mediterranean Sea. Before the conference, an ad technology company offered me an interview with its chief executive while parasailing. (I passed, given that notepads and tape recorders tend not to work in that environment.)

Ros seemed like an integral part of the festival. At meals, it was poured alongside water as early as 11 a.m., and served frozen as fros in the afternoon. Cups of frozen ros slushies were branded with the logos of Facebook and the agency OMD at a beachfront cabana. Nearby, at a villa rented out by the ad agency Ogilvy, a mini refrigerator from Facebook was stocked with fros sorbet.

The entertainment from media companies often felt pitch-perfectly on brand. At a party held by Pinterest, there were cocktails inspired by Pinterest trends, described with physical cards that mimicked posts on its site. (One example: the Elderflower Champagne cocktail.) At Facebook Beach, the company hired Alexa Meade, a popular artist on Instagram known for painting objects and people and staging them so they appear two-dimensional when photographed. Visitors could take pictures to post to their own Instagram accounts. Sure enough, the dimensions baffled several of my close friends.

While interviewing an executive from Dentsu Aegis Network in an open cabana at the end of a long pier with an expanse of blue water on either side, it struck me that this was not a bad setting for networking and negotiations even if many of the attendees seemed to be transplanted from New York City at a steep cost. (One executive confessed that his flight from New York to France cost $12,000.)

Kristin Lemkau, the chief marketing officer of JPMorgan Chase, attended the festival for the first time and acknowledged how outlandish it seemed. Still, she said, it somehow made sense.

This is a relationship business, Ms. Lemkau said. It does come down to the relationships and whether you trust the person youre dealing with and trust their motives, and its kind of hard to build a relationship in a meeting.

See the original post here:
Advertising on the French Riviera: The Internet Come to Life - New York Times

Lets face facts, the majority of accounting firms in this country are either flatlining or in decline. Firms are struggling to grow and they are now characterised by an ageing client base. Their brand is stale, they have no real point of difference and they have been reduced to what I describe as compliance sweatshops.

No doubt, the commoditisation of compliance work through the automation of data entry and outsourcing finds these firms under pressure. The profession is being disrupted in so many ways and firms who follow the SALY (same as last year) model with a total focus on compliance work are going to pay the price.

As we all know, in business, the definition of insanity is keep doing things the same way and expect different results. The internet and cloud technology have changed the profession forever and marketing for professional service firms has also changed.

If youre still relying on traditional offline marketing methods to grow your firm, be warned. Flyers, local newspaper ads and Yellow Pages might have served you well in the past but they dont deliver anymore. Old habits die hard but these tactics have lost their marketing mojo. Digital Marketing is part of the new rules of business and the marketing magnets for accounting firms are all online tactics - Google searches, content marketing, email campaigns and social media.

Research from Hinge Marketing tells us that a professional services firm generating 60% or more of their leads from digital sources are likely to be twice as profitable as firms who generate less than 20% of their leads online (source). Theres no doubt, adopting new technology and tactics can certainly present a challenge because most people prefer the old way because its easy and doesnt require a change of habits. While Im certainly not advocating you abandon all those tried and true methods, you need to know that Online Marketing techniques are significantly cheaper and provide a greater return on investment.

Reignite your referral engines

Historically, accountants havent invested heavily in marketing. They haverelied on satisfied clients referring them to family, friends and business colleagues. This has been very successful but there has been a shift. Firms with an ageing client base have seen their referrals dry up in recent years because an ageing client base full of 55 to 60 year-olds dont refer like a client base full of 35 year-olds. The baby boomer generation are in wind down mode and theyre not buying businesses or investment properties.

Theyre also not the generation setting up self-managed super funds. These services and referrals have fuelled the growth in small firms for years but its now time to turn your attention to the millennials.

These millennials range in age from 16 to 36 and have grown up in an electronics-filled and increasingly online and socially-networked world. In the US, millennials have surpassed the baby boomers as the nations largest living generation. The demographics in this country are similar and the millennials are the business owners of today and tomorrow. They have been raised under the mantra of "follow your dreams" and on average start a business 8 years earlier than their parents generation (source). They plan to work smarter than their baby boomer parents and you simply cant afford to ignore them.

Unlike previous generations, they dont rely on word of mouth referrals. Instead, they put their faith in commentary on social media channels and online reviews. When they get a referral to an accountant their reflex is to check out the firms website. Unfortunately, this is where so many accounting firms let themselves down. In many cases they are finding an accountants website that is just an electronic brochure that lists the who, what and where of the firm. Its not the first impression that most firms are proud of so if your website isnt generating a constant stream of new clients then its time for a makeover.

Brand or bland?

Dont underestimate the valueand importance of your brand. Millennials expect a modern, fresh and creative look and they will pass judgement on your firm in a split second based on your online presence. Get it right and you will enjoy the spoils because online marketing is relatively inexpensive and works 24/7/365.

The search engines like Google crave quality, relevant content. If you deliver they reward you with high search engine page rankings. In turn, these online search results coupled with a lead generation website provide you with a steady stream of leads, prospects and new clients.

Doom, gloom or boom?

Unfortunately, a large number of accountants got complacent and fell asleep at the marketing wheel. In the blink of an eye they now find their brand is tired and their ageing client base is leaking with clients retiring, selling their business and falling off their perches. To maximise the value of your practise you need to attract the next generation of clients and reignite your referral engines.

Heres the big wake up call. A study of online marketing for professional services firms found that firms that generate at least 40% of their leads online grew four times faster than firms that did not generate online leads (source). They were also two times more profitable.

Its time to shift your marketing focus online and your website is your most important business development tool. Its your silent Marketing Account Executive working 24/7/365 to generate leads and new business. You need to stop thinking of your website as a cost; its an investment and you need to measure your return on investment.

Of course, marketing is a lot more than just a website and you need a marketing plan. It serves as your roadmap and if you persist with those old offline strategies youll find its like running your business looking in the rear-view mirror. A collision is just around the corner.

Lets face facts, the majority of accounting firms in this country are either flatlining or in decline. Firms are struggling to grow and how they are now characterised by an ageing client base. Their brand is stale, they have no real point of difference and they have been reduced to what I describe as compliance sweatshops.

No doubt, the commoditisation of compliance work through the automation of data entry and outsourcing finds these firms under pressure. The profession is being disrupted in so many ways and firms who follow the SALY (same as last year) model with a total focus on compliance work are going to pay the price.

As we all know, in business, the definition of insanity is keep doing things the same way and expect different results. The internet and cloud technology have changed the profession forever and marketing for professional service firms has also changed.

If youre still relying on traditional offline marketing methods to grow your firm, be warned. Flyers, local newspaper ads and Yellow Pages might have served you well in the past but they dont deliver anymore. Old habits die hard but these tactics have lost their marketing mojo. Digital Marketing is part of the new rules of business and the marketing magnets for accounting firms are all online tactics - Google searches, content marketing, email campaigns and social media.

Research from Hinge Marketing tells us that a professional services firm generating 60% or more of their leads from digital sources are likely to be twice as profitable as firms who generate less than 20% of their leads online (source). Theres no doubt, adopting new technology and tactics can certainly present a challenge because most people prefer the old way because its easy and doesnt require a change of habits. While Im certainly not advocating you abandon all those tried and true methods, you need to know that Online Marketing techniques are significantly cheaper and provide a greater return on investment.

Reignite your referral engines

Historically, accountants havent invested heavily in marketing. They haverelied on satisfied clients referring them to family, friends and business colleagues. This has been very successful but there has been a shift. Firms with an ageing client base have seen their referrals dry up in recent years because an ageing client base full of 55 to 60 year-olds dont refer like a client base full of 35 year-olds. The baby boomer generation are in wind down mode and theyre not buying businesses or investment properties.

Theyre also not the generation setting up self-managed super funds. These services and referrals have fuelled the growth in small firms for years but its now time to turn your attention to the millennials.

These millennials range in age from 16 to 36 and have grown up in an electronics-filled and increasingly online and socially-networked world. In the US, millennials have surpassed the baby boomers as the nations largest living generation. The demographics in this country are similar and the millennials are the business owners of today and tomorrow. They have been raised under the mantra of "follow your dreams" and on average start a business 8 years earlier than their parents generation (source). They plan to work smarter than their baby boomer parents and you simply cant afford to ignore them.

Unlike previous generations, they dont rely on word of mouth referrals. Instead, they put their faith in commentary on social media channels and online reviews. When they get a referral to an accountant their reflex is to check out the firms website. Unfortunately, this is where so many accounting firms let themselves down. In many cases they are finding an accountants website that is just an electronic brochure that lists the who, what and where of the firm. Its not the first impression that most firms are proud of so if your website isnt generating a constant stream of new clients then its time for a makeover.

Brand or bland?

Dont underestimate the valueand importance of your brand. Millennials expect a modern, fresh and creative look and they will pass judgement on your firm in a split second based on your online presence. Get it right and you will enjoy the spoils because online marketing is relatively inexpensive and works 24/7/365.

The search engines like Google crave quality, relevant content. If you deliver they reward you with high search engine page rankings. In turn, these online search results coupled with a lead generation website provide you with a steady stream of leads, prospects and new clients.

Doom, gloom or boom?

Unfortunately, a large number of accountants got complacent and fell asleep at the marketing wheel. In the blink of an eye they now find their brand is tired and their ageing client base is leaking with clients retiring, selling their business and falling off their perches. To maximise the value of your practise you need to attract the next generation of clients and reignite your referral engines.

Heres the big wake up call. A study of online marketing for professional services firms found that firms that generate at least 40% of their leads online grew four times faster than firms that did not generate online leads (source). They were also two times more profitable.

Its time to shift your marketing focus online and your website is your most important business development tool. Its your silent Marketing Account Executive working 24/7/365 to generate leads and new business. You need to stop thinking of your website as a cost; its an investment and you need to measure your return on investment.

Of course, marketing is a lot more than just a website and you need a marketing plan. It serves as your roadmap and if you persist with those old offline strategies youll find its like running your business looking in the rear-view mirror. A collision is just around the corner.

Read the original:
Accountant caught asleep at the wheel! - Accountingweb.com (blog)