Mediaboss Marketing

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)