There’s a very real problem that still dominates the accountancy and finance sector even though we find ourselves in the thrust of the digital age.
Accountancy practices are falling short in their marketing efforts – and despite it being easier than ever to track and record business development, the majority of accountants are failing to monitor the effectiveness of their activities.
Campaign after campaign, marketing budgets simply get spent again with firms feeling little to no cumulative or residual benefit.
In fact, technology provider Wolters Kluwer discovered that just 30% of accountancy practices have dedicated marketing or business development teams – and only 48% recorded their prospect-to-customer conversion rate, which fell to 37% when asked if they monitored their marketing ROI.
To put the findings into context, these numbers should be hitting 100% if firms are serious about sustained growth that outlives the rest of the competition.
To cut through the clutter, growing practices need to be a visible authority in the industry, which means interacting with new and existing clients on social media, and attending (or speaking at) networking events, exhibitions, trade shows and workshops that will attract the right clientele.
Ask yourself these 6 questions:
- Is your warm enquiry list up to date and are you emailing the database regularly?
- Are you actively approaching new clients for referrals (or even at all)?
- Do you have your monthly marketing spend set, planned and allocated?
- Are you conducting site visits, 1-2-1s or networking events to promote your services?
- Do you see social media as a platform to engage with your audience?
- Are you keeping a record of your campaigns and learning from mistakes?
If you answered “NO” to some or all of the above, it’s time to update your 90-day marketing plan.
While it’s true that many firms are happy with the size of their client base and only replace those that leave, practices looking to grow a fee income and expand organically MUST be proactive in maintaining their quarterly marketing schedule…
- Regularly reaching out to enquiries with helpful information that’s FREE
- Developing marketing strategies that will sell more services, attract new clients and maximise retention
- Adding value to existing packages/services and increasing the cost accordingly.
If you’re struggling to convert leads into customers, you’re seeing less traction on your current marketing efforts than expected, or you want to know what an effective 90-day marketing plan for accountants looks like…
We should chat…