CPA marketing
Even though large CPA firms have become more aggressive in marketing their services to prospective clients, many firms with one to four professionals continue down the old road. These practitioners spend time on the golf course and get themselves appointed to the boards of local not-for-profit organizations. They fill CPA marketing their calendars with meetings of the local chambers of commerce, the Rotary Club, and the hospital. By rubbing shoulders with local business and civic leaders, they hope some new business will rub off on them.
Getting involved with service and civic organizations can be enjoyable and worthwhile, affording you the opportunity to make a much-needed contribution to the community. But don’t fall into the trap of thinking that what you’re doing is marketing. It isn’t.
Meanwhile, the active, large CPA firms are beginning to chip away at the client base of the smaller firms. By emphasizing their capabilities, experience, and prestige, these interlopers make their presence known. The once-secure, loyal clients then say, “Maybe it’s time to look CPA marketing around.” These are the early warning signs of trouble.
Most smaller firms do not feel they have the time or money to pursue contemporary marketing techniques. They become almost resigned to serving small clients and doing tax returns.
Although it is important for CPAs to be visible, many accountants have learned that the “being-active-in-the-community” approach to developing a practice is both inefficient and ineffective today. It is marketing by accident. It is client development by chance. Missing are clear objectives and a well-enunciated marketing plan.
Far more than others in the field, small-firm practitioners have failed to grasp the reality that the marketing role is just as essential to their business success as keeping up with annual changes in the tax code!
Seven Marketing Guidelines
The basic issue for the small CPA firm is to compete successfully with larger firms by taking charge of its practice development with these seven marketing guidelines.
1. Create your own special niche. Although a broad client base helps to provide a sense of security for any CPA firm, developing a specialty can go a long way to attracting more substantial clients. A good approach is to do a careful review of your market area. How many real estate firms are there? What about restaurants? Local CPA marketing retailers? Light manufacturers? Physicians? Focus on one or two and concentrate your efforts in attracting clients from these businesses. Become proficient in those fields.
Being known as the “expert” in a particular field gives you the opportunity to stand out from the crowd. This is the “edge” that will tend to draw prospective clients to you.
2. Present yourself as a business consultant. The large CPA firms have taken the lead in portraying themselves as “business consultants.” They know the danger of being viewed as “number crunchers” wearing green eyeshades and shirt garters. Why have they changed their approach? Simple. Experience shows that today’s business owners need and want both guidance and direction. And CPAs are well-suited for this role. CPA marketing Changes in technology and the economy are making survival dependent upon expert advice. For many businesses, the CPA can become, in effect, the CFO, giving a business the benefits of a financial expert.
The business consultant role is very different from the CPA who shows up quarterly to “do the books” and prepare the tax returns.
There is another factor here that should not be ignored, particularly by small firm practitioners. It is not in your best interests to be viewed as an “expense,” as overhead. Today’s CPA must offer the value added by serving as a consultant in order to secure the client- practitioner relationship. You must be able to communicate this message to an owner: “These are the ways I am enhancing your business.”
CPA marketing
3. Develop a key prospect list. At all costs, remember this principle: “You cannot expect to be successful in building a profitable practice if you are not continually focusing on actual prospects.” Even a one-practitioner firm should have an up-to-date list of at least 100 key prospects — companies you would like to work with given the opportunity.
This list should grow as your expertise in specialized areas increases, as new possibilities arise, and as your marketing efforts progress. Indefinite and indiscriminate marketing is useless and a waste of time. Actual prospects are what count.
4. Position yourself in the marketplace. It is your job to shape and fashion the perception which prospects have of you and your firm. If you assume that “every one knows what a CPA does,” you’re in trouble — big trouble. It is your job to determine, define, present, and then control the way you are perceived.
Here are a few basic, but very important, elements in controlling perception: What’s the message conveyed by your business card, your letterhead, and your proposals? Remember, people want to do business with successful firms. The image you convey determines how prospects think of you. When it comes to proposals, are they dull and dry, or do they speak the language of the business person? Even more important, does the proposal focus on you and what you’re going to do or does it focus on ways you are going to benefit your client? If the client’s needs are not foremost in your proposals, take the time to prepare the proposals right!
