CPA Firm Benchmarks: Marketing and Business Development
New data shows firms are seeking niche opportunities.
CPAs have made great strides in the art and practice of sales and marketing. But, according to at least preliminary results, the profession still has a long way to go in adopting robust business development practices.
The good news is that most firms appear to be embracing some form of niche marketing. The bad news is that most accountants remain dissatisfied with their firm’s activities.
The survey questionnaire is available here. Participants get notified of the results as they become available.
Preliminary Highlights:
- Respondents are largely decision-makers in full-service local accounting firms.
- 47% are working longer hours due to the staff shortage.
- 71% are practicing target marketing to niches or specialties.
- 46% work in firms where “some” partners and professionals regularly generate new business leads.
- 50% view their firm’s marketing efforts as unsatisfactory.
.
VERBATIM COMMENTS
Can you name the marketing practice that WORKS BEST for your firm?
(Selected Responses)
- Public speaking on specific topics related to our target markets and simply telling clients (in person) that we’d like referrals of specific types of clients/assignments. Our principal objective is replacing less profitable, more troublesome, more unappreciative clients with clients that are a “better fit” for our objectives as a firm. Overall firm size is far less important to me than optimizing these other criteria.
- Networking and speaking
- Relationships — ask for business from current clients
- Working in niches
- Personal relationships
- word of mouth
- Good old fashioned word of mouth still gives us the best new client leads
- Active in certain organizations, acquisitions
- referrals by attorneys and bankers
- referral and reputation
- Networking
- Relationship building, involvement in trade associations and the community
- Recommendations
- Focus & Cost Reduction Strategy
- Live communication- interaction- word of mouth
- Seminars for clients and invited guests
- google adwords
- Industry specialization
- referrals
- A daily focus on the objective of targeting high net worth individuals through fortune 500 companies
- referrals
- Expanded to reviewing outsourced returns on a per diem basis.
- referrals from satisfied clients, and even resumptions from formerly-lost clients.
- Strategic networking
WHAT’S THE MOST IMPORTANT marketing/business development OPPORTUNITY your firm faces?
(Selected Responses)
- Being able to qualify prospects before investing time with them. We still have a little of the mindset of “let’s talk to everyone and see if they are a good fit.” instead of being selective about setting up an appointment on the initial contact.
- Making sure that we are hungry and go after it
- Growth in targeted niches
- Bringing in high quality, profitable clients.
- health industry
- performing what we say we will do
- Cultivating business from current clients
- business valuations
- expanding our PFP practice
- developing a comprehensive plan
- Fees
- Differentiation
- Using the right people
- Rising advertising rates.
- Targeting the right customer, who is looking for the type of Accountant that we are capable and prepared to deliver
- slow construction industry
- Senior people need to hunt in packs more & share client/industry knowledge
- Oil & Gas Industry is really hot right now
- Finding clients in growth business
- New growth opportunities.
- existing clients venturing into new exploits and new — even international — markets
- Growth in targeted niches
- The new accountant policy in Europe
- Keeping staffing and growth concerns in balance.
- Despite flooding the print media with ads there has been little response.
The survey questionnaire is available here. Participants get notified of the results as they become available.
SHARE with Colleagues
One Response to CPA Firm Benchmarks: Marketing and Business Development (Subscribe)
Some comments may be held for review before posting.
Dear All,
The era of IT has bridged all nations news and information.
Any happenings affect all of us to certain extent.
Few facts of life we have to accept:
( 1 ) Inflation is here to stay with population on the rise, resources depletion and War Zone expanding.
( 2 ) Commercial war is on too with giants buying over tiny operators.
( 3 ) Ungazetted war before NATO is abolutely disgusting if not honorable.
( 4 ) Sharing of concepts and better living is irked by the rich. The pile getting smaller.
REMARK: All commercial activities other than marketing campaigns been affected as well.