Whilst many accounting firms may appreciate the value of an effective marketing strategy, many lack the time and expertise to implement one. But the costs to a business of failing to implement a marketing plan can be significant. This is particularly the case with the rise of new technologies — digital marketing has never been so important for accounting firms. This guide will help accounting firms get started with marketing and covers everything from creating a marketing plan to using different marketing tools (eg website, social media, client referrals, etc).

Marketing to win new clients

Accounting used to be a stable profession. When a business hired an accountant, that partnership tended to last. Changing to a different firm was expensive and complex.

To some extent that’s still true today. No doubt many of an accounting firm's clients have been with it for years. But it’s getting easier for businesses to shop around. New technology means that moving to a new accountant isn’t as hard as it once was. This is opening up the market and improving customer choice. It also presents a great opportunity for nimble, proactive firms to win new clients.

Know your clients and your market

Marketing for accounting firms begins with understanding. Firms can not market their services to potential clients unless they know their needs.

This doesn’t mean they must become an expert in their field. Firms do not have to be an engineer to understand the accounting needs of an engineering firm. But the more they understand the issues their customers face, the better their marketing will be.

So firms should learn about their target market and the companies that operate within it. This will give them the edge over competing firms that assume every business is the same.

Create a marketing plan

A plan will help keep firms stay focused, and it should tie in with their business plan. That's because successful marketing will help them achieve their business goals. The marketing plan should include:

• USP (unique selling point): What sets the firm apart from other firms? Why should prospects hire this firm instead of their competitors?
• SWOT (strengths, weaknesses, opportunities, threats) analysis: Firms should know what they are good at, and where there’s scope for improvement. They should be aware of business risks and opportunities.
• Business targets: Firms should draw up a list of the most suitable potential clients. They should start with local ones, then work outward.
• Services to be marketed: Which of the firm’s services are the most profitable? Which ones are likely to be of interest to prospects? Which are the easiest to sell?
• Realistic goals and time frames: What is the firm aiming to achieve? How long should it take the firm to reach its goals? How will the firm measure its progress?
• Marketing tactics: Firms should put together a schedule of the actions they need to take to reach their goals.

Stay informed

There’s more to running an accounting firm than staying up to date with tax law. Firms need to have plenty of resources to help them keep up to date with other areas of business. This knowledge will help improve a firm's marketing efforts.

So a firm's employees should go to networking events and talk to local chambers of commerce. They should join professional groups and societies. They should read magazines and websites and participate in forums. There’s no shortage of ways that a firm's employees can stay informed.

Consider carving out a niche

Marketing a firm's services in specialist areas can be effective. Firms might have a few clients who are in the same general field. That field could become their specialty. For example, imagine a firm with several medical clients. Such a firm could do well by marketing its services to other healthcare professionals.

This can become a virtuous circle since greater expertise leads to greater efficiencies. So the firm and its clients will benefit.

Five marketing tools to make use of

Marketing for accounting firms isn’t one single activity. It’s a strategy that must be applied right across the business. Here are five different marketing channels to use:

1. Client referrals

This is one of the most effective marketing methods. Personal recommendations are worth far more than messages from strangers. Firms should ask their clients to refer their professional associates to them. Firms could give a client two vouchers for a free hour of their time. Firms should ask clients to give one to someone they know who might want to use their services.

2. Website

Firms should update their websites regularly with interesting and relevant content. They should make sure it looks good and the contact details are accurate.

3. Social media

Accountants aren’t always experts at promoting their firm on social media. But it’s important to make the effort. Firms' clients are probably using social media – and firms need to be where their clients are. If someone inside the firm doesn’t step forward for this work, the firm could hire a consultant or agency to help.

4. Email newsletters

Email newsletters are still very effective. They must be well written, properly targeted, and useful to the recipients. Firms could write about tax deadlines, budget effects, new tax laws, and anything else they think their clients will be interested in.

5. Radio, print, and TV

It’s easy to get fixated on online marketing, but other methods are effective too. Firms should consider local radio, newspaper, magazine, and TV marketing opportunities.

Firms should keep their branding and messages consistent across all these channels. That will help their clients and prospects remember them.

Raise your profile in the community

Helping improve the lives of people in the local community is more than just a nice thing to do. It’s also good for business. It will raise a firm's profile and shine a bright and positive light on the firm.

Firms should find out how they and their employees can actively improve people’s lives. That could mean:

• sponsoring local charities;
• working with vulnerable young people or the elderly; or
• helping clean up untidy areas of town.

Once a firm is doing work for the public good, it should not hesitate to tell people about it. It should not be shy about its good work – that's part of marketing.

Don’t forget your existing clients

Marketing for accounting firms includes making the most of what they already have. Intelligent marketing to existing clients can be highly profitable.

Firms should try to meet with each of their clients once a month with no sales agenda. They should build relationships by asking existing clients what they are doing and what they need. Firms should tell clients more about their services, and find out where there is a good fit. They should find ways to get their clients talking about their firm.

If firms are doing annual tax returns for a client, perhaps they could offer payroll services too. And if they are already doing their clients' payroll, they could offer business planning services.

It's much cheaper to hold onto an existing client than to win a new one. With the right approach, firms can make their existing clients even more profitable.

Successful firms never stop marketing

Marketing for accounting firms isn't a stand-alone business activity. It's a way of thinking and acting that promotes the firm constantly.

It involves making the effort to understand the needs of clients and prospects, and acting on that knowledge. Firms should do this at every opportunity, online and in the real world.

The more a firm can show that it understands its clients’ needs, the more valuable its services will become. In this respect, great marketing is simply part of good business.