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- W307433673 abstract "[ILLUSTRATION OMITTED] EXECUTIVE SUMMARY * CPA firms often make two common mistakes when approaching their marketing strategy: They become bogged down in a flurry of marketing activities without stopping to evaluate the tangible benefits of those tactics, and they fail to adequately employ existing marketing assets. * Firms that want to initiate or revitalize their marketing program should start by scrutinizing existing marketing activities and determining the value that each activity brings to the firm. * Eliminate activities that aren't delivering a payoff for the firm, Instead, focus on marketing activities that will bring value to your firm through business development and building client loyalty. * Don't mistake results such as media exposure, website traffic, email click-through rates, and social media Likes and Followers for tangible business outcomes such as lead generation, conversion rates, and acceptance of new service offerings among existing clients. * Capitalize on intellectual capital to get a foot in the door with prospective clients. For example, when a firm member presents at a conference, use that opportunity to reach out to related target audiences following the event by leveraging the presentation's content as a hook to engage prospects in a meaningful conversation. * Learn to sell intrinsically to demonstrate your firm's expertise on a firsthand basis and establish greater trust with prospective clients. Effective marketing facilitates the engagement of prospective clients in a substantive discussion of their specific situation, challenges and goals. ********** If you think there is room for improvement in your accounting firm's marketing and effort, you're in good company A recent study by Broderick & Co., consisting of in-depth interviews with leaders representing 130 well-known professional services firms in accounting, law, executive search, management consulting, architecture, financial services and advertising, suggests that firms are seeking a higher return on their investment in marketing and sales. While nearly 80% of the senior managers ranked branding, marketing and sales as important success factors for their firm, only 50% gave their own firm high marks in those disciplines. After more than 25 years of counseling CPA firms of all sizes and levels of sophistication, I've identified two common firmwide pitfalls that account for the significant gap between marketing expectations and performance satisfaction: tactical and failure to launch. Tactical soup occurs when firms get bogged down in a flurry of marketing activity without placing enough emphasis on how it will help generate revenue and profitability Failure to launch means that a firm is not effectively using existing marketing resources. By following these easily implementable rules, firms can overcome these mistakes and gain tangible business results from their marketing investment. CHOOSE WISELY, AVOID TACTICAL SOUP Each year, CPA firms invest significant dollars and hours maintaining a broad range of marketing tactics that may or may not demonstrate economic value. Often, the value of the activity gets measured in terms--such as media exposure, website traffic, webinar attendance, email click-through rates, awards for civic participation and social media Likes and Followers, rather than by tangible business outcomes such as lead generation, conversion rates, acceptance of new service offerings among existing clients, or revenue per associate. To overcome soup, firms should perform a review of their current marketing services: 1. Put every marketing tactic under the microscope. If there's no tangible connection between a current marketing tactic and bona fide business results, throw it out. Be ruthless in your assessment and focus on marketing initiatives that demonstrate a direct correlation between activity and a measurable business outcome. …" @default.
- W307433673 created "2016-06-24" @default.
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- W307433673 date "2011-07-01" @default.
- W307433673 modified "2023-09-23" @default.
- W307433673 title "Revitalize Your Firm's Marketing Strategy: Avoid Two Common Pitfalls and Boost ROI" @default.
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