How to Successfully Market Your Accounting Firm

With an economic recession on the horizon and concerns of a poor job market on many people's mind it is important that accounting professionals work strategically to position their firms to ensure a continued stream of business. Ultimately, this means marketing your firm so that the public is aware of your company and the services that it offers, as well as to make certain that they choose your firm to satisfy all of their accounting needs. For in today's competitive environment, marketing is an essential function of every organization and success is directly related to how well it is carried out. Like any other business, accounting firms need to promote themselves to survive and thrive.

To successfully market your accounting firm, the first course of action is to create a marketing plan. An accounting firm's marketing plan must take into account the services the firm offers, the firm's clients, and how the firm will inform clients about enhancements to its services.

Five Tips for Creating an Effective Marketing Plan



Every marketing plan the accounting firm needs to determine how the following issues will be addressed:

1. maintaining the firm's brand identity
2. developing additional services for existing clients
3. generating strategies to expand the firm's client base
4. improving firm management
5. measuring marketing activities
6. creating a distinctive sales culture among firm members

Five Tips for Evaluating Your Firm

Marketing activities of the accounting firm will not be successful if the company does not first complete an accurate assessment of its ability to satisfy customer needs. Consequently, accounting firms that want to promote their practices must begin by contemplating the following factors:

1. firm strengths
2. firm weaknesses
3. clients' perceptions of the firm
4. competitors' perceptions of the firm
5. management's perceptions of the firm
   

Five Tips for Promoting Your Firm's Practice

1. Take inventory of your clients. Find the 20% of your clients who do not generate significant revenues and get rid of them. Then raise your fees by 20%; this will keep your firm afloat.
   
   
2. Add value to your services. Now that you have decreased your work burden by letting go of unproductive clients, you will have more time at your disposal. This will give you the opportunity to add value to the quality of the services you provide to existing clients.
   
   
3. Communicate with your clients. Educate your clients about the improvements you have made to your services, and explain how those changes will benefit them. Client support is vital to success. Strive to achieve client satisfaction by enhancing your firm's perceived value. Bonding with clients is a must for survival.
   
   
4. Take advantage of new technologies. Utilize new technology whenever possible. Install accounting software, and adopt web-based solutions. Technology can enhance planning and analysis, administration, design and innovation, and the implementation of your firm's services, all of which will bring in more business and enhance the productivity and efficiency of your client service, resulting in greater profits.
   
   
5. Differentiate your services. The market is full of similar products and services. Value additions and specializations can broaden the radius of your firm's market. Watch the industry and continually learn about your clients' businesses and needs. Gradually develop a niche in which you can solve your clients' problems better. This will establish you as an expert in that area and consolidate your place in the industry.

Accounting firms that demonstrate only average performance never become truly successful. Be passionate about pursuing excellence in your profession, and profits will follow.