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Gear Up for GrowthMarketing and Business Development Strategies at Tax & Accounting Firms
RESEARCH REPORT
Emerging Trends, Best Practices and Forecasts2018-2019 Edition
by Capstone Marketing and CPA Trendlines
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CONTENTSWELCOME
8How to Use This Study 9
Acknowledgements 10Methodology 11
RESPONDENT PROFILE 12
1. Respondent Profile: By Firm Size 132. Respondent Profile: By Position 14
3. Respondent Profile: AAM Membership 15
EXECUTIVE SUMMARY 16
The Battle for Business Escalates 17
Marketing Gets Personal 18
Primary Goals & Objectives 19
1. Adding new clients2. Brand Awareness / Firm Visibility3. Niche or Specialty Services4. Client retention5. Lead generation6. Profitability7. Focusing our marketing efforts8. Getting more partners and staff involved in marketing activities9. Creating a marketing culture
10. Incremental revenue11. Improve the sales closing (win/loss) ratio12. Introducing new services13. Recruitment of new employees14. Staff retention15. Sales Promotion16. Positioning the firm for merger or acquisition17. Shortening the sales cycle
Plans for the Year Ahead 20
1. Social media (LinkedIn, Facebook, Twitter, YouTube, etc.)2. Thought leadership (blogging, publishing articles, speaking engagements, white
papers)3. Networking with prospects and referral sources4. Online advertising (including Paid Search, Google AdWords, LinkedIn Sponsored
Updates, etc.)5. Upgrading the firm's website6. Search engine optimization (i.e.: SEO)7. Seminars (in-person)8. E-newsletters9. Public relations (news releases, media relations)10. Video (i.e.: for website, blog posts)
11. Direct response promotion - email12. Board & civic organization involvement13. Webinars (online)14. Trade shows and conferences15. Direct response promotion - postal16. Inbound marketing & lead nurturing (e.g.: HubSpot, Marketo, Eloqua, Pardot, Optify)17. Sponsorships18. Print advertising (including newspaper, magazines)19. Marketing automation software20. Print newsletters
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Marketing Metrics 211. Our marketing strategies achieve their goals. 2. We follow a written, strategic marketing / biz-dev plan.3. Our revenue growth surpasses most of our competitors’.4. We have a “marketing culture.”5. I’m satisfied with our marketing strategies and activities.
What’s Working Today 22
What High Performing Firms Know 23High Priority Goals: The Top Five 24High Priority Goal: Recruiting Talent 25High Priority Goal: New Services 26High Priority Goal: M&A Positioning 27High Priority Plans: The Top Five 28High Priority Plan: Seminars 29High Priority Plan: Online Video 30High Priority Plan: Board or Civic Involvement 31High Priority Plan: Trade Shows 32Satisfaction Levels 33Follow a Formal Plan 34Marketing Culture 35Commentary and Analysis 36Identifying High Performing Firms 37AAM Membership vs. Non-AAM Membership 39The Challenge of Executing a Marketing Plan 41Profitability 42
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HIGH PERFORMERS VS. LOW PERFORMERS 43
1. Marketing Activity Levels: This Year 44
2. Marketing Activity Levels: Next Year 45
3. Personal Activity: Next Year 464. Today’s High-Priority Goals 47
5. Today’s Top 5 Priorities 486. New Marketing Plans: Next Year 49
7. Top 5 Marketing Plans 50
8. ‘Our marketing strategies achieve their goals’ 519. ‘We follow a written, strategic marketing and business development plan’ 52
10. ‘Our revenue growth surpasses most of our competitors’ 5311. ‘We have a marketing culture’ 54
12. ‘I am satisfied with our marketing strategies and activities’ 55
13. Person in charge of the firm's new business development program 5614. By size of firm 57
15. By position or title 58
KEY FINDINGS BY SIZE OF FIRM 59
1. Sole Practitioners 60
2. Firms of 2-10 Persons 613. Firms of 11-50 Persons 62
4. Firms of 51-100 Persons 63
5. Firms of 101 Persons or More 64
COMPARISON OF RESPONSES BY FIRM SIZE 65
1. Marketing Activity Levels: This Year 66
2. Marketing Activity Levels: Next Year 673. Personal Activity: Next Year, by Firm Size 68
4. Personal Activity: Next Year, by Job Title 695. New Increases in Activity: Next Year, by Activity and Size of Firm 70
6. Top 5 New Increases in Activity, By Size of Firm 75
7. Primary marketing goals and objectives 768. Primary Marketing Goals, Top Five, By Firm Size 77
9. ‘Our marketing strategies achieve their goals’ 7810. ‘We follow a written, strategic marketing and business development plan’ 79
11. ‘Our revenue growth surpasses most of our competitors’ 80
12. ‘We have a marketing culture’ 8113. ‘I am satisfied with our marketing strategies and activities’ 82
14. Person in charge of new business development 83
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IN-DEPTH: SOLO PRACTITIONERS 84
1. Marketing Activity Levels: This Year 852. Marketing Activity Levels: Next Year 863. Marketing Activity Levels: Long-Term 874. Personal Activity: Next Year 885. Personal Activity: Long-Term 896. Comments: New Plans for Next Year 907. Today’s Top Marketing Goals 918. Top Marketing Goals: Long-Term 929. New Marketing Plans: Next Year 9310. New Marketing Plans: Long-Term 9411. ‘Our marketing strategies achieve their goals’ 9512. ‘We follow a written, strategic marketing and business development plan’ 9613. ‘Our revenue growth surpasses most of our competitors’ 9714. ‘We have a marketing culture’ 9815. ‘I am satisfied with our marketing strategies and activities’ 9916. Comments: Current Satisfaction Levels 10017. Comments: Leaders vs. Laggards 101
IN-DEPTH: FIRMS OF 2 TO 10 PERSONS 102
1. Marketing Activity Levels: This Year 1032. Marketing Activity Levels: Next Year 1043. Marketing Activity Levels: Long-Term 1054. Personal Activity Levels: Next Year 1065. Personal Activity Levels: Long-Term 1076. Comments: New Plans for Next Year 1087. Today’s Top Marketing Goals 1098. Top Marketing Goals: Long-Term 1109. New Marketing Plans: Next Year 11110. New Marketing Plans: Long-Term 11211. ‘Our marketing strategies achieve their goals’ 11312. ‘We follow a written, strategic marketing and business development plan’ 11413. ‘Our revenue growth surpasses most of our competitors’ 11514. ‘We have a marketing culture’ 11615. ‘I am satisfied with our marketing strategies and activities’ 11716. Comments: Current Satisfaction Levels 11817. Comments: Leaders vs. Laggards 11918. Respondent Profile: Position 12019. Person in charge of new business development 121
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IN-DEPTH: FIRMS OF 11 TO 50 PERSONS 122
1. Marketing Activity Levels: This Year 1232. Marketing Activity Levels: Next Year 1243. Marketing Activity Levels: Long-Term 1254. Personal Activity Levels: Next Year 1265. Personal Activity Levels: Long-Term 1276. Comments: New Plans for Next Year 1287. Today’s Top Marketing Goals 1298. Top Marketing Goals: Long-Term 1309. New Marketing Plans: Next Year 13110. New Marketing Plans: Long-Term 13211. ‘Our marketing strategies achieve their goals’ 13312. ‘We follow a written, strategic marketing and business development plan’ 13413. ‘Our revenue growth surpasses most of our competitors’ 13514. ‘We have a marketing culture’ 13615. ‘I am satisfied with our marketing strategies and activities’ 13716. Comments: Current Satisfaction Levels 13817. Comments: Leaders vs. Laggards 13918. Respondent Profile: Position 14019. Person in charge of new business development 141
IN-DEPTH FIRMS OF 51 TO 100 PERSONS 142
1. Marketing Activity Levels: This Year 1432. Marketing Activity Levels: Next Year 1443. Marketing Activity Levels: Long-Term 1454. Personal Activity Levels: Next Year 1465. Personal Activity Levels: Long-Term 1476. Comments: New Plans for Next Year 1487. Today’s Top Marketing Goals 1498. Top Marketing Goals: Long-Term 1509. New Marketing Plans: Next Year 15110. Top Marketing Goals: Long-Term 15211. ‘Our marketing strategies achieve their goals’ 15312. ‘We follow a written, strategic marketing and business development plan’ 15413. ‘Our revenue growth surpasses most of our competitors’ 15514. ‘We have a marketing culture’ 15615. ‘I am satisfied with our marketing strategies and activities’ 15716. Comments: Current Satisfaction Levels 15817. Comments: Leaders vs. Laggards 15918. Respondent Profile: Position 16019. Person in charge of business development programs 161
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IN-DEPTH: FIRMS OF 101 PERSONS OR MORE 1621.2. Marketing Activity Levels: This Year 1633. Marketing Activity Levels: Next Year 1644. Marketing Activity Levels: Long-Term 1655. Personal Activity Levels: Next Year 1666. Personal Activity Levels: Long-Term 1677. Comments: New Plans for Next Year 1688. Today’s Top Marketing Goals 1699. Top Marketing Goals: Long-Term 17010. New Marketing Plans: Next Year 17111. New Marketing Plans: Long-Term 17212. ‘Our marketing strategies achieve their goals’ 17313. ‘We follow a written, strategic marketing and business development plan’ 17414. ‘Our revenue growth surpasses most of our competitors’ 17515. ‘We have a marketing culture’ 17616. ‘I am satisfied with our marketing strategies and activities’ 17717. Comments: Current Satisfaction Levels 17818. Comments: Leaders vs. Laggards 17919. Respondent Profile: By Position 18020. Person in charge of business development program 181
COMPARISON OF RESPONSES BY AAM MEMBERSHIP 182
1. Marketing Activity Levels: This Year 1832. Marketing Activity Levels: Next Year 1843. Personal Activity Levels: Next Year 1854. Today’s Top Marketing Goals 1865. Today’s Marketing Goals: Top Five 1876. New Market Plans: Next Year 1887. New Marketing Plans: Top Five 1898. ‘Our marketing strategies achieve their goals’ 1909. ‘We follow a written, strategic marketing and business development plan’ 19110. ‘Our revenue growth surpasses most competitors’ 19211. ‘We have a marketing culture’ 19312. ‘I am satisfied with our marketing strategies and activities’ 19413. Person in charge of new business development 19514. Respondent Profile: By Size of Firm 19615. Respondent Profile: By Position 197
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RELATED RESEARCH AND GUIDANCE 198
1. How To Do Networking the Right Way 200
2. How Smart CPA Firms Use Events as a Lead Generation Tool 203
3. How to Target Your Prospects for Sales Success 2064. All in the Family Business Niche 210
5. Does your firm need to hire a marketing director? 2136. Four Factors of Successful Accounting Firm Marketers 217
7. Crucial Questions: Be sure to ask these at your next firm retreat 221
8. The Five Questions to Ask About Inbound Marketing 2239. Seven Essentials for a CPA Firm Marketing Program 227
ABOUT US 231
• Rick Telberg and CPA Trendlines 232• Jean Marie Caragher and Capstone Marketing 233
• The Association for Accounting Marketing 235
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Welcome
Sincerely,
Rick Telberg
President and CEO
CPA Trendlines Research
rickt@cpatrendlines.com
(914) 602-4641
Sincerely,
Jean Marie Caragher
President
Capstone Marketing
jcaragher@capstonemarketing.com
727.210.7306.
Dear Colleague,
Thank you for your interest in marketing and growing your accounting firm. This report will provide you with the information necessary to
create a targeted and sustainable marketing and business development program.
We hope you find it informative and useful. And we welcome your suggestions, comments and questions. Please don’t hesitate to contact
the authors directly to discuss the contents of this report or ideas for other projects.
CPA Trendlines is dedicated to providing the tax, accounting and finance community with actionable intelligence for better business
decision-making. And we are happy to consider any special queries or requests to fit your firm’s particular needs.
Capstone Marketing has been providing professional marketing consulting and assistance for 30 years, delivering guidance and inspiration
to develop marketing plans, build CPA firm brands, generate leads with an inbound marketing techniques, facilitating firm retreats, assisting
with client satisfaction retention strategies, and achieving practitioners’ personal marketing goals.
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How to Use This StudyTo help readers understand what is working for firms like theirs, we have sorted the responses into groups determined by size of the firm. What works for a solo practitioner might not work for a large firm, and vice versa.
We suggest readers begin with the smallest entity – the solo practitioners – and work up to the largest firms, to fully grasp the progression of marketing goals, plans and sophistication throughout the profession.
Growth is a hot button in today’s accounting profession. You are encouraged to analyze not only the results for your firm’s current size but that of the next group. This will help you identify changes necessary for your firm’s growth.
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EXECUTIVE SUMMARY
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Executive Summary
The Battle for Business EscalatesFirms Plan Bigger, Better Growth Strategies
Tax and accounting firms are scaling up their marketing activities, intensifying competitive battles across firms of all sizes, according to new research findings contained in this report.
The survey, conducted in conjunction with the Association for Accounting Marketing and Capstone Marketing, draws a picture of an increasingly competitive marketplace as firms battle for new business, struggle to retain their most profitable clients, and to make smarter investments in new growth strategies.
And then there’s pricing pressure, staffing shortages, mergers and acquisitions, and – lest we forget – a brand new tax law just in time to throw a wrench into Busy Season 2019.
The survey on business development and growth strategies shows that about 59% of firms have been accelerating their growth in last 18 months, including 17% who term their increases “significant.”
Looking ahead 18 months – well into 2019 – competition is expected to intensify, with almost 75% of tax and accounting firms reporting plans to step up marketing activities, including 24% planning “significant” increases.
3%
8%
35%38%
17%
1% 3%
21%
51%
24%
Significant Decrease Moderate Decrease No Change or SmallChange
Moderate Increase Significant Increase
Firms Poised to Intensify MarketingFirms reporting planned changes in marketing activity
Last Year This Year
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Executive Summary“We’ve been doing lead generation through in-bound marketing, as well as vertical market channels as appropriate,” according to one marketing professional at a firm which which maintains offices in Pennsylvania and Florida. “We find these focused programs are generating good leads.”
“We have contracted with a third-party provider to manage our SEO [search engine optimization] and social media postings,” says a partner at local firm in the Northeast. “In addition, we have staff who also contribute to social media, attend association conferences and meetings. And we encourage our staff to be active in their communities.”
Practitioners are taking it personally. Almost two in three professionals say they are increasing their own personal business development efforts, including 18% with “significant” increases planned.
One of those planning “significant” new efforts is a solo practitioner in Illinois. She’ll be “asking for referrals, handing out my business card, networking and telling everyone I meet about my services.”
In comments describing their future plans, practitioners seem to be rallying around tried-and-true methods. The words that bubble up most often are: Clients, Focus, Social Media, and Networking.
1%3%
34%
44%
18%
SignificantDecrease
ModerateDecrease
No Change orSmall Change
ModerateIncrease
SignificantIncrease
Marketing Gets PersonalSome 62% of practitioners plan to increase their
“personal” efforts
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Executive Summary“Adding new clients” is, by far, the primary objective for practitioners, with about 75% calling it one of their “primary” goals.
Other high-ranking goals, in order, are: • Brand Awareness /
Firm Visibility: 54%• Niche or Specialty
Services: 49%• Client retention: 46%• Lead generation: 46%• Profitability: 40%• Focusing our
marketing efforts: 35%
75%
54%49% 46% 46%
40%35% 34% 33%
26% 24% 23% 21% 18%14% 11% 9%
Adding n
ew cli
ents
Brand A
wareness
/ Firm
Visibilit
y
Niche o
r Speci
alty S
ervice
s
Client re
tentio
n
Lead ge
neratio
n
Profita
bility
Focusin
g our
marketin
g effo
rts
Getting
more part
ners an
d staff i
nvolve
d in m
arketi
ng…
Creatin
g a m
arketin
g cultu
re
Incremen
tal re
venu
e
Improv
e the sa
les clos
ing (w
in/loss)
ratio
Introducin
g new
servi
ces
Recruit
ment of n
ew employ
ees
Staff r
etentio
n
Sales P
romotio
n
Positio
ning th
e firm
for m
erger o
r acq
uisitio
n
Short
ening t
he sa
les cycl
e
Primary Goals for the Months Ahead75% cite “Adding New Clients”
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Executive SummarySocial Media emerges as the weapon of
choice, with more than 55% of all
respondents reporting plans to increase
activity online, followed by:
• Thought leadership (blogging,
publishing articles, speaking
engagements, white papers): 51%
• Networking with prospects and
referral sources: 49%
• Online advertising (including Paid
Search, Google AdWords,
LinkedIn Sponsored Updates,
etc.): 42%
• Upgrading the firm's website:
42%
• Search engine optimization (i.e.:
SEO): 38%
56%
51%49%
42% 42%
38%36% 35%
27% 26% 26%23% 23%
17%15% 14% 14% 14%
12%
7%6%
Social m
edia
(Lin
kedIn
, Fa
cebo
ok,
Tw
itte
r, Y
out
ube
, etc
.)
Thou
ght le
ader
ship
(bl
ogg
ing,
pub
lishin
g a
rticle
s,…
Net
work
ing w
ith
pro
spec
ts a
nd ref
erra
l sou
rces
Onl
ine
adv
ertis
ing
(incl
udin
g P
aid S
earc
h, G
oogl
e…
Upg
radi
ng
the fi
rm's w
ebs
ite
Searc
h e
ngi
ne
opt
imiz
atio
n (ie
: SEO)
Sem
inar
s (in
-pers
on)
E-new
slet
ters
Pub
lic rela
tions
(new
s re
leas
es, m
edi
a re
lations
)
Vid
eo (i
.e.:
for w
ebsite
, blo
g pos
ts)
Direct
resp
ons
e pr
omotion
- e
mai
l
Boa
rd &
civ
ic o
rgani
zation
invo
lvem
ent
Web
inars
(on
line)
Trade
sho
ws
and
conf
erenc
es
Direct
resp
ons
e pr
omotion
- p
ost
al
Inbo
und
mar
keting
& le
ad
nur
turing
(e.g
.: H
ubS
pot,…
Spon
sors
hip
s
adve
rtis
ing
(includin
g new
spap
er, m
agaz
ines
)
Mark
etin
g au
tom
atio
n so
ftw
are
Oth
er, p
leas
e sp
ecify
new
slet
ters
Plans for the Year Ahead56% of firms plan increases in social media activity
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Executive SummaryDespite the high level of marketing activities, practitioners remain far from satisfied with the results. Almost 69% express some degree of frustration with their firm’s marketing efforts, including 23% who can see no tangible results at all.
To be sure, most marketing efforts are judged as less than complete successes, with only 4% of practitioners saying their plans “always” achieve their goals. Another 40% says their goals are achieved “mostly.” And the rest, some 56%, report success “sometimes,” “occasionally,” or “not at all.”
And no wonder. An outside observer may notice that few practitioners work from a written, strategic plan. Most firms are apparently improvising from one tactic to another without definable objectives or repeatable processes and procedures. Some 30% have no plan at all. Only 7% consistently work from a plan.
Marketing MetricsMost firms fall short of goals and expectations
Never (Not at All True)
Occasionally Sometimes Mostly Always (Completely
True)
Our marketing strategies achieve their goals.
5% 16% 34% 40% 4%
We follow a written, strategic marketing / biz-dev plan
30% 17% 21% 25% 7%
Our revenue growth surpasses most of our competitors’
17% 23% 32% 23% 5%
We have a “marketing culture.”
24% 25% 25% 19% 6%
I’m satisfied with our marketing strategies and activities.
23% 23% 22% 28% 4%
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Executive SummaryThe problem with marketing apparently lies deep within a firm. The survey shows that only one in four CPAs say they sense a “marketing culture” at their firm.
Nevertheless, the need for professionalized marketing remains clear. Only about a third of the firms surveyed say revenue growth at their firms surpasses that at most of their competitors. And about half lag their competition.
Without clear, written plans, most firms fall back on old habits. So when they’re asked “what’s working?”, one hears familiar tunes, such as: “networking,” “word of mouth,” and “referrals.”
Not that there’s anything wrong with winning new business with any of those routines.
But they tend to show a lack of planning, strategy, discipline and marketing professionalization.
In 2019, success may take more than just doing more of what you did in 2018. It may also require doing it smarter, more systematically, and more professionally.
What’s Working TodayTop mentions: “Word of Mouth” and “Referrals”
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Executive Summary: Data Deep DiveWhat High Performing Firms Know
In this section we’ll show how the report can be used to discern benchmarks, emerging trends, and best practices.
Conducting a gap analysis of High Performing Firms (Leaders) against Low Performing Firms (Laggards) serves as an instructive case
Here we find:• The three marketing goals and objectives that high performers are at least 2x more likely to have vs. low performers• The four marketing tools high performers are at least 2x more likely to use vs. low performers• Why high performers are more than 6x more likely to be satisfied with their marketing strategies and activities
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High Priority Goals: The Top FiveTop five responses by High Performers and Low Performers.
High PerformersAdding new clients (71%)
Brand Awareness/Firm Visibility (68%)
Niche or Specialty Services (57%)
Client Retention (55%)
Getting more partners and staff involved in marketing activities (46%)
Low PerformersAdding new clients (79%)
Niche or Specialty Services (50%)
Brand Awareness/Firm Visibility (45%)
Lead generation (44%)
Client Retention (40%)
While “Adding New Clients” rates No. 1 among goals for both Leaders and Laggards, some other differences among their top five priorities reveal very real gaps in performance and competitive readiness.
Both Leaders and Laggards are concerned with “Brand Awareness / Firm Visibility,” “Niche or Specialty Services,” and “Client Retention.” But beyond those basics, Leaders rate “Getting more partners and staff involved in marketing activities, at 46%, among their top five, while Laggards apparently are still struggling with Lead generation, at 44%.
It would seem that High Performing firms have already established their lead-gen machinery for bringing in new prospects. But Low Performing firms have yet to build reliable sources of prospects to fill the sales pipeline.
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High Priority Goal: Recruiting Talent
27%
11%
High Performers Low Performers
An estimated 75% of CPAs are expected to retire over the next 15 years.
Source: AICPA
One of the biggest gaps between Hugh Performers and Low Performers is found in how marketing effort are leveraged against staffing issues.
Leaders are almost 3x more likely to budget marketing efforts towards acquiring and retaining top talent.
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High Priority Goal: New Services
34%
15%
High Performers Low Performers
It will be services that involve advisory, consulting, wealth management and performing outsourcing functions (such as CFO duties) that offer the most opportunity for accounting firms during the next 10 years.
Source: Allan Koltin via Accounting Today
High Performers are storming into new services at twice the rate of Low Performers.
This is no mere coincidence. As the tax and accounting evolves rapidly, it will be the firms most able to change with clients’ changing needs that will survive and thrive while other whither away.
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High Priority Goal: M&A Positioning
23%
10%
High Performers Low Performers
The Top 100 firms were involved in 95 acquisitions in the last year.
Source: Inside Public Accounting
As consolidation reshapes the profession, High Performing firms are looking to the Marketing function to help position their firms for a merger or acquisition.
Low Performing firms, which may or may not be as interested in deal-flow, lag in applying Marketing resources to expanding their strategic options, thus limiting their futures against High Performing firms.
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High Priority Plans: The Top FiveTop responses by High Performers and Low Performers.
High PerformersSocial media (69%)
Thought leadership (66%)
Networking (64%)
Seminars (51%)
Search engine optimization (47%)
Low PerformersSocial media (54%)
Networking (51%)
Online advertising (48%)
Upgrading the firm website (44%)
Thought leadership (36%)
“Social Media” tops the list of strategies that accounting firms across the board will be newly emphasizing in the months ahead, with more money, time and resources.
“Networking” and “thought Leadership” also rank high for both Leaders and Laggards.
But High Performing firms add a few key ingredients to make a secret sauce: “ (In-Person) Seminars” and “Search Engine Optimization (SEO).”
While Low Performers are still working out the kinks in “online Advertising” and “Upgrading the firm website.”
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High Priority Plan: Seminars51%
17%
High Performers Low Performers
Thursday is the best day to hold a seminar, followed by Tuesday.
Source: picatic.com
Half or more of High Performers are increasing their reliance in In-Person Seminars, compared to only 17% of Low Performers.
It may be instructive to note that In-Person Seminars represent a high level of sophistication and teamwork, underpinned by strong thought-leadership strategies and a marketing culture – areas where Low Performers are usually lagging.
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High Priority Plan: Online Video36%
14%
High Performers Low Performers
Video on a landing page can increase conversions by 80% or more.
Source: wordstream.com
High Performers are rushing into the next frontier of online search and thought leadership: YouTube.
Smart “Online Video” marketing strategies put a firm’s top talent and expertise front and center, defining a competitive difference and presxe4ntinbg a friendly human face to prospects.
It’s apparent that many Low Performers still don’t have the building blocks in place to create and sustain a viable “Online Video” strategy.
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High Priority Plan: Board or Civic Involvement
40%
15%
High Performers Low Performers
Board service is an avenue … to gain access to unique knowledge, skills, and connections.
Source: hbr.org
High Performing firms are taking advantage of their already superior profit margins and high-visibility branding to launch old-fashioned networking into the stratosphere with aggressive plans for more involvement in carefully picked civic associations and non-profit boards.
Board service is a two-way street, a win-win, for both the firm and the board. The community gains the special expertise exclusive to highly training accountants, and the accountants, in turn, become expert ion a valuable niche, as well as making valuable connections.
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High Priority Plan: Trade Shows22%
9%
High Performers Low Performers
81% of trade show attendees have buying authority and purchasing power.
Source: Inc.com
With strategies dependent on success in niche industries and specialty services, High Performing firms are naturally turning to “Trade Shows and Industry Conferences” to display their expertise and target new customers.
But it takes budgets, planning and an existing infrastructure to make it work – things often found lacking among Low Performers.
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Satisfaction Levels
13%
9%
14%
55%
9%
55%
29%
6% 7%
3%
Never (Not
at All True)
Occasionally Sometimes Mostly Always
(Completely
True)
High Performers Low Performers
FIGURE: SATISFACTION WITH MARKETING STRATEGIES AND ACTIVITIES – HIGH PERFORMERS VS. LOW PERFORMERSHigh performers are more than 6x more likely to be satisfied with their marketing strategies and activities, 64% vs. 10% responding Always or Mostly.
High performers are more than 6 times
more likely to be satisfied with their
marketing strategies and activities.
High Performers must be doing
something right. They’re getting the
results they want and expect out of
their marketing a new business
development programs.
The reports from Low Performers
shows signs of under-achievement and
disappointment.
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Follow a Formal Plan
9% 9%
22%
44%
16%
59%
11%17%
11%
2%
Never (N
ot at A
ll Tru
e)
Occasi
onally
Sometim
es
Mostl
y
Alway
s (Complet
ely Tru
e)
High Performers Low Performers
FIGURE: FOLLOW A WRITTEN, STRATEGIC MARKETING/BIZ-DEV PLAN – HIGH PERFORMERS VS. LOW PERFORMERSHigh performers are more than 4x as likely to follow a written, strategic marketing/biz-dev plan (60% vs. 13% who responded Always or Mostly).
High performers are four times more likely to follow written, strategic marketing and business development plans.
While it’s difficult to say which comes first -- building a plan or following a plan to build and adhere to a plan –it’s a hallmark of High Performers that they display good discipline in doing both.
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Marketing Culture
11% 13%
20%
40%
16%
59%
28%
6%2%
5%
Neve
r (N
ot at A
ll Tr
ue)
Occ
asio
nally
Som
etim
es
Most
ly
Alw
ays
(Com
ple
tely
…
High Performers Low Performers
FIGURE: MARKETING CULTURE – HIGH PERFORMERS VS. LOW PERFORMERSHigh performers are 8x as likely to have a marketing culture, 56% vs. 7% responding Always or Mostly.
High performers are eight times more likely to have a
“Marketing Culture.”
It’s in their DNA, part of everyday habits, and embedded
systems, processes, and incentives, in ways that are
missing among Low Performers.
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ABOUT US
31
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CPA Trendlines is the online home of the freshest research and analysis in the tax, accounting and finance professions. Here you'll find the data and analysis you can use for your practice and your career, plus exclusive research, insights and commentary on the most pressing issues and fastest-changing trends.
Rick Telberg is a veteran analyst, advisor, commentator, editor and publisher. He brings a unique background and perspective to research and advisory services for the professional services community. Rick may well be the accounting profession’s most widely-known commentator through his long associations with the American Institute of Certified Public Accountants, Accounting Today magazine, and today, CPA Trendlines.
32
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Celebrating 20 years in 2018 Capstone Marketing provides a variety of services for growth-minded CPA firms, including Brand Surgery, marketing planning, inbound marketing, client satisfaction, outsourced CMO, and retreat facilitation.
Capstone Marketing’s president, Jean Caragher, gets things done. With 30 years of experience working solely with CPAs, Jean knows the challenges and opportunities firms face today. Her experience and knowledge, combined with her practical approach, help growth-focused CPA firms attract the best clients and talent.
A well-respected industry specialist, Jean is an inaugural AAM Hall of Fame inductee, a multiple AAM-MAA award winner, and a CPA Practice Advisor Thought Leader. She has twice been named one of Accounting Today’s 100 Most Influential People in Accounting.
Connect with Jean:• @JeanCaragher• linkedin.com/in/jeancaragher/
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No more excuses.You know you need a written growth plan.
But in only 90 days?
Now it’s finally possible!
Jean Marie Caragher shows you how with the fast-track process honed from decades of front-line experience.
The 90-Day Marketing Plan provides a foolproof method for practices of any size – from sole proprietors to regional firms.
Learn how to get started. Stay on track. And finish strong.
With step-by-step, week-by-week instructions, worksheets, illustrative examples, real-life case studies, and exclusive research findings.
BONUS: Downloadable worksheets, forms and templates in Word and Excel.
34
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The Association for Accounting Marketing (AAM) is formed specifically to enhance the accounting marketing and practice growth profession through education, net- working, and thought leadership. Founded in 1989, the association has more than 750 members, comprised of marketing professionals, business developers, CPAs, consultants, service providers, educators, and students. AAM strives to help its members become more effective and valued practitioners and executive leaders. To learn more about AAM, please call 443-640-1061 or visit www.accountingmarketing.org.
35
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