Effective Marketing for the Public Practitioner - Presentation by Michael Carter at IPA Symposium...

Effective Marketing for the Public Practitioner

Michael ‘MC’ Carter - Director of Practice Paradox

Marketing for Accountants, Demystified

Effective Marketing for the Public Practitioner

Michael ‘MC’ Carter - Director of Practice Paradox

Marketing for Accountants, Demystified

What We’ll Cover Today1. Why marketing is now a focus for many firms

2. Why you need to start taking marketing seriously

3. Dispelling common myths about marketing

4. Practical marketing tips you can apply today

5. Start you on your learning journey about marketing

FASTEN SEAT BELTS

4

Write down yourNo.1 Marketing

or Growth-RelatedChallenge

Who’s in the room?

2010 Rank Challenge 2008 2009 2010 ↑ or ↓No.1 Growth 25% 31% 37% ↑ 6%No.2 Profitability 24% 27% 28% ↑ 1%

No.3 Cash Flow 15% 23% 26% ↑ 3%

No.4 Productivity 24% 23% 20% ↓ 3%

No.5 Introducing New Services 14% 12% 20% ↑ 8%No.6 Debtor Management 13% 16% 19% ↑ 3%

No.7 Write Offs 21% 23% 18% ↓ 5%

No.8 Getting New Clients 12% 14% 18% ↑ 4%No.9 Efficiency of Firm’s Processes 23% 20% 14% ↓ 6%

No.10 Client Relationships 7% 9% 12% ↑ 3%

Ranking of Top Challenges Facing Firms

Survey Practice Paradox™ Conducts • Marketing skills training

• 41% have never been trained in marketing

• 14% haven’t received training in over 5 years

• 6% haven’t received training within the past 2 years

• Selling skills training

• 48% have never been trained in selling skills

• 16% haven’t received training in over 5 years

• 13% haven’t received training within the past 2 years

61%

77%

So what’s the Paradox?

MORAL OBLIGATION?

YOU ARE IN THEBOX SEAT

You can change lives.

Compliance✓ ?

The Golden TriangleLeaders

Advisors Support Team

Marketing is ...

MARKETINGMYTHBUSTING

1. Marketing is advertising.

2. Sponsorships are marketing.

3. Marketing is difficult.

4. Marketing is a creative pursuit.

5. A ‘corporate’ website matters.

6. A website client portal matters.

MARKETING MYTHBUSTING1. Advertising is dead.

2. Sponsorships are donations.

3. Marketing has never been easier.

4. Marketing is logic and numbers.

5. Traditional websites are dead.

6. Clients don’t care much about it.

MYTH TRUTH

7. Accountants are not marketers.

8. Marketing is about persuasion.

9. Clients like your newsletters.

10. Marketing is about new clients.

11. Marketing is differentiation.

12. Social media is a fad. Kids’ stuff.

MARKETING MYTHBUSTING7. Accountants must be marketers.

8. Marketing is about EDUCATION.

9. Most clients don’t read them.

10. It is first about existing clients.

11. ‘Differentiation’ is a pipe dream.

12. Social media is POWERFUL.

MYTH TRUTH

Marketing isthe communication

of valueone-to-many

the business enterprise has only two functions

These produce results. Everything else is a cost.Peter F. Drucker

Because the purpose of a business is to create a customer

marketing and innovation

What you measure, improves.

What you can measure, you can manage.

What do you measure for achieving growth?

Clientshare™Definition: Number of Services Provided Per Client Group Per Year

Can be measured across entire firm, per Partner/Director, per Client Manager and per Client Group.

Measuring Clientshare™Example: Married couple who own a business: 1 for the two ITRs, 1 for the Company Return, 1 for the End of Year Accounts, 1 for Quarterly BAS preparation, 1 for their SMSF administration, 1 for their Family Trust work___________________________= Clientshare™ of 6

Growing Clientshare™Example (continued): Potential services: 1 Tax Planning, 1 Cash Flow Budgeting, 1 Succession Planning,1 IT Consulting_____________________________= Increases Clientshare™ from 6 to 10

ExerciseHow many services is your firm currently capable of delivering? (Separate, nameable services)

So what is your Clientshare™?

FASTEN SEAT BELTS

33

Your Marketing Machine

Your Marketing Machine

Defining your niche(s)1. Write down your favourite 6 clients

2. Write WHY you like dealing with them

3. Is there a common element between them?

4. Get CRYSTAL CLEAR on WHO your firm is targeting

NICHING MAKESYOUR MARKETING

EASIER ANDMORE EFFECTIVE

Your Marketing Machine

Your Marketing Machine

Your Marketing Machine

48

Don’t teach elephants to dance

It wastes your time and annoys the elephant

Bugger this for a joke

Does your firmhave the right

of social styles?

mix

Reminder

Amiable

Minder

Expressive

FinderDriver

GrinderAnalytical

Go to websitepracticeparadox.com.au

Rainmaking Zone}

TASK

ASK TELL

PEOPLE

Reminder

Amiable

Minder

Expressive

FinderDriver

GrinderAnalytical

TASK

ASK TELL

PEOPLE

Reminder

Amiable

Minder

Expressive

FinderDriver

GrinderAnalytical

• Cooperate to gain agreement

• Provide support• Communicate trust

and confidence

• Focus on facts, logic• Act when payoff clear• Careful not to commit

too quickly

• Focus on results• Take charge• Make quick decisions• Like challenges

• Create excitement and involvement

• Share ideas, dreams, enthusiasm

• Motivate, inspire, persuade

If you only ever do what clients ask for

Then you are a human vending machine

(:

If you only ever do what clients ask for

Think webjet.com.au

Order takers can be replaced by technology

Why? Advisers add value. Order takers do not.

QUESTION TIMEwww.twitter.com/practiceparadox

http://www.facebook.com/PracticeParadox

http://www.linkedin.com/in/getmc

Michael ‘MC’ Carter - Director of Practice Paradox