Online Video - A 'Must' or a Waste of Time for Accountants Marketing
Let's not beat about the bush: everyone is talking about
video as a 'must'. Must-have, must-do, or else you're a has-been. Yet accountants seem to be uniquely immune to this kind of talk. When you search online, there isn't a video or thumbnail in sight.
Do accountants know something, perhaps by dint of their analytical skills that others don’t? Or do they buck the trend to their own detriment?
What is this talk about online video?
Online video has been coming on in leaps and bounds for almost ten years. It has now grown to such an avalanche that telcos are scrambling to provide sufficient bandwidth. In the next 3 years, they expect online video to take up 90 percent of total internet bandwidth. It is certainly taken seriously by the big players.
What are these videos?
We have all seen videos about cute little kittens, podgy toddlers biting big brother’s finger yet again or records of stupid accidents serving up their portion of schadenfreude. This is one end of the spectrum, the poorly made, highly personal home camcorder flic taken on the hoof that goes viral. But this does not concern us here.
Then we find multi million pound advertising features like this 13 minute video for Jaguar directed by no less a celebrity than Ridley Scott. This is the extreme other end of the scale, the Hollywood style ad become mini-feature film, which will be multi-purposed on TV, online, in the cinemas including “The Making of...”. This will go viral, too, but it does not concern us either because it is above all a branding exercise for very deep pockets.
We are after something else entirely: 
the home made look with a professional touch, the personable video that connects directly with its target audience. Although these videos are professionally made, they don’t have to be expensive at all. What they have is above all clear sound, good lighting and/or simple graphics, and most importantly, engaging, quality content.
You see where this is going. Yes, not only could accountants use online video, they will have to jump in just as pretty much all of them now have a website.
Video is the future of communication, the conservative nature of the accountancy profession notwithstanding. And early adopters of the right approach will get a head start.
What is the 'right’ approach for accountants?
It is the same as for any other business:
Give the client what the client wants and not what you, the business owner or accountant, wants to give.
Website visitors are fickle. They need to be captured fast. This can only be achieved with engaging, client focused content. The flip side of this is equally true: a bored audience will leave you instantly. It only takes a mouse click.
A captivated audience, however, will love you. Your viewers will come back for more; they will talk about you, recommend and refer you.
How can accountants achieve this?
That’s easy because accountants hold one major trump card: They are already regarded as experts. Their major challenge is to communicate this expertise successfully, which means giving their audience a chance to confer authority status on them.
This is above all achieved with client focused, 
quality content that their viewers, that is their current and future clients want: simple and clear answers to basic questions.
Expositions on ‘Predictive Index and Forecasting’ are not going to create the fan base accountants need. A clear, straight forward and engaging explanation of the difference between a sole trader and a limited company will. Any start up and many an established sole trader will want such basic information.
Two things will happen if accountants follow suit:
• Their expertise becomes perceived authority in the eyes of their visitors, and
• They stand out from the competition.
Repeating this makes magic happen:
• Their visitors will be interested,
• Their presentation will make visitors convey status and authority on them,
• Their websites will be talked about,
• More of their information will be eagerly anticipated,
• Their visitors will become fans.
Once they become fans, they will buy from them, refer them, and spread the word about them without having to be asked.
This is very far from wishful thinking. Report after report provides facts and figures about increase in conversion rates, online purchases and customer loyalty through the use of online video.
Accountants are no exception. In fact, accountants can even do one better as they are not selling simple products: they can leverage their profession and combine text and video to step up from video to content marketing.
The combination of videos and articles is unbeatable. Not only does it unite the two online marketing tools that have been shown to have the highest ROI, well produced videos with engagingly written articles will make their websites visible and stand out from the grey mass of accountancy websites. It will also help them future proof their websites and dominate the search results.
Content marketing is the future. In other industries and primarily in the USA, it is already the present. The UK is waking up to it. Alas, UK accountants are still asleep.
It is a sad fact that the vast majority of accountancy websites in the UK do not use video. And most of the few who do tend to get it wrong. A solitary video on a website simply is not enough. Videos that are edited versions of conference talks or poorly lit and with bad sound don’t cut the mustard any longer. These videos are not engaging; they are boring. Don’t underestimate that your audience is evolving and has become much more demanding because online video is evolving fast. The solution is simple: Give your audience what they want, and do it often.
For a profession like accountants, content marketing done right is the royal road to growing their practices. Here are examples of how to get it right.
This strategy consistently applied will turn visitors into fans. And fans generate word-of-mouth publicity that is priceless.
In answer to our question: Yes, online video is a ‘Must’ for accountants if they don’t want to be left behind by the competition.
Max Alter founded his Videos For Accountants programme to help accountants capitalise on their natural advantage without having to pay premium prices. His Big Videos Local programme uses online video to help local businesses achieve increases in conversion rates, and therefore sales, in excess of 300 percent.
7 Secrets of Converting Prospect Meetings
By Patrick McLoughlin
Accountancy Marketing, for most firms, has one aim: arrange appointments with potential new clients. Yet most partners attending prospect meetings have little or no training on what to do, or say, once they are in front of the prospect.
Below are seven, non-salesy, steps to establishing rapport, trust and above all understanding:
1) Let them know what to expect
This is especially important if you have asked for the meeting. Your prospect/s will expect you to take control with a clear structure.
Explain precisely what you would like to cover and what you want to achieve. We all fear the endless meeting so take your watch off, put on the table and tell them when the meeting will end.
Whilst it is important that they know what you are doing, you also need them to reassure them that the meeting is for their benefit. So explain that if they have any particular issues they want to discuss there is plenty of time for that too.
So Explain:
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Why you set the meeting up.
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What you would like to cover.
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What you want to achieve (for them).
Explain how long the meeting will take
2) Use an Agenda.
I know many people don’t like to use agendas. They fear that they destroy the flow of the meeting and can make their discussions seem, well almost scripted.
Yet if you have ever tried to write a post-meeting proposal and realised you don’t have the information you need, you can see the benefit. Agendas help you to cover all the vital details needed to put you in a position to help.
If the prospect goes off on a tangent, don’t worry; you don’t have to follow the agenda religiously. They will probably tell you about the issues that are important to them. Look at the agenda as a path in the forest: you don’t have to stick to it, but if you get start to get lost, hop back on it.
3) Understand their Past Experiences.
If your prospects don’t feel that you understand them and their businesses, you are going to struggle to get them onboard as clients. Sure, you will win some business, probably on cost, but even those clients will be less secure.
Put yourself in their shoes. A business owner’s relationship with their accountant is one of the most important relationships in their business life. The better quality the client, the more important this relationship is.
How can they depend on you to help them reach their potential if you know nothing about why they set the business up in the first place?
Understand the past, present and future
4) Understand where they want to be.
Tust builds through understanding. How can anyone take your business advice seriously if you don’t understand their endgame?
During the time I have been in business, I must hired 4 or 5 accountancy firms. I have probably met with at least twice that number to quote for my work. Yet I have never been asked why I went into business or what I hoped to achieve.
Try to get an understanding on two levels: the facts and figures, and the emotion, the feel of where they want to be.
5) Where are they Today?
To get a true understanding of the business you need to understand more than just the figures. The accounts only tell half the story. Consider their current position in light of where they want to be and what they want to achieve. Listen to the words they use and emphasise.
The day-to-day running of the business distracts most business owners from their goals. As the saying goes, they are working in the business, not on it.
You have an opportunity to help them rise above the routine issues and focus on the business of their dreams, the business they envisaged.
Even if you have approached them to make the appointment, they still agreed to meet with you. Try to find out why they were open to a meeting.
6) Road blocks to Success
The purpose here is not just for you to understand their obstacles, but to help them to as well. If you can bring some clarity to their problems, you can help them overcome them, or at least come to terms with them.
Obstacles tend to be fuzzy and blurred in the eyes of the beholder. A fresh perspective can often help lift the fog. Some problems can be overcome by better planning and reporting, offering you great opportunities to help.
Though don’t expect to be able solve everyone’s problems. Some obstacles are immovable; or the action needed is so unpalatable that you just have to work around them. You will find that some people just aren’t ready to confront the issues.
Try to find out what they would do if they could overcome them.
7) Your Offer
Let your first meeting with the prospect be all about them, their business their issues. If they push you for advice or a quote tell them you need to give it some thought; you don’t want to rush into it.
Make an appointment at the end of the initial meeting to come back and discuss how you can help. Make sure that everyone involved in the decision will attend the meeting.
When you meet again discuss your proposed action in relation to their situation. Use the terminology they used. Demonstrate that you understand their situation and your proposal is built around their interests and their goals.
Now you know how to get the most out of prospect meetings think about how you can get yourself in front of business owners.
Download the guide below to see if telemarketing is right for you.
Related Blogs:
This is How to find your Ideal Clients: Marketing for Accountants
By Patrick McLoughlin
How easy would you find it to describe your ideal client? Most Partners I talk to really struggle; and it is not just the smaller firms either.
A couple of years ago I met with the regional business development manager of a Top 10 firm. He was responsible for new business for their London and South East offices. When asked to describe the perfect client he walked out of the meeting room and returned with a part-qualified accountant. He asked her the question, which she naturally struggled to answer.
Effective marketing for accountants focuses on your ideal client.
Why Understanding your Ideal Client is Crucial to your Future
The trouble is if you don’t know what your ideal client looks like, you won’t know where to find them. Yet, if you can find them and bring them onboard, not only will your profit margin grow but you’ll have more fun working with them too.
All Clients are not equal
Let me explain. If you have no ideal client in mind, you will end up working with the good the bad and the ugly. Your focus will be so broad that you will struggle to develop expertise.
If you offer a general, compliance service with no particular expertise, how can you demonstrate value to your clients? What can you do for your clients that your competitors can’t? If you can’t deliver value it comes down to cost, and the lowest fee always wins.
Clients’ perception of value and their general expectations have risen over time.15-years ago, when I first started marketing for accountants, a firm stood out if they offered fixed fees, no charge for telephone conversations and guaranteed completion dates for work. Today it is the minimum standard.
What does your Ideal Client looks like?
Think of those enquires from prospects that interested you the most. Think of the very best prospect meetings you have ever had:
1) They had a specific need that you could help them with.
2) They were happy to pay a premium for the value they knew you could bring.
3) They respected and valued your expertise and experience.
4) They were as interested and excited about working with you as you are about working with them.
You can really get under the skin of your ideal client, by creating them in your head.
Then bring them to life on the page:
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Give them a name, and an age.
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Where do they work?
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How big is the business?
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What line of business are they in?
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What is their career background.
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What motivates them?
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What problems and opportunities do they face?
You probably have more than one ideal client in mind. To start with, just focus on a couple.
These pen portraits really help you to focus, communicate and connect better with your ideal clients.
LinkedIn the most effective social media for accountants
How to find your Ideal Clients
Once you have a clear picture in your head, and on paper, of the clients you want to work with it’s so much easier to find them.
LinkedIn
LinkedIn now has over a million groups. Put yourself in the mind of your ideal clients: which groups would they join. Play around with the LinkedIn groups search tool. Look at the membership statistics for specific groups: how well do they reflect your target profile?
Joining the right groups is only the beginning. Take part in the discussions and try to help by demonstrating your expertise. Write and promote interesting, helpful guides and blogs addressing your ideal client’s issues. Whatever you do, do not try to sell but do start your own discussions.
Inbound Marketing for Accountants
Have a look at your website from your ideal clients’ perspectives. Rewrite it so it appeals directly to them. Use SEO and make sure your keywords focus on your ideal clients. Base all your content around your keywords. My blog this week is targeting ‘marketing for accountants.’ because that’s one of the terms my ideal clients use to find my help on Google.
The clients you want to work with will find you if you focus on them.
Now imagine how much fun you can have with a quality client base. Your work will be more fulfilling and you will earn the income you deserve.
Marketing for Accountants: The 5 Most Dangerous Myths
By Patrick McLoughlin
Myth Number One: All Clients want is the Cheapest possible Fee
Don’t confuse cost for value. If you struggle to explain what is special about your service, how it is better than your competitors, then naturally it will boil down to cost.
People will always pay a premium for better. IPhones cost more than most other mobile phones, but they still dominate the marketplace. There is an enormous market for you if you can deliver more for more. Understand your ideal clients better, find out what you can do that will make them even happier. They will pay for it and they will reward you with their loyalty.
I was sitting in a client’s reception earlier this week when I saw a folder marked ‘Client Testimonials.’ A couple of pages in I found a letter that said something along the lines of: “Before working with you we had always changed our accountant every couple of years. Not because they had done anything wrong, they just hadn’t done enough to keep us.”
Needless to say, this accountant is a particularly smart man who finds out what value means to his clients and delivers it.
If you can't demonstrate Value the outlook is grim
Myth Number Two: The key to Marketing is Increasing Awareness.
Or as one Partner told me: “We are sticking to the plan our marketing is not about a Return on Investment.” Ask yourself how increasing awareness is going to grow our client base, our fee revenue?
Marketing for accountants is not about pretty brochures and flashy websites. It is all about ROI, Return On Investment: How much new business revenue you can generate for every pound you invest.
So don’t sponsor the local roundabout. Sure lots of people will tell you they have seen your name out and about, but what has it done for your bottom line? If you can’t measure it, don’t do it
Myth Number Three: Your Marketing should Appeal to You
Or, as it is often phrased, “that just isn’t our style.”
Just because you don’t like receiving cold calls, emails, free reports etc, it does not mean they won’t work for you. Unless you match the profile of your ideal client, your opinion, whilst interesting, is irrelevant.
The principal holds true on website copy. We all love to read and write about our businesses, our backgrounds, and ourselves. Sadly, our potential clients have zero interest in us. They care only about what we can do for them.
Now go and read the home page on your website. Is it written to please you or help your ideal clients?
Myth Number Four: The Best decisions are made by a Marketing Committee
Accountants tend to be smart people. Naturally, partners and managers want to be involved in growing the business and we want them to. But the more people involved the safer and less innovative your marketing will be.
As Mike Schultz and John E. Doerr put it in their excellent book Professional Services Marketing: ‘It’s kind of like getting 20 people to agree on the same dinner to eat. So many interesting possibilities get excluded for this reason or that. Everyone ends up with macaroni and cheese and a wedge of iceburg lettuce posing as a salad.’
I am not suggesting you exclude your team from marketing decisions. To get their full support and buy-in they have to feel a sense of ownership. To find out how click on the link Accounting Marketing and read about Straw Man plans, near the bottom of the page.
Myth Number Five: The Best Measure of Return on Marketing Investment is first year fees
If you intend to trade for more than the next 12-months, it makes no sense to measure your return over the short term.
Understanding and improving the Lifetime value of your average client is the foundation of effective marketing for accountants. I have had Partners turn down marketing proposals because they target a return of £2-£3 for every pound in first year fees.
They complain the return isn’t good enough, “we won’t even break even in the first 12-months.” Yet how long do you retain a client on average, 5-6 or 7 years? So if a £1,000 investment returns £2,000 in year one, it will earn you £14,000 over a 7-year lifetime.
That is a return of £14 for every £1 invested. Or look at it this way, £1,000 in new revenue will cost you just over £71 in marketing fees.
6 Easy Steps to Becoming an Author: Stand Out from the Competition
By Helen Wilkie
Last week I wrote a guest post about the value of being an author — not of an ebook, not of a "special report" but of a real, honest-to-goodness printed book. If you didn't read that post you might want to check it out.
Some readers, though, may still see becoming an author as one of those "love to do it but who has time" items. Or the obstacle may not be time but writing ability. Some may have considered working with a ghostwriter — until they found out how much that can cost!
But this is 2013, and now there's a better way to get your expertise into print and reap the rewards of being a published author. It takes advantage of two facts:
1. Professionals find it easier to talk about their areas of expertise and answer questions about specific aspects of it than facing the daunting task of writing a book.
2. Today's technology allows us to leverage the first fact by talking the first draft of the book.
Show your Expertise in print
Recognition of these two facts led me to create my revolutionary new program, The 90-Minute Author. Here's a summary of the steps that can lead you effortlessly into authorship with this program.
1. First, you decide what your book will be about. This should be a tightly focused subject, not everything you know about taxation or business start-ups or anything else. (If you have trouble narrowing this down, I can help you in a free preliminary phone conversation designed to help you decide if the program is for you.)
2. Between the two of us, we come up with about ten questions people might, or do, ask you when they need information on this subject. You take some time to consider your best answers to these questions.
3. In a 90-minute telephone or Skype conversation, I interview you based on the pre-arranged questions. These answers become the content of your book! Unlike using a ghostwriter, you really are the author of this book. It's your message, your thoughts, your expertise.
4. I record the conversation and have it transcribed. I then put on my professional editing hat to polish it, tightening the prose and making sure the jargon level is right for your clients. I also divide it into chapters, add a table of contents and include an About the Author section that allows you to promote your business to everyone who reads your book — how cool is that?
5. I use the services of one of my graphic design associates to create a cover and inside layout of your book. You approve the final product before it goes to print.
6. I arrange for the printing of your book by an experienced book printing company that will produce a book you will be proud of for its "look and feel" as well as your content.
And that's it! Now what's your excuse for not standing out from your competitors by becoming an author?
If you agree that there really isn't any excuse any more, read all the details about The 90-Minute Author and drop me a line by email to schedule your free consultation call. Soon you'll be able to say, "I wrote the book on it!"
Don't waste any more time — email helen@helenwilkie.com today to schedule your free telephone consultation and start your journey to authorship the easy way!
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Helen Wilkie is a marketing copywriter and consultant who works with professional services firms. The 90-Minute Author is a service she created for clients who understand the value of authorship but don't have time to do it the old fashioned way. http://www.helenwilkie.com
Marketing for Accountants
For Positioning, Promotion and Prestige, the Book Still Wins
by Helen Wilkie
There's never been a time that presented so many ways to consume information: websites, blogs, social media content, ebooks, online video, audio, slidecasts and more. Next week there might be others we haven't even thought of yet.
All kinds of professionals, including accountants, are rushing to get their content out to the world in an attempt to position themselves as thought leaders, or at least experts in their field. And that's a great idea.
But when it comes to standing out as an expert, there's still nothing to compare with the cachet of being an author. I mean the author of a real honest-to-goodness printed book. Ebooks are great, but they're so easy to create that the bar has been lowered almost to the ground by the avalanche of rubbish that can be downloaded to your computer with just one click.
Show people an ebook and a printed book with exactly the same content, and they'll instinctively give more value to the printed book. Personally, I've written six books. They are on business topics, and they'll never be household names, but I'm still amazed by how pleased people are to get a signed copy of any of them. More importantly, they've brought me more business and allowed me to raise my fees! (By the way, you can find my latest book, Make Your Words Count: a short painless guide to business writing for accountants it is available on Amazon)
There's another change our fast-paced world has brought about for book readers, and this is important for marketing purposes. People today are less interested in inch-thick tomes containing information on all aspects of a subject. They much prefer a slim volume that gives them just the information they want and nothing else.
For example, if I am a UK business owner considering opening a branch in France, and I want to know how my taxes will be affected — that's all I want to know. So if in conversation an accountant casually says, "Oh, yes, I wrote a book on that subject — would you like me to send you a copy?", do you think that might sway me to do business with that accountant? From my own experience, I know the answer is yes.
That's good news for you if you'd like to write a book but are daunted by the prospect of planning, writing and publishing a traditional book the traditional way. You don't need to research areas where you might not have all the knowledge you think an author should have — simply write about a narrow topic on which you are an expert because that's what you do every day in your business.
Still daunted by the prospect? Don't be. This hyper-communicative world has presented you with an alternative that will let you publish your tightly focused book without writing at all. And instead of taking two years or more to get your book into print and into your clients' hands, you can do it all in about a month — at a cost that's a fraction of what you'd expect.
If you'd like to know more about this revolutionary new publishing model, read about The 90-Minute Author and start thinking about how you can position yourself as an expert by becoming the author of your own book.
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Helen Wilkie is a marketing copywriter and consultant who works with professional services firms. The 90-Minute Author is a service she created for clients who understand the value of authorship but don't have time to do it the old fashioned way. http://www.helenwilkie.com
Does Telemarketing for Accountants Still Work?
By Patrick McLoughlin
If you wanted to grow an accountancy practice twenty years ago, your options were limited. Although you had a range of tools at hand, with the exception of ‘The Yellow Pages’ they all involved us, the seller, reaching out to the buyer: Outbound Marketing.
Today the internet allows business owners to search and research accountancy firms before deciding which to talk to, never mind work with. At the same time, burgeoning suppression databases, like TPS (the Telephone Preference Service) and the growing popularity of Voice Mail make it harder to talk one-to-one.
If you read the occasional article on marketing you have probably heard that the more traditional or ‘Outbound’ forms of marketing no longer work. Even some of my favourite marketing gurus have blogged about old-fashioned ‘interruption’ marketing being expensive and ineffective.
Telemarketing can still deliver growth for Accountants
Inbound Vs Outbound Marketing
In 2013, the marketing industry’s focus is on Inbound Marketing: attracting visitors, leads and clients from your website using a combination of email, social media and educational content: guides and blogs etc.
Inbound Marketing has been hugely successful for my business. The opportunities it offers for accountants are enormous and largely untapped. Yet I still run accountancy telemarketing campaigns for clients.
Depending on your target market and the services you offer and excel at, telemarketing can still deliver a stunning Return On Investment. But telemarketing, just like every other form of marketing, is not right for everyone. I have turned work down, for particular firms in certain areas, where I believe the potential return in client fees doesn’t justify our marketing fees.
Although some telemarketing campaigns are less effective today than 20 years ago, it doesn’t mean telemarketing for accountants no longer works. It just doesn’t work for everyone.
When Not To Use Telemarketing
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If you are based in central London, target small businesses and lack specific expertise, you should probably avoid telemarketing. Competition is so intense that the time and fees involved in arranging appointments can outweigh the return.
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We can call 150+ accountants in a day and end up talking to less than 10 decision makers. If you target clients are professional partnerships, think lawyers, doctors, dentists etc you are likely to struggle too. (Following-up an introduction written by a professional copywriter can tip the balance in your favour)
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Even when your offer is a perfect match to your target market, telemarketing will not work for certain firms and certain people. Download the free guide: Is Telemarketing right for my Practice to find out if you are one of them.
Where Telemarketing for Accountants Works Best
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You do not need to be a great talker or presenter to succeed with telemarketing, quite the opposite. Good listeners with a genuine interest in the people and business they meet usually get the best results.
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Rural practices tend to attract high conversion rates.
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If you specialise and can demonstrate your value to specific sectors, telemarketing can work a treat: the better the match the better the return.
Despite many experts’ advice, or prejudice, it is not a question of Inbound Vs Outbound marketing. Telemarketing doesn’t just deliver you sales appointments and clients, it is a fantastic way to build your prospect email list.
If you are using telemarketing and you write a blog or newsletter make sure you offer business owners the chance to receive a regular copy. If you run telemarketing alongside your Inbound Marketing campaign, you will generate far greater returns.
Bad Telemarketing Never Works
If you are attending appointments with business owners that have no interest in your offer you are onto a hiding to nothing. Beware bad practice. Most sales calls I take, no doubt just like you, are atrocious.
The passage below arrived in an email from one of the UK’s largest sales training companies. The writer has products for sale in the UK’s largest bookshops. His advice is practiced by firms offering accountants telemarketing:
"When calling for an appointment-just sell the appointment-just sell the meeting. They are happy, so what? You are not asking them to drop their supplier and give you the business. All you are looking for is a meeting."
On hearing that the buyer is happy with his supplier, he recommends the sales person says something like this:
"Great! I'm glad to hear that Mr. Prospect and if you were NOT happy with your supplier, then I would have to wonder how you were running your business. Please don't misunderstand me. I am not asking you to change suppliers or to even THINK about doing something like that. In fact, I have not yet EARNED the right even to ask you. The purpose of my call is to introduce myself and ABC Company and simply to update you of the options, which I am certain that as a savvy business man, you always want to stay informed of."
Imagine your success rate attending appointments made like that! At the very least, all your appointments should be qualified by asking the business owner: “If you like the proposal all we ask is that you will seriously consider working with us?” If they cannot give you a straight ‘Yes’, steer well clear.
Finally, if you are curious about telemarketing for your practice make sure you campaign targets a clear and specific Return On Investment. It is not as difficult as it seems.
An experienced, specialist, marketing agency should be able to pre-agree a target conversion rate (number of appointments you attend to win 1 client) and target average fee. You can work the revenue target out from there. If they can’t pre-agree a target return on your campaign talk to an agency that will.
To find out if telemarketing can work for you? Just click on the link below to find out
Everybody's Doing It (Content Marketing, That Is)
By Jason Mlicki
It's probably the hottest topic sweeping marketing these days -- in fact, according to Google, global searches about content marketing grew a whooping 133% last year alone. Content Marketing Associations have sprung up in the U.K., U.S., Russia and Poland. Regional, national and international conferences have spread at a mindblowing pace.
And, the majority of accounting firm marketers are getting in on the act. In fact, last summer, we analyzed the websites of 20 middle market accounting firms as part of a broader website benchmarking study and every single one had made major investments in the development and distribution of high value content. Many firms had invested in dedicated industry channels, multiple topical blogs and even large scale research initiatives. But, here's the thing -- all the firms we studied were based in the U.S.
Accounting Marketing: The Transatlantic Content Rift
From my conversations with Patrick over the past 12 months and from reading some of the articles on this site, I get the sense that content marketing isn't sweeping aross the U.K. accounting sector quite as quickly as here in the U.S. In fact, the first time we talked, Patrick described a meeting he'd had with a firm just that day where the principal looked at him and said, "that would never work at our firm." So, my question is why? Why are U.S. based firms jumping head over heels into this strategy whilst their U.K. counterparts remain a bit more reserved?
What's All The Fuss About Anyway?
The idea behind content-driven marketing is to combine the reach of the Internet with its microscopic searchability to share and distribute helpful, educational content that attracts clients to your firm. These combined forces have collapsed the typical geographic footprint of any professional service -- creating the potential to open up new markets and new clients no matter where they are in the country, or even in the world. Some firms have yielded terrific outcomes from this strategy. In fact, one firm in our survey of professional services marketers last October was generating 45% of its leads and 27% of its annual bookings online.
So, Why Are U.S. Firms Pursuing This Strategy More Aggressively?
While there are probably a lot of potential reasons for this, I'd like to offer two main drivers of this trend:
1. A Combination of "Mobility" and Geography
A major push has been under way in the States for some time to allow CPAs / accountancy firms to provide their services more freely across state lines. Coined "mobility," legislation has been passed in 49 states in order to reduce the burden of servicing clients in different states. As I understand it, firms can provide services to clients in most states with similar licensing requirements without being subject to additional fees and burdens. While firms can provide services in this manner they need to pursue licenses within most states in order to proactively market their services there.
That said, a content-driven approach to marketing applies a pull strategy to the market. Done properly, it pulls clients to you by aligning your useful content with their needs and pain points. Essentially, it can allow a firm to accept a client relationship from outside their local market without proactively courting it. Mobility essentially opens new geographic markets while potentially exposing firms to new out-of-market competitors. While similar efforts may be underway in the E.U., presumably the laws and regulations differ much more greatly from country to country than they do from state to state in the U.S. Put simply, it would seem that aligning potential clients with similar needs is a less difficult and less costly proposition in the U.S. right now than it might be in the U.K.
2. Marketing Automation
One of the compelling things about a content driven approach to marketing is that it can be quite inexpensive. Just about any firm can start an initiative with some basic open-source blogging platform, such as WordPress, a little bit of research, and a whole lot of hard work. That said, content marketing can become exponentially more powerful when you apply some new technologies to it.
At its core, marketing automation software can help your firm deliver the right message to the right person at the right time. Through a combination of user tracking and analytics, marketing automation can help a firm assess where a potential client is in the buying process based on their activities and behaviors, guide potential clients to the solution that's right for them, and make the firm's marketing effort more efficient and more repeatable. As it happens, most of the major marketing automation software firms are headquartered in the U.S. -- Optify, Marketo, Eloqua, Pardot, Hubspot and Act-On. So, while mobility and geography surely have a large part in this shift to content, a helpful push from some very good software marketers can't hurt.
Coming to A Shore Near You
If yours is a UK-based firm and you're just now exploring these topics, the good news is that it sounds like you're at the front of the curve. The better news is that you may have a whole nation full of mistakes and successes you can benchmark to make your effort that much more likely to succeed.
About the Author
Jason Mlicki is Principal of the U.S. based professional services marketing agency, Rattleback. Rattleback works with consulting, A/E and accounting firms to make client acquisition more effective and more repeatable.
Accounting Marketing: Why Some Firms Shouldn't Bother
By Patrick McLoughlin
Now January is out of the way many Partners in the UK are focusing on growing their fee income. But before you think about marketing, take a closer look at the services you offer and who you offer them to.
We live in times of enormous and rapid change. Trades that have existed and thrived for decades are in fast decline; think of retailers, printers, estate agents, recruitment consultants, the list goes on.
Adapt or Die
Of course, there are exceptions to the rule, companies that are growing as their industries crumble. But these are exceptions for a reason. These businesses have transformed their services in line with demand and technology: online estate agents, printers offering digital services.
You might not associate accountancy with the struggling sectors listed above, but maybe you should. From 2008 to 2011, the Office of National Statistics shows, there were 12,255 accountancy firm insolvencies.
The faltering economy and the internet have changed how and what we buy. The middle / mass market is collapsing. We will pay a premium for special or better. If you are neither of these, the cheapest option usually wins.
Seth Godin’s latest book, ‘The Icarus Deception’, describes this perfectly.
‘The race to the bottom is the Internet-fueled challenge to
lower prices, find cheaper labor, and deliver more for less.
The other race is the race to the top, the opportunity to be the one they can't
live without, to become a linchpin (whom we would miss if he didn't
show up). The race to the top focuses on delivering more for more.’
Delivering More for More
More means more value, more understanding of my industry sector, more help improving my profits. More of whatever sort of help your clients value. Pick up the phone and ask your clients what ‘more’ means to them.
At A4G, we speak to thousands of business owners about their accountancy service every month. Sure, some decision makers are purely interested in the cheapest service, but not the majority. Most look for value. They will compare your quote to their current adviser’s fees if the services look the same. However, show them the difference in terms they value, and they will pay a premium.
We also speak to a smaller group of buyers prepared to pay substantially more for the service they want.
The 3 Types of Buyers
There is a study by Wharton Business School that backs this up. It breaks buyers down into 3 groups:
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Tightwads (24%) - People that have a lower ceiling for spending
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Unconflicted (61%) - Average spenders
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Spendthrifts (15%) - People that have a higher ceiling for spending
This suggests that only 1 in four buyers are truly fee driven. If you understand and deliver what is important to the remaining 75%, they will pay more than the basement rate.
Just like the budget airlines and pound shops, some firms promote themselves as the cheapest option and prosper. However, there are far less of them than the growing band of firms delivering more and charging well for it too.
Most partners tell me they would rather compete in the race to the top, as Seth Godin puts it: ‘the opportunity to be the one they can't live without, to become a linchpin (whom we would miss if he didn't show up).
Practice Growth Tips for the New Economy
1) Increase your Non-Compliance work
What percentage of your income comes from non-compliance services? Once you know the answer, decide how much you are going to grow it by and how.
2) Look into Value Pricing
Mark Wickersham’s book: Effective Pricing for Accountants is a good starting point. It is very practical and short so you can read a couple of times.
3) Specialise
If you specialise in my industry, I value your service more. I expect to pay a premium for your expertise.
4) Listen & Act
If you are not sure how you can become more valuable to your clients ask them. If they want help in increasing profits or planning and reporting, package new services to suit them. Structured client care research will open up new opportunities for you.
5) Get Help
There is so much help and support available to firms looking to change the essence of their work. Some of the most successful firms I have worked with have benefited from AVN membership. They are experts in helping firms package and promote added value services.
Accountants Marketing: Repulsive Clients & How to Avoid Them
By Patrick McLoughlin
Little beats the excitement of setting up your own business: deciding on the name, designing your website, knowing that success or failure is in your hands.
During the first year or so most of us are quite happy to take whatever work is available. You might not be able to charge the fee you want but paying the bills is the first priority.
Once you are established you can afford to be a little more choosy. Your fees have to reflect the rising cost of your overheads so you start attracting clients prepared to pay that little bit more. But for many of us the habit has kicked in. It is not easy to turn down the opportunity of work, even when warning bells are sounding.
Make room for good clients by ditching the bad ones
Unreasonable Prospects make Bad Clients
You cannot always identify difficult clients in the selling process. Sometimes a change in contact and approach turns a dream client into a nightmare. However, here are some warning signs you should look out for:
1) Rude or aggressive decision makers
Some business owners have no interest in developing a relationship with their advisers. The 1970s school of thought, ‘never show them you’re happy, always demand more,’ lives on.
If they are disrespectful before you act for them don’t expect them to change once the contract arrives.
2) Projects doomed to failure.
Sometimes I am asked to quote for work that I know will fail. They lay down the tactics they want us to follow when the strategy is clearly flawed.
If you cannot convince them to change their plans, ask yourself, do they really value your expertise?
3) Incompetent or unpleasant client team.
As the sales process develops, try to meet the client team you will be working with.
You might have a great relationship with the directors but if you are introduced to the account manager as “our Rottweiler,” you have been warned.
4) Lack of Interest
If your initial meeting fails to provoke the interest or commitment to go to the next stage, stop. Tell them that if the timing is not right for them now, you would be happy to talk again when it is.
Time is our most precious resource; do not bang your head against a brick wall.
5) Constantly changing Advisers
Some companies just cannot hold onto their advisers. They will often tell you how useless the previous firm were. They were fined because the accountants could not get the accounts filed in time.
What they do not tell you is that accountants spent 4-months chasing the books only to receive them a couple of days before the deadline. Try to drill down, ask as many questions as you can until a fuller picture develops.
Difficult Clients are a financial & emotional drain
All Clients Are Not Equal
Whilst we all have a different picture of our ideal client in mind, our bad clients tend to look pretty similar.
They are difficult to get hold of and often do not return our calls or emails. They continually moan about our fees and usually pay late. The extra time spent managing the relationship shrinks your margins. Worse than all of that they make us miserable and take the joy from our work.
How to Avoid Difficult Clients in the First Place
When I discuss telemarketing with a potential client I make sure to tell them, very early in the conversation, that: “up to 1 in 3 appointments you will attend will be a total waste of your time. You might not even write a proposal” (If they convert 50% of proposals they present they will still hit the campaign revenue target)
Although the figure will never as high as 1 in 3, it does prepare them for the inevitable wasted journeys. Better still it also acts as a great deterrent to those firms expecting a panacea.
I also present all prospects with a simple report: ‘Will telemarketing work for my Practice?” The purpose is not to sell the service but deter unsuitable personalities and practices. Look at the landing page and the scary picture of a telephone. Hardly enticing is it?
Finally, not all terrible clients give off warning signals. So draw up a service agreement that outlines your responsibilities and the client's. Explain clearly, what you need from them to make the relationship work. Be brave don’t just send it to them, make a point of going through it, word by word, with them, face to face, and make sure they sign it.
If you would like some advice on attracting your Ideal Clients in 2013 call me 01509 210 067 for a free 30 minute telephone review. Or email me at patrick@a4g.co.uk
Click on the link to make 2013 the year your marketing gets the returns you deserve.
