Small Firm Marketing – Have a Plan
Partner compensation, succession planning, staffing, technology improvements and training are just some of the most important issues facing accounting firms today. What about marketing your practice to gain the best clients possible? Firms don’t often have marketing on their Top 10 list of worries. Is it because marketing isn’t important? Absolutely not, but small firms need to look at their marketing efforts as one of the cornerstones of building their practices. Strong marketing helps firms understand their current clients better so they can attract strong new clients.
Where do small firms start?
They should always begin with a marketing plan that includes an overall firm vision for the future, a mission statement on what the firm wants to provide, core values of the firm and specific strategic marketing objectives. Build the meat of the plan based off of the strategic marketing objectives. Determine what initiatives must be done and who is responsible to achieve each of the objectives. Firms need due dates and must hold themselves accountable to complete each objective. The plan is the basis for all marketing efforts.
Understanding your current client base and potential market is vital to your firm’s marketing efforts. Here are a few questions that will help your firm better understand how to focus its marketing:
- What type of clients do we love to work with?
- What type of work do we enjoy the most?
- How did our best clients come to do business with us?
- What is or could be a niche for your firm?
Attract The Clients You Want
Once you answer these questions, focus your efforts on attracting the type of client you and your staff love to work with the most. These types of clients will make everyone happier and will translate into improved work, more referrals, and higher profits!
To ensure success in marketing, firms must remember to stay the course. Firms must regularly go back to the plan to see if they are on track or need to make adjustments. Don’t create a comprehensive plan at the beginning of the year and not touch it again for 12 months. Schedule quarterly reviews of the plan to make sure people are on task … and track results. A strong marketing plan should be flowing and flexible so that needed changes can be made. Marketing is not black and white, but with good research of current clients and the market, firms should be able to utilize marketing to attract the type clients they want.
