Guest Contribution by Steve Conway
Any business owner knows that marketing is an essential part of the day-to-day challenges which help the business be successful. Understanding marketing is an important skill set so you can build up your client base or generate increased revenue from your current clients.
Before the internet and other new technology, clients switching firms wasn’t a common occurrence. It would be expensive and complicated to do so, so clients usually stuck with the same firm for an incredibly long time. Now, moving to a new firm is much quicker and simpler because a lot of information is saved online and can easily be transferred. Long-term partnerships between clients and firms are no longer a normal occurrence; customer choice is much greater, and the market has opened up in a big way.
However, this means that any firm that is proactive and engaged in marketing efforts can win over new clients. With the freedom of movement and choice, new clients are just waiting to be found. The catch is you need to know how to properly market yourself in order to realize how to value a CPA firm and get your worth across to your potential customers.
Here are some tips on how to get started on your marketing efforts:
Know your niche:
If you don’t know who you’re marketing to and what their needs are, how can you market your services to them at all?
The first step is doing a deep dive into who your target market is, what problems they have that need solving, and how you can be their solution. The better you understand this, the better you will be able to position yourself and your firm, and the better your marketing efforts will be. Plus, learning about your target market and what their true needs are will give you a leg up over other firms who believe business is the same across the board.
Create a plan:
Successful marketers always have a marketing plan that ties in with their business plan. It keeps you focused and on track to hit your goals. In your marketing plan, you should include your unique selling point, your SWOT analysis, your realistic business targets and suitable clients, the services you’re marketing (including which ones are most profitable and easiest to sell), your realistic goals and the time frames to achieve them, and what kind of marketing tactics you’re going to deploy.
Raise your profile:
Taking on some extra work by getting involved in the community is a great way to improve the lives of the people around you while also boosting your business by highlighting the work your firm does. You could do this by working pro bono for a vulnerable population like at-risk youth or the elderly, sponsoring a local charity, or organizing a city or neighborhood clean-up. Don’t be hesitant to share your good work once it’s been finished – that’s part of the whole marketing process!
Upsell your current clients:
Marketing efforts can also include expanding on what you already have, and marketing to your existing clients can help your profits. Foster positive relationships with them by offering to meet at least once a month without any sales pitches planned. A simple conversation can open up an opportunity to discuss your other services where there’s a good and natural fit for them. Remember, it’s considerably cheaper to keep an existing client than it is to win a new one.