KRC Learnings #7: Good Marketing Needs Resources

November 6, 2020

The traditional model of gaining new clients has changed drastically within the accounting profession. Current statistics show that clients by referral are down 16 percent, while lead generation via dedicated digital marketing efforts shows a 66 percent uptick. For firms looking to grow their client base over the long term, this means that a strong digital marketing strategy is a must-have. This marks a major shift in the profession—one that Klein, Rowe, & Co (KRC) cannot ignore.

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Join Klein, Rowe & Co, our fictional case study firm, as they learn from our Automating Success webinar series.  In each webinar, our thought leaders will share their expertise on how this firm might address those challenges.  In each KRC follow-up, we'll share with you what our fictional firm has learned and the next steps they might take to reimagine their firm.   Please note: our case study and follow-up articles are fictional and intended for entertainment and educational purposes only.   

After attending this week’s Automating Success webinar, “Marketing your reimagined firm – How to sell clients on your new value,” KRC partners determined that they need to completely rethink their marketing strategy—which to date has proven infrequent and inconsistent. They also realized that to truly master the art of marketing and selling, these tasks should be handled in-house in order to maintain consistent and targeted messaging.

What KRC learned…

A key takeaway for KRC partners was that their “shotgun” approach to marketing simply does not work. To date, the firm’s marketing method can best be described as “ready, fire, aim”—implying a lack of planning prior to blasting out email campaigns and launching infrequent online ads. Without structure and a dedicated marketing champion to oversee the firm’s efforts, the partners understand the inability to attract qualified leads and keep the sales funnel full.

Partners stated: ”We’ve not applied the proper resources to marketing, which is why our leads have dried up over time. We also know that outsourcing marketing to a virtual assistant is not the answer. We need to keep these duties in-house to ensure messaging is consistent and that marketing initiatives are launched with more frequency and intention. We can no longer throw an employee at the work; we must have a strategy.”

Another key takeaway was the necessity of content—learning that approximately 42 percent of high-performing firms report content development as the top marketing priority. To properly attract the right leads and nurture them through the sales process, KRC must work harder to create content that educates and engages the buyer. This includes everything from informational eBooks and blogs to email campaigns and social media posts.

KRC action items…

As the partners continue to focus on firm enhancement, the following list represents the next set of action items required help build a strategic marketing program, including:

  • Identify an in-house champion to manage all marketing efforts.
  • Determine which partner will oversee marketing initiatives and stay engaged with the marketing champion.
  • Work with the marketing champion to identify key marketing messages to ensure consistency across all communication channels—website, digital campaigns, downloadable assets, social media channels, etc.
  • Block time weekly to review marketing efforts, identify areas of weakness and brainstorm new ideas (marketing budget should also be part of these discussions).
  • Research outside contractors to support the firm with content development, including eBooks, email campaigns, blogs, social media posts, website landing pages and more. Also, work with the contractor to identify top industry keywords to help bolster the firm’s online search ranking. Note: Identify an agency or individual with experience supporting the accounting profession.

Check back regularly to learn how KRC is progressing. In the meantime, feel free to use any of the ideas listed above to help rev up your firm’s marketing engine.

Did you know that clients don't always know when they need technology?   It's the perfect marketing opportunity to let them now about new services, like Bill.com.  Learn more about automating AP and how it helps your clients today:  Start a risk-free trial  or chat with one of our account managers today.

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