Monthly Archive: September 2018

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Marketing myths

For some reason, the accounting profession is riddled with marketing myths. Below are six common myths that do contain an element of truth, but can be quite damaging if taken too seriously. The best source of new business is from new clientsThis theory involves your new clients being so ecstatic...

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Marketing ideas for small firms

Small firms are truly limited. Marketing in a one-partner firm will be done by that one person. However, implementing the following ideas may develop more business. Your marketing power is in your backyardMost small firms don’t realise that their marketing power is right in their own backyard; existing client relationships....

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What kind of value does your firm demonstrate to clients?

The services that accountants provide can be divided according to the level of value the client receives. The three levels of value are the minimum service, the quality service and the value added service. The minimum service is poor or mediocre compliance service that fulfils the client’s minimum needs, but...

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Horizontal and vertical marketing

There are two broadly defined marketing techniques: vertical marketing and horizontal marketing. Horizontal marketing involves targeting a wide marketplace and vertical marketing concentrates solely on targeting one, specific marketplace. Accountants can take one of these two approaches, either aiming for sector dominance or trying to cultivate a broad range of...

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A bare bones marketing program

Some small firms may feel that they can’t afford to invest a large sum of money in marketing or that they won’t be able to use marketing in an effective way due to having simpler, less ambitious goals than larger firms. But while their goals may be smaller and the...

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Getting the most out of your surveys

Conducting a survey is one of the best ways a firm can collect meaningful data from clients. When carried out properly, surveys can provide firms with the kind of information needed to improve a firm’s services, products and interaction with clients. But when they are poorly organised, firm surveys can...

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Segment your way to success

Firms looking to improve their email marketing response rate should consider segmenting their audience list. Segmenting is the process of dividing an audience list into subgroups. It allows firms to send specific or targeted emails to a specific group or targeted individuals who may be more responsive to firm messages....

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To network or not to network?

Networking can be an effective marketing strategy for many accountants. It is the process of establishing personal relationships with individuals who could become clients or who are in a position to refer potential clients. But despite its proven advantages, networking doesn’t always guarantee success for a firm. Although it can...

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Selling accounting services

Most accountants already have a certain level of sales ability. Their client portfolio is a testimony to that. Accountants will acquire different clients based on their sales ability, and they will lose others if their communication skills need improvement. Accountants do not sell services; they provide solutions that clients want...

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Client service opportunities

Cross selling is an important revenue source for accounting firms. The concept of cross selling is simple: convince existing clients to use a firm in more than one practice area. Cross selling can result in additional revenue and help client retention by: Allowing an accountant to establish more points of...