“What’s the best way to get new clients?”
I hear this question a lot: Pretty much every time I meet an accountant or CPA and they find out what I do for a living. It’s a tough question, and the answer is complicated and frustratingly vague. If you were to force me to give you a brief on the subject; a short concise answer; I could sum it up in two words… but you’re not going to like it.
“It depends.”
I mean, seriously. How could there be an easy answer to that question? Whole books have been written on the subject. There’s no magic bullet. What works for me may not even work for you.
The most effective way to market your practice depends has very little to do with me, or even the prospects you’re looking for. It’s about you. What kind of practice do you have? Where are you? Where are you trying to take your firm?
Who are you?
Your practice needs to build a marketing strategy suited to the unique talents of your people.
I told you you weren’t going to like it.
There is some good news though. There are some rules of thumb that can really get you off on the right foot when it comes to marketing your CPA or accounting firm.
What’s the Key to Marketing Your CPA or Accounting Firm?
Times have changed a lot. A hundred years ago there was no mass media. Advertising was limited to newspapers in a world where most people couldn’t read. The key to marketing back then was Networking.
Then came mass media. The literacy rate soared. The telephone and radio became part of our daily lives. TV came along shortly thereafter. The very nature of marketing changed. For all these revolutions, however, on thing stayed very much the same. The key to marketing was still Networking.
Now the mass media of old is dwindling into irrelevance. The once mighty “big three” television networks are fading, obscured by a thick haze of cable and satellite networks. Radio listening has also dwindled in relevance, forced aside by downloadable music; mp3 players and smart phones. The new mass media is the still wild frontier of the internet.
But the key to marketing; simple networking; has not changed. It never will, regardless of any trends and capabilities that might be ushered in by new technologies. In the end the smartest, savviest business people are going to choose their accountants by personal referral. Period.
Yes, it’s a long term strategy. Yes, it’s going to seem frustrating and fruitless for months or even years. But when that first high quality prospect calls you you’ll be glad you put in the time and effort.
“Just Plain Folks” need accountants, too.
Unfortunately very few firms have the luxury of picking and choosing their clientele. The bread and butter of most accounting firms aren’t particularly smart or savvy. Most are just plain folks who happen to roof houses, sell cars, or design swimming pools. They aren’t trying to take over the market. As a rule they are unsophisticated business owners who honestly have no idea why they need to keep track of their income and expenses by compiling and reviewing financial statements.
These businesses are going to be more work, but their money is still green and they actually need you more than savvier business people.
It’s unlikely you’ll ever have the luxury of planning a marketing strategy that doesn’t focus strongly on acquiring these “rank and file” businesses.
What then, is the best way to get these folks to call you?
Don’t bother with old school direct marketing. Once upon a time you could bring in a lot of business by calling new business owners and arranging free consultations. I made a pretty good living doing just that for years but the market has changed. These days cold calls just tick people off, and junk mail goes straight too the dustbin without even being looked at.
Before you can fly you need to walk. You need to build an initial client base before your networked referrals start rolling in.
In my opinion the best source of new clients is the internet. Now, I build and sell CPA websites so I need to admit a certain bias here, but my personal experience is that it works. It works well.
Get a good website and optimize it for Google. SEO, or “search engine optimization” is a dreadful money sink, and it takes time, but it’s a spectacular prospect magnet. In the long term it will more than pay for itself.
In the short term use paid advertising on Google.
The program you want is called Adwords. Your ad costs will depend on your market, but expect to pay $100 to $500 per month to start. Once you learn how Adwords works you’ll be able to knock a pretty good chunk of change, say about 20%, off that cost as you learn to focus your ads to your specific market using tricks like negative keywords, a/b testing, and geo-targeting.
Another good technique for bringing in prospective clients is to optimize your site for local search.
This is a lot less work than traditional SEO and brings quicker results, but it’s not a sure thing like adwords. Even if you don’t plan to do any real work on it make sure your business is listed by Google Places.
There are some other fundamentals you should know.
There are actually a lot of these. More than I can realistically list here. That’s why I started this blog in the first place. Learn how to use tag lines. If you have a yellow pages ad make sure your web address (and tag line) are displayed. Use a good email newsletter to keep your brand in front of your clients and prospects. The list goes on and on. I’ll try to make time to post specific tips at least a few times a month.
But for best results, NETWORK.
And don’t forget that the nature of networking is changing. Word of mouth is still a vital tool, but don’t overlook online social networking opportunities offered by websites like Facebook, LinkedIn, and Twitter.
-Brian O’Connell
Editor