Sarah Acton, BILL Chief Marketing Officer.
Many accounting firms start 2024 with an eye toward expansion, and the end of the busy season in the spring brings new purpose and a fresh perspective on executing plans.according to today's accountingWith 62% of the top 100 companies reporting double-digit growth in 2023, the majority are optimistic about continued growth this year.
Companies know that to continue to grow, they need to not only maintain but expand relationships with their customers, offer engaging services and forge new relationships. One of the core strategies for achieving this is to market new services that are always in high demand, from CAS and CFO advisory to AP and financial statement preparation.
As BILL's CMO and a former small business owner myself, I know firsthand that creative, targeted, and effective marketing is essential to achieving growth goals. This is true whether you sell products or services to consumers or businesses. I have had the opportunity to speak with many accounting firms at BILL, and a consistent theme I hear is that small businesses recognize the importance of marketing, but often have limited resources to devote to larger initiatives. This means that you need to invest carefully.
For businesses rethinking their marketing strategy for next year, here's a universal marketing roadmap to help you maximize your potential ROI.
Your advantage in understanding growth opportunities and determining your marketing roadmap starts with your relationships with your customers.
Having worked for some of the world's biggest brands like Coca-Cola, Frito-Lay, and LinkedIn, I can tell you that they all know that the best insight into opportunity lies at the source of the business: the buyer. about it.
Many companies conduct surveys to measure customer satisfaction, which is a good start, but one-on-one meetings to discuss customers' personal and business stressors, dreams and goals are essential. There's nothing like conversation. The goal is not to make a quick sell or exploit a client's difficulties, but to help them truly understand, on a human level, how to design new solutions or improve existing ones. By truly listening, you can show your passion for their business and get some eye-opening feedback.
Your current clients are also your best source for expanding your business because they already know and trust you. In fact, the number one source of CAS leads is existing clients, according to CPA.com and the AICPA PCPS CAS Benchmark Survey. Two-thirds (67%) said existing tax customers were the best target for conversion, and 45% said traditional bookkeeping and accounting customers were the best target.
We are always at the forefront of our clients' needs and are the first to consider additional services.
Innovations can take time to catch up with people's understanding. Though thinking ahead is important, marketing efforts are most effective when there is a sense of urgency.
Accountants understand this inherently because it's tax season. Nothing moves people to action like deadlines and penalties.
We recommend aligning your marketing messages and solutions with immediate needs, relevant market trends, and your company's capabilities. Frame your message for new solutions like CAS around how they can help clients address current pain points or grow their practices. now, Not just tomorrow.
You may need to meet your audience where they are and provide some education. In fact, 69% of companies say a lack of understanding of CAS can be a barrier to sales, according to the same study from CPA.com and the AICPA. The most important asset in this educational process is the team. That's why it's important that your team understands all the benefits and capabilities that CAS tools and technologies have to offer.
Summit CPA, a division of Anders CPAs + Advisors, is a great example. They are attracting more companies to their clients who have other clients using spending and expense management software, as their managers realize the benefits not only to their clients but also to their own workflows. We found that they were motivated to have us on the platform. This makes them great educators and great front-line marketers.
- Cause not just waves but ripples
Even the best and most creative marketing messages need to be repeated and cascaded to ensure they are seen and heard. In marketing, we think of this as attracting and nurturing your target audience through consistent communication. Effective marketing allows you to get your message across multiple channels.
In other words, your day revolves around your client, but their day doesn't revolve around you. A big campaign or conference might grab your attention once, but you need a memory or a reason to remember you. So be like the rock that causes a hundred ripples by connecting through multiple channels, from regular phone calls and emails to customer thank you notes, industry events, and social media messages. Always remember that marketing doesn't end once someone becomes a customer.
A great marketing campaign doesn't require a big budget or an outside agency.
There are many cost-effective and fun ways to promote your company and reach new audiences using the resources and tools you already have. Interacting regularly with your audience on LinkedIn, sharing new articles and insights, and connecting with new prospects and colleagues are simple initiatives that create real value.
To take it a step further, consider recording yourself or a colleague speaking on a short educational topic that can provide tips and insights to your customers and prospects. Even better, team up and engage attendees in collaborative marketing opportunities like events, articles, and webinars.
After all, there is no single roadmap to success in marketing. What works for one company may not be right for you.
My advice: Center your plans around your own brand identity and what makes your company and its employees unique. A little goes a long way when you start with a marketing strategy rooted in authenticity.
