1:1 Networking and Referrals Still the Most Prevalent Approach to New Business
My friend Rick Telberg from the Bay Street Group and CPA Trendlines was kind enough to give me a copy of his recent research report, “Marketing and Business Development Strategies at Accounting Firms – 2012 Survey Report with Commentary and Analysis”
It’s a masterpiece with tons of information that can help any CPA firm benchmark their marketing program by an interesting combination of firm size and “hi versus lo" performers.
While the devil is indeed in the details (I.e., you must buy the report in order to get all of the juicy tidbits), I do want to share the Report’s 6 key survey findings:
- 1. CPA firms are dramatically accelerating their marketing and business development activity
- 2. Adding new clients remains the top business development objective
- 3. Firms are increasing resource allocation toward lead generation, client retention and recruiting
- 4. Firms are cutting resources for branding and awareness
- 5. Personal networking remains the tactic that CPA firms rely on the most to find new business
- 6. There is new interest in search engine optimization and other digital tactics
Using the Data
That is, perhaps, the singular most important way that an accounting firm can use valuable data like that presented in the report. In a struggle for new clients that’s only going to get more intense, it makes sense to get a picture of what your peers are doing and where they’re spending time, budget and energy. That’s especially true when it comes to understanding and applying the lessons of what differentiates a hi performer from a low performer.
As Rick concludes; “high performers more consistently achieve faster revenue growth and superior profits that their competitors.
To purchase a copy of this study, click here. It’s well worth the cost and any marketer worth their salt will spend hours and hours doing comparisons and gleaning new insights that will help them market their firms in new or perhaps better ways.