8 Ways to Identify Which Firm Niche Should Get Marketing Resources

Are you allocating marketing resources strategically or tactically?

Even though the very nature of a partnership in a CPA, consulting or other professional service firm demands it, I don’t think that being egalitarian is the right way to allocate marketing resources. At the same time, squaring off to fight for resources may not be the right approach either, as entertaining as that might be.

Although partnership structuring is a very complex issue and beyond the scope of a humble marketer, it seems to me that most firms don’t have a really good way to determine who should get marketing support, let alone why they deserve that support. Maybe it’s time for a more rational approach to using marketing strategically to grow the firm, rather than allocating dollars and resources tactically as most firms do.

Prioritizing the Allocation of Marketing Resources and Dollars

So how can your accounting or professional service firm prioritize the way it allocates its marketing resources and dollars? The answer is to select niche practices that meet the following criteria:

(1)    They operate  in an environment that’s always changing and creating opportunities

The great thing about the accounting environment is that change is a constant, and good marketers know that change creates opportunities for new clients and top line growth. Which industries are experiencing the most stress? Are there new opportunities in tax code changes, like the new tangible asset regulations that create tax savings? Are there new painful compliance issues that create opportunities, especially from niche practices that have the ability and willingness to be first to market with a solution?

(2)    They have a strong practice leader that understands the role and value of marketing

I would not give marketing resources or budget to a niche practice whose leader isn’t a fan of marketing, or who is stuck in outdated marketing technologies and approaches. Why fight an uphill battle with a partner unwilling to embrace inbound or content marketing? The recipe for a disastrous ROI on marketing begins with an unmotivated and marketing illiterate niche practice leader. 

(3)    Competitive differentiation

If you can’t differentiate your niche practice from that of your competitors, then you shouldn’t be getting priority for marketing resources. Nobody gets rich marketing a commodity, and if you find yourself unable to create differentiation then your best bet is to build a referral network and stay away from the table when marketing resources are being allocated.

(4)    Their staff willing to contribute to the marketing program

Because professional service firm marketing is becoming more complex, the staff of your niche practice – at all levels – needs to step up to the plate and take some accountability and responsibility for contributing to marketing. This can range from helping organize a database to being a consistent contributor to the content marketing needs of the niche. If a niche staff isn’t willing to pull some weight to help make the practice grow, then find another practice that is.

(5)    They have an inventory of  content that can be used to create lead generation offers – or a willingness to create content

Content marketing needs to be one of the fundamental elements of today’s CPA firm marketing program. Whether it’s a white paper, a niche blog, or a video, content is a tool for lead generation, niche and personal branding, and competitive differentiation. 

(6)    They have a clean, opt-in email database of prospects and clients

If you had a choice between giving marketing resources to a niche practice that had 1,000 good, clean email addresses and one that had 100, where would you put your allocation? One of the first base level activities that any niche practice needs to execute is building an email list, as this will be a primary tool for executing any type of outreach or lead gen campaign.

(7)    They have a  strong presence in industry trade associations

Trade associations are a great way to build a niche practice as they represent an opportunity to build awareness of who you are and what you do, as well as an opportunity to find a partner for lead generation. Note that I’m not talking about a peer association, but one where you might find a prospect. Fish where the fish are!

(8)    They have a strong and credible niche strategic marketing plan

I would not fund a niche practice that hasn’t taken the time to define quantitative goals and objectives, and the strategies and tactics they are going to employ to reach those metrics. In a competition, funding for resources should flow to those who have a tangible (and realistic) plan for success, - not just those who have requested some unbiased % increase based upon last year’s budget.

A Two Tier Resource Allocation Plan

Here’s an idea to ponder – a 2 tier resource allocation plan.

Tier 1 would be funding for resources that benefits everyone in the firm, for example, funding branding activities or paying for marketing staff salaries or even expenses for advertising specialties like Frisbees imprinted with the firm’s logo. Tier 2 funding would be for funding niche practice marketing, and would be allocated on the basis of a competition.

The completion could take the form of having each niche practice submit a strategic marketing plan to a marketing committee, and the best plans get a share of the Tier 2 funding. And, no plan, no funding for the niche.

Or, maybe we go back to the concept of the boxing ring. Not only would that make for some interesting and different entertainment at the next retreat, but it could also really shake up how a niche practice recruits for new staff.

“Now, what did you say your Golden Gloves win –loss record was .....?”