Marketing for Accountants
In our experience, the financial industry seems to have more marketing myths than most. Accountancy marketing is riddled with them. Knowing how to combat these myths is certainly helpful to avoiding the pitfalls.Here’s a heads up on the top 3 myths and how you can avoid the pitfalls.
Myth 1: New business largely comes from new clients.
If you’re expecting scalability to be predominantly as a result of a brand-new client base, you could be being presumptuous. Whilst some industries like health and beauty have a vast number of new clients from referrals, the accountancy industry has relatively low growth from new business. The bread and butter client base, as you know, is your existing clients. It’s far easier to sell new ideas to your existing client base than it is to interest brand new clients. Why? Because you already have their trust. And trust is required for something as important as confidential financial information. Selling trust is far harder than selling services, but once you have your client’s trust, you can market new services to them.
Myth 2: Your biggest customers are your best customers
Some might assume that large clients are more significant than smaller ones. This is an understandable theory from a branding perspective or wanting to showcase client calibre, but big clients doesn’t necessarily mean big money. Sometimes smaller clients are worth more to you in terms of revenue and quality of customer relationship.
Some accountancy firms believe it’s better to focus on one big relationship rather than a handful of smaller ones but putting your eggs all in one basket like that is risky. If you lose that one big fish, you’ve got to cast your nets again sharpish. Having lots of smaller clients spreads the load and minimises risk.
Myth 3: You need to be competitive with prices
It’s tempting to base your pricing structure on that of your competitors to remain in the game, but this is a mistake. As an accountancy service, you need to consider your prices carefully, Presumably, your service has its own set of USPs that make your business stand out. No doubt that individuality is reflected in your content too. Your prices should be no different – using industry pricing scales as a guideline is good to get a sense of where to pitch yourselves, but don’t be frightened to set your prices in accordance with what you personally offer to your clients. You may have a prestige service delivered by highly experienced professionals. Alternatively, you may include extras that other accountancy firms don’t offer. You may operate in a more affluent area or you may simply just have bigger overheads that need covering.
Whatever your reasons, be confident amount charging what you want to for your service. If you have confidence in your service and what your charge for it, your clients will have confidence in you, which will foster trust.
Need help with your digital marketing strategy for your accounting firm? Why not give usa call us on 01303 720 288? We are a highly experienced digital marketing agency based in Folkestone, Kent.