Accountancy marketing roadblocks
Digital marketing is an ever-evolving discipline, and to stay ahead of competitors, it’s important that your company keeps up. This means keeping abreast of new practices and tools, staying informed about Google algorithm updates, and ensuring your audience’s changing needs are met.
In addition, there’s the impact of the pandemic to manage. Many businesses are feeling the pinch, which can in turn mean there’s a perception that accountancy services aren’t affordable. That means now is the time to really demonstrate how your accounting firm can help those who are experiencing cash flow problems, or those who need to audit their accounts and streamline their business.
So what’s holding your accountancy marketing back? Let’s take a look at some of the main roadblocks and how to overcome them.
Are you investing in the wrong things?
To make your marketing spend go as far as possible, you need to cut out activities that give little to no return on investment (ROI). That means taking a good look at the various channels and keywords that you’re using – and the audiences you’re targeting – and deciding where you can make improvements or cutbacks.
Are you overspending on advertising your mergers and acquisitions services, for example, when most of your leads are coming from businesses that want tax services? M&A may bring in better money in one hit, but is the regular business from providing VAT and other tax services actually more profitable in the long term?
To refine your marketing strategy going forward, create or commission a detailed report on which channels you’re using and how they’re performing in terms of ROI, cost per conversion and customer lifetime value. You can then focus your efforts around the channels and campaigns that are working best for you. You should also look at where your core business is coming from, and put the bulk of your spend into targeting audiences that look like your key clients – technology businesses with an annual turnover of £2m or more, for example.
Are you responding to changing client needs?
For many businesses and individuals, things have changed dramatically in the past couple of years. Brexit and COVID-19 have meant lots of companies are facing issues they hadn’t planned for: supply chain issues, reduced custom, new regulations to adhere to – and their needs may look very different now to two years ago.
If you’re trying to push potential clients to sign up to a service package with a lengthy contract and a fixed monthly spend, the nature of your offering could put them off considering you. Instead of expecting long term commitment in these uncertain times, adapt your offering to suit what businesses can afford. This might be a quarterly audit of their accounts that can be paid for over the course of a year.
Tailor your messaging to promote the more flexible services that you provide, highlighting their affordability and convenience, as well as your expertise and reliability as a company. If people think you can help them to save money more effectively than their current approach – and you’re confident you can prove that investing in your help can result in a healthier bank balance – they’re more likely to consider your services.
Are you being consistent with your approach?
In marketing, as in many industries, consistency is key. So if you’re only communicating with your audiences when there’s a lull in business, or when you’re in the mood, the activity isn’t properly joined up. That can mean you end up spending a lot of money on activity that doesn’t bring in business in the way you need it to.
Instead of carrying out marketing in an ad hoc way, take the time to plan a strategy and execute it. This might mean taking a new approach, such as setting aside an hour before the phone lines open each morning to create a blog post on a relevant topic, schedule some social media posts, or tweak your PPC campaigns. Of course, you can also outsource this to an agency that specialises in marketing strategies for accounting firms, who can help ensure your messaging and activities are consistent, and that you’re targeting potential clients at each stage of their journey.
Are you neglecting existing clients?
Many businesses get so caught up in the quest for new leads that they end up neglecting their existing clients. Particularly in the case of accounting clients, there are lots of opportunities to cross-sell products. If, for example, you have a client that uses your firm for payroll and bookkeeping services, you have the opportunity to offer them VAT services, management accounting and more. Don’t simply assume that because they pay you for a service, they’ll automatically come to you for other things.
Ensure these clients are aware of the other ways in which you can help them by creating email campaigns or webinars that highlight different services. Perhaps you can help them with cloud accounting and MTD, or maybe you can offer their staff a discount for advice on tax planning. In addition to seeking new business, ensure you nurture the relationships with your existing clients and take every opportunity to highlight how you can help.
Are you trying to do too much?
A scattergun approach to your marketing efforts or an inability to keep up with evolving client demands can be the result of trying to take on too much. If you’re a business owner who has 101 other jobs to deal with on a daily basis, you’re never going to effectively stay on top of your marketing.
This is where an agency such as Whitefish Marketing can help. Let us create a comprehensive marketing strategy that will work for your accountancy firm and help you to bring in new business while maintaining relationships with existing clients. Chat to us today to find out how we can assist.
