Accountants do not generally use marketing strategies to grow their businesses. Most accounting professionals rely on client referrals.  They know that businesses will always need core accounting services such as bookkeeping, VAT returns, end of year accounts and payroll.  They hope that their clients will refer them to other business owners.  This can and does happen to accountants who look after their clients, but it cannot be relied upon to grow your business as you have no control over when and how often it happens. 

So how do you gain control over your business growth?  Business growth is not like other business activities, like completing a set of accounts.  You know that if you spend so many hours on it, you’ll have a completed set of accounts and a happy client.  With business growth, how much work does it take you to acquire a new client?  This is not an easy question to answer.

The reason it is difficult to answer is that there are competitors who are also looking to acquire the same clients as you.  The bigger the potential client, the more competitors will be vying for their business.  So how do you win?  The same way you would win a game of chess- by using a superior strategy to your competitors.     

Effective marketing strategies will give you an edge over your competitors.

There are various parts to creating a marketing strategy, but a key component is choosing the right marketing channels for your business.  You must select the ones your target market will respond to. 

From Google to LinkedIn ads, there are many on-line channels that you can use. To help you get ahead, we list the on-line marketing channels that successful accounting firms use to stay on top.

1. Paid Advertising

If you have a big enough budget, paid advertisements are an effective way to market yourself as an accountant. You can advertise traditionally in a newspaper or on the radio.  This tends to be expensive and only suitable for mid-size and larger practices with big marketing budgets.

A more cost-effective, modern alternative is pay-per-click advertising.  This is on-line advertising which, as the name suggests, you only pay for when someone clicks on your link.  This can be a very effective way to drive more traffic to your website.  However, you must have a high converting website before you do this.  Your web site must present the benefits of using your services, evidence of the results you deliver (e.g. testimonials) and have a strong call to action. 

Your paid ads should be strategically placed on the platform your target market uses the most. While Instagram is heavy on paid ads, it is not the right platform for accountants to promote their offering.  You would do better using LinkedIn and Google Ads.  Facebook adverts can be effective as you can target exactly who you want to see your advert.  Given the relatively low cost, you might want to consider trialing it.     

2. Blogging

Blogging is a powerful marketing strategy for accountants to demonstrate their expertise, share valuable insights, and connect with their potential clients. This introduces another element to effectively market your accounting services. Companies and accounting firms with blogs produce an average of 67% more leads per month than the companies without them. Furthermore, 70% of people prefer learning about your business through articles rather than advertisements.

The benefits are numerous including:

• Getting your pages ranked in search engines
• Increasing brand awareness
• Educating current and potential clients on interesting topics
• Winning new clients- remember all new clients need some education about why they need your services and how you can help them before they will buy

To make your blog work for you:

• Your blog articles should be published on your web site.
• You must follow a publishing schedule even if it as simple as publish two blogs a month
• You should optimize your article with relevant keywords
• You must always include a call-to-action (CTA) in each article which asks the readers to take certain action, e.g. contact us, sign up to our newsletter, book a meeting etc.

3. Email Marketing

According to snyder.com, email marketing is an increasingly popular marketing channel for accountants as it has one of the highest potential ROIs – $42 for every $1 spent.

To effectively market your accounting services through email, you must first collate a list of the addresses of your potential and existing clients and segment them based on key criteria such as customer type, industry, or interests.  This allows you to write an email that will be of interest to them.

Your email should be short, have an attention-grabbing subject line and include a call-to-action.

Ensure that you set a consistent sending schedule that works both for you and your target market. Not only is this an effective strategy for engaging potential clients, but it is a great tool to upsell and cross-sell your services to your current clients.

4. Social Media Marketing

In just over a decade, social media has consumed much of our daily lives. Billions of people are using social media around the world. Creating and effectively running social media accounts for your accounting services can help get you ahead of your competitors. While social media is free, it is time consuming to run a social media account effectively.  There are several platforms which you can choose from, so it is critical to pick the platform which offers the most benefit. 

For instance, you can post creative, unique contents on Instagram whereas LinkedIn mostly caters to professionals. You should focus on topics that will trigger the interests of your target market. You can also share helpful information which can improve your social media presence and increase the number of likes and comments on your social media accounts.

5. Webinars

There are many ways to be visible online, to get the interest of your target market, and to generate follow-ups from your potential clients. Hosting a webinar is a great way to market your accounting services to a larger audience. It is a dynamic way to share your expertise, connect with your audience, and create a great impression on them. Offering valuable insights and pieces of advice based on your own expertise can establish you as a trusted expert.

Webinars are a cost-effective way to engage with your existing and potential clients and convey the value you offer.   

You can host a webinar on your own or look for associations, firms, partners, and organisations and pitch them your ideas for valuable webinar content.  This is a great way for you to get in front of their audience.   

6. Collaborate with thought leaders in your target market’s industry

Getting industry leaders to collaborate with you will boost your presence and credibility in your target market. By working with industry leaders, you can expand your network and establish yourself as an expert in that industry. They can also give you valuable insights into their industry.

In an era where possibilities are always open, there are many ways to strategically market your services.

iO can help you to build your business by providing you with offshore accountants and administrators who can do the core accounting and admin work while you focus on growing your business and implementing new marketing strategies.  Find out how we can help you by contacting us today (link to https://intelligentoutsourcing.co.uk/contact-us/).