Many businesses in today’s tax and accounting sector are focusing on expanding their operations despite the industry’s persistent difficulties. Here are a few options on how they could proceed.
As 2022 draws near, the effects of the COVID-19 pandemic continue to ripple through the economy, businesses struggle with inflation and supply chain issues, and companies seek the optimal balance between on-site and remote employment. How can accounting companies maintain client engagement and growth in this volatile market? What sort of marketing and sales approaches would work best?
Pro tip: outsource accounting services in mumbai
Innovates Consulting’s founder and president Sarah Johnson Dobek has seven suggestions for accounting businesses aiming to maintain their growth.
1. Get ready for competition without borders
Since remote and virtual work is here to stay, CPA companies may now compete for clients nationwide, rather than just inside their immediate areas. Dobek predicts more competition amongst businesses as a result. A growing number of companies are attracting customers from beyond their local communities.
She points out that while the biggest 75 or 100 accounting firms in the country have been marketing nationally for years, this is a significant change for smaller firms. To do this, one must have a firm grasp on who their target audience is and what they hope to gain from working with them, as well as crystal clear communication.
2. Confirm client wants and needs
Since the last two years have been a time of remarkable change for most organisations, it is safe to assume that their future requirements of their CPA firm have also evolved. Accounting firms “often don’t know what their clients want and need,” Dobek says. They have no idea what is bothering them, what they value most, or what obstacles they face. I don’t know why they make the choices they do.
She also notes that businesses can differentiate themselves from rivals by showing they have an in-depth knowledge of their clients’ industries. As one marketer put it, “if we want to genuinely connect and differentiate ourselves and generate marketing content that resonates, it takes us to have that expertise and have the correct discussions with our clients—deep conversations—not just, ‘When do you want us to get this done?'”
Dobek recommends verifying a company’s assumptions even when it is confident in its knowledge of a client’s or potential client’s industry. She argues that “you have nothing to lose by getting to know your client better, and you might learn something new in the process.” Gaining insight into what’s going on behind the scenes with a client can lead to increased loyalty, trust, and even business opportunities. Engage your customers’ natural curiosity.
3. Identify the right market segments
Given that accounting companies can compete successfully in every market, the question arises as to how they choose their primary market. Where do they focus on reaching specific demographics in the market? In this new arena, who are their ideal customers?
Dobek says that businesses often don’t have a detailed, nuanced understanding of the market and competitive landscape in which they operate because they established a market niche by accident and serendipity and then built a solid portfolio of clients through hard work, good service, and business savvy. Also, the advent of borderless competition has the ability to revolutionise markets, usher in cutting-edge rivalry, and throw open previously closed doors.
Through their work with market research, Dobek and her colleagues assist accounting companies in establishing a firm footing in this dynamic environment. She explains that a lot of time and effort is devoting to research in order to assist companies in making strategic decisions as they consider going global. Which market do they choose to focus on if they have the option of doing so? That’s a call that should make with the help of market research.
4. Differentiate your service from competitors
Dobek claims that many accounting firms’ websites are indistinguishable from one another absent their logos and branding because they all essentially describe the same services and deliverables. She emphasises that while “service” is crucial to the success of any business, “service” means different things to different people. We believe that companies can differentiate their marketing messages based on how they plan to implement the service. What sets one company apart from another is its people and the special blend of information, expertise, outlook, and method of providing its customers.
According to Dobek, the accounting firm’s secret sauce drives by the firm’s vision, goal, and fundamental values. Companies that understand this are better able to articulate their value proposition.
5. Align core values with service specialties
Another way in which a company might differentiate itself is by the quality of the advice it gives or the areas in which it has particular experience. For instance, a real estate or trucking firm that focuses on a certain niche in the market could design communications that highlight the company’s specialisation and the company’s strong desire to develop an in-depth familiarity with the client’s operations and strategic priorities.
6. Find the right client fit
To differentiate themselves in the marketplace, businesses “want to go to market with a handful of things that make them unique,” as Dobek puts it. “Every customer has one or two things that they are going to base their decision on when selecting a firm.” The right client can usually attract with the help of “one of those things” that “resonates.”
If client connections are important to your company, for instance, explain your approach to current and potential customers. Dobek argues that this strategy will attract clients who seek meaningful connections while discouraging those who only interest in the lowest possible fees. Effective marketing communications might thus generate a sales pipeline full of ideal customers.
7. Change the sales conversation
The company’s story, once refined in its marketing materials, must also communicate effectively during the sales process. To better connect with clients, “there’s an opportunity for a lot of our sales professionals to grow more comfortable talking to clients about what makes their firms distinctive, to have a story about what they believe in as an organisation and how it connects into the job they do.
