For the 41% of accountants that had a growth rate of less than 5%, most admitted to struggling on a daily basis to retain clients. At least half of them also indicated that their primary means of marketing were direct mail and media advertising. Unfortunately, these methods are considered “dated” by practitioners in the higher annual growth groups.
In the second group there was a lack of focus in marketing methodology. Most of these individuals responded that they were using “a lot of different” marketing techniques to “get referrals.” These techniques seem to work moderately, creating annual growth rates between 5 and 10%, but better results can be achieved.For the 41% of accountants that had a growth rate of less than 5%, most admitted to struggling on a daily basis to retain clients. Click To Tweet
In the third group, with rates of growth between 10 and 20%, most of them were experiencing growth because of economic conditions in their geographic area. As licensed professionals, most were finding success with traditional mail marketing to clients requiring representation to the IRS. These accountants were also able to increase fees in this category of clients as a result of demand. There is nothing wrong with capitalizing on environmental variables, but it should be done with a clear marketing plan so that growth can be sustained.
The last group, which posts annual growth rates of 20% and up, was divided into two categories. The first category was new startups. They experienced high rates of growth, but moderate numeric growth. Basically, the large percentage growth is a result of low initial client count. It is the second half of this last group that is most interesting.
The lesson here is that marketing has to be focused, measureable, and absolutely must use proven methods. As Kirk Ward, Editor at Practice Builder Publishing, points out, “The methods at Practice Builder Publishing have been tested and retested. Accountants who have put these methods into practice show growth year after year. The latest study is more confirmation that success can be achieved through the disciplined application of our strategies.” It’s pretty hard to argue with solid results, which is why accountants who have tried these Rainmaker methods never go back to “traditional” marketing styles.
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