Marketing Today and tomorrow

When I speak with partners at firms across the country, one of the greatest challenges they face is the inability to build a robust marketing culture. Most accountants that I know are excellent at the delivery of technical and business advice to their clients. That's what they love to do, that's what they have been trained to do, and most are very good at it. But, they work with a 'silo' mentality - each focused on the specific needs of the clients they serve.

Satisfied, loyal clients are the foundation of every firm. That being said, how do you know if your clients are really happy with your services?

One of the concerns we all share is how to attract great clients and how to raise retention rates so that those "A" clients stay with us for a very long time. Over the years, many firms have grown a little lazy as clients have traditionally been reluctant to leave their CPAs. There is a strong loyalty, a sense of comfort and a general inertia that prevents (or delays) clients from making a change. But mergers between firms, retiring partners and the general economic slowdown is causing some busines owners to more closely examine their existing CPA relationships.

I accompanied a partner in a CPA firm about five years ago as he was entertaining one of his favorite clients over lunch. The first question the client asked was, “So, how are you doing these days?” To which the CPA quickly answered, “I am swamped. We are really having a great year – I am working crazy hours – harder than ever!”

A few years ago I was talking to the managing partner of a terrific CPA firm in the St. Louis area. He was asking for marketing advice. When I asked what he found to be most successful, he said, “whenever I am out of the office, something good always materializes. I might with a banker who provides a lead or I might be meeting with a client who needs additional services, but I never come back empty handed.” After spending most of the day together he asked me if I had any good ideas for him.