Marketing Essentials And Time Wasters
- Have a reward or incentive system in the firm that rewards marketing efforts and/or results.
- Help each partner to develop a personal strategic marketing plan according to his/her specific skills and interests (get outside support if needed).
- Evaluate your current client list for potential expansions of service or new opportunities, choose the best among them and establish a specific budget for developing this business.
- Develop a list of new prospects, based on the clients you serve most successfully now.
- Hire an unprejudiced outsider to help review and prioritize your prospects.
- Review marketing results regularly to assess the quality of your mix of business.
- Develop ongoing tracking measures to monitor all marketing activities and publicize the results regularly to all partners, with summaries periodically to the firm.
- Distribute internal newsletters that update the members of the firm regularly about marketing efforts (include information about how to improve effectiveness).
- Enhance relationships with referees, like bankers, accountants, lawyers, underwriters. This is still the primary source for most new business.
- Put someone in charge of the firm's marketing efforts who understands something about marketing, is interested in it, and will be a bulldog about getting other partners to deliver as promised (Don't forget to relieve them of some of their client responsibilities so they have time to do the job right!)
- Keep your databases of client and prospect information up to date.
- Developing list of prospects (unless done in small groups and based on clients you currently serve successfully)
- Developing cross-selling or interdisciplinary marketing plans (unless you have formal teams organized and there is regular follow up)
- Providing marketing support personnel if they are being used as an excuse so partners can avoid doing what they should do themselves.
- One-time research efforts on the competition.
- Hiring a marketing director and then not giving them the authority needed to carry out their jobs.
- Aggregated "image studies" of client perceptions (unless specific feedback is preserved and studied).
- Estimating the size of your market.
- Developing a position statement.
- Required "selling seminars" (unless they want to learn, this won't help).
- Receptions and sponsored seminars (unless you provide specific guidance to your professionals about what their goal is for each event and what they should do to accomplish it).
Voice of the Editor
Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?
This Week on AccountingWEB
Bill Walter of Gross, Mendelsohn & Associates and Harold Gaar of TravisWolff LLP weigh in on mobile technology use while employees are at work.
WestArk RSVP and Fayette County Community Action Agency – organizations that received grant funding through the IRS Tax Counseling for the Elderly (TCE) program – spoke with AccountingWEB about how they assist senior citizens in their communities.
CPA Robert Raiola, who heads the Sports & Entertainment Group of Fazio, Mannuzza, Roche, Tankel, LaPilusa, LLC, talks NFL player income taxes with AccountingWEB.
Retiring KPMG Centennial Professor of Accounting at the University of Texas at Austin McCombs School of Business Robert May, PhD talks with AccountingWEB about his rewarding forty-three-year career.