Today, many factors affect the growth and profitability of accounting firms. This leads us to the question: Can targeted market research play a significant role in your firm's performance? The short answer is: yes. Lee Frederiksen explains how knowledge will result in faster growth.
How well do you know your clients? You might be surprised by the answer.
In almost every piece of market research we do, we uncover situations where professional service providers misjudged or misread their clients. But even we were surprised at the impact of market research on a firm’s bottom line.
Hinge Research Institute’s ongoing study of professional services firms found a clear and dramatic correlation between systemic research and firm growth and profitability. Professional service firms that conduct systematic research on current and prospective clients grow from 3 to 10 times faster and are up to 2 times more profitable.
The accounting industry is no exception. When CPA firms better understand their target audience and current clients, they can anticipate emerging needs and develop relevant, high-margin services.
Register for free to continue reading
It’s 100% free and provides unlimited access to the latest accounting news, advice and insight every day. As well as access to this exclusive article, you can:
Lee W. Frederiksen, PhD, is managing partner at Hinge, a marketing firm that specializes in branding and marketing for professional services. Hinge conducts groundbreaking research into high-growth firms and offers a complete suite of services for firms that want to...