On this week’s Dear Katie, I have a question from one of your colleagues that I’m sure a lot of accounting firm owners have, even when they’re doing well: “I’m looking for some fresh ideas when it comes to marketing (no AI related). Any ideas?”
I absolutely do!
To keep this newsletter from getting too long, I’m going to focus on two main areas:
I’ll start with the one underrated way that a lot of people overlook because, let’s be honest, it’s tedious.
Market research, as an industry, grew by 37% between 2021 and 2024.
Why?
You have to differentiate yourself from others in your industry.
If you’re bored by your current marketing, ask yourself:
Are you actually talking about things that help you connect with your clients?
Use your clients as a springboard by asking them:
You can also reach out to others in your field to conduct this kind of research. But don’t let the conversation stop right at the surface level. For example, if they tell you that cash flow is a problem, dig in and ask:
Send your existing clients a survey and hold client interviews. I know that you said non-AI responses, but you can use AI to record and summarize these sessions for you.
If you did all of this, I applaud you.
The next step?
Shift your focus with the new information you’ve gathered and create content and marketing that will solve these needs for you.
Not sure where to even start your research? The SBA has a great resource guide here.
Niche communities and platforms are GOLD mines for finding new clients and can be excellent places to build authority.
Sure, the big platforms like Facebook, LinkedIn, and Instagram are great, but niche-specific platforms are huge.
If you serve the real estate industry, for example, get on BiggerPockets. If you serve doctors, look at White Coat Investor.
There are tons of communities out there: Facebook groups, Circle groups and even Reddit.
These are all huge opportunities to reach new clients, but you can also use them to do market research and keep a pulse on what your audience wants/needs.
Take a look at your audience’s tech stack. Can you partner with any of these companies to reach your audience on a deeper level?
For example, let’s say that you serve the legal industry. You could look to partner with Clio to:
The goal is to offer something that would add value to their audience.
Not sure how to reach out for partnerships? Start by looking up who manages their partnerships on LinkedIn. From here, craft messages showing how you serve their industry and how you propose to help their clients/audience.
Keep your messaging focused on how the partnership would benefit them and their audience.
But, Katie…I thought I was supposed to stay in my niche.
While you should stay focused on your niche, there are times when you need a fresh perspective. Otherwise, you can easily find yourself stuck in an echo chamber.
I highly recommend connecting with business owners in other industries and meeting every so often. Grab a coffee or go to a happy hour.
Ask them:
Even though they’re in a different niche, they will likely have insights you can learn from.
In-person networking can open so many doors to opportunities for collaboration and, potentially, new clients. Niche conferences are perfect for this purpose, and they can also help you find inspiration, too.
I know personally that there’s nothing that reinspires me and gets my wheels turning like attending a conference.
While you’re there, find people to:
If you don’t have at least one conference on your calendar, book one now. They really do matter.
Upselling can be a great way to boost your revenue. I talk to CPA firms all the time that want to do more advisory work, and they ask how they can find more of these clients. My first question is always: Have you started with your existing clients to see if you can help there?
It may seem like an obvious move, but many firms overlook it.
Your marketing plan should absolutely include upselling and retraining strategies to grow your revenue from clients who already trust your service.
And, that’s a wrap on this Dear Katie question.
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Now I want to hear from you. Do you have a question?
Until next time, cheers to your success!
Katie
Market research allows you to understand your clients’ needs and challenges better. By asking them about their pain points, you can create targeted content and marketing strategies that address those specific issues, making your firm more appealing.
Look for niche-specific platforms related to your target audience. For example, if you serve real estate professionals, consider joining BiggerPockets. Engaging in these communities can help you connect with potential clients and gather insights on their needs.
Partnering with tech companies that serve your audience allows you to reach clients more effectively. You can offer valuable content or training through these partnerships, enhancing your visibility and credibility within your target market.
Networking with business owners from different industries can provide fresh perspectives and insights. They may share strategies for reaching clients or overcoming challenges that you can adapt to your own practice.
Conferences offer excellent networking opportunities, allowing you to meet potential clients and collaborators. They can also inspire new ideas and strategies for your firm, helping you stay current in the industry.
Start by assessing the additional services your current clients might need. Many firms overlook the potential of existing clients for upselling. By offering tailored advisory services or additional support, you can increase revenue while strengthening client relationships.