On this week’s Dear Katie, we’re doing things a bit differently. I was on a live webinar when someone commented the following: I have run a successful firm for the past 30 years. We’re super lucky and have never had to do marketing, and honestly don’t plan on doing it in the future. We stay busy just off of referral sources.
And I want to address this comment because it’s a common trap that firms end up in.
Firms need to stay relevant today, tomorrow and in the future.
Good marketing can certainly bring in more clients,
but that’s just a small benefit of great marketing.
If you want to know why professional services allot over 10% of their budget to marketing, it’s because it can help you:
You don’t just want more clients, you want the right ones.
Finding your ideal clients takes time, and likely, you would happily replace an “okay client” with someone who:
Marketing connects you with ideal clients who value your time, communicate in a timely manner and upload documents promptly.
You may have an abundance of clients, but if you could land ones that are a better fit and are willing to pay more, would you invest in marketing?
Most of us would say “yes!”
hope that you have certain clients who, if they left tomorrow, would make you sad.
Marketing in the right places at the right time (you know, the media where these clients spend their time) helps you keep these clients.
If you aren’t marketing and showing up in the places they’re hanging out, then you put yourself at risk.
Why?
Because your competition is.
The last thing you want is for them to be taken by your competition, which is a real risk if you aren’t actively marketing.
We all know that talent is one of the most pressing issues facing the accounting industry today.
Accountants are retiring. Those who aren’t retiring are leaving the profession entirely, and fewer people are joining the profession.
While talent shortage is a big problem, but marketing can help your firm address it.
In fact, social media is one of the best tools you can use to attract top talent to your firm.
At Leaders Online, we work with many top 100 and 200 firms to help them grow their team through strategic use of social media.
The aim is to:
Using this simple marketing strategy, you can start attracting top talent who will be a great fit for your firm.
Attracting new talent is important, but it’s equally important to keep your star players on the team. Marketing can help you achieve that goal.
Top talent wants to work for cutting-edge firms that are ahead of the curve. They want to join firms that are the best at what they do and thought leaders in the space.
With the right marketing strategy, you can position your firm to be that place and keep your existing talent on board.
Even if you rely primarily on referrals, you should still have a marketing strategy in place to support them. How does that work? I’ve covered this extensively in one of my blog posts – check it out here.
It’s easy to fall into the trap of believing that you don’t need marketing if you have a steady client base,
but as you can see, it really is essential, even if you rely only on referrals.
At the very least, good marketing will support your referral sources and existing clients and talent – all of which are essential for maintaining the firm you have today.
And that’s a wrap on this Dear Katie!
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Now I want to hear from you. Do you have a question?
Until next time, cheers to your success!
Katie
Even with a strong referral base, marketing helps you stay relevant, attract better clients, and support your existing clients and talent. It ensures you don’t lose ground to competitors.
Marketing allows you to identify and connect with your ideal clients—those who value your services, communicate well, and are willing to pay more.
Effective marketing keeps your firm visible in the places your clients frequent, reducing the risk of them being lured away by competitors.
By leveraging social media and showcasing your firm’s unique culture and values, you can engage with potential candidates and build relationships that attract top talent.
A strong marketing strategy positions your firm as a thought leader, making it an attractive place for top talent who want to work for innovative and reputable firms.
Good marketing reinforces your brand and keeps you top-of-mind for your referral sources, ensuring they continue to recommend you to potential clients.