On this week’s Dear Katie episode, I answered a question that a firm owner asked: “Most firms aren’t struggling for clients. Why do you think they should care about marketing?” 

And I really love this question because it’s a common misconception that marketing is only about getting new clients.

You can certainly use the power of marketing to increase revenue, but it doesn’t need to stop there. Marketing can do so much more than fill your firm’s client pipeline.

What can marketing help your firm achieve?

Attract Better Clients

You may have hundreds of clients, but are they “great?” 

Firms usually have clients that are “okay,” and they help pay the bills, but wouldn’t it be nice to close more clients who:

• Pay more for your services
• Appreciate you and your staff more
• Use more of the services that you offer
• Follow directions, such as uploading documents without that extra nudge

Often we “deal” with certain clients because we think we have to, but there are plenty of other clients available. Your marketing will make it easier to let go of the less-than-ideal people you work with and replace them with a better fit.

Retain Your Existing Clients

Attracting new clients costs five times more than retaining a client. You might – or at least I hope you would – be sad if some clients leave your firm tomorrow.

 Firms put themselves at risk if they’re not marketing because they’re not showing up in the places where their clients spend their time.

And, who will take your place if you’re not showing up at these touchpoints?

Your competitors.

If you’re not actively marketing your services and your clients keep seeing your competitors’ marketing messages instead of your own, you’ll likely start losing some of them. 

Marketing helps firms retain clients.

Attract Talent

It’s no secret that talent is the number one issue facing firms this day. 

Not only is there a shortage, but regardless, firms should always aim to attract top talent. You have a duty to provide the best service to your clients, and you can charge a premium for it. Talent in the accounting industry is a pressing issue that is causing 42% of firms to turn down work because there’s no one to do it. 

Accounting is also an industry where:

• Accountants are retiring
• Professionals are leaving the profession
• Fewer students are pursuing the industry

If you have the right inbound recruiting system in place and your marketing is working well, you can attract new staff to your firm. We do this for the top 100 firms down to those with just a few partners.

For example, we see many firms ignoring social media. If you’re on these platforms, post great content, are a thought leader and build a community, you’ll organically attract great talent that is a perfect fit for your firm. 

Retain Staff

Attracting new talent is crucial for every firm, but it’s equally as important to retain your star players. Marketing can help you do that as well. 

Great talent wants to work for a cutting-edge firm that:

• Celebrates success, acknowledges individual contributions and fosters a sense of community – a sense of belonging. If your marketing paints your firm in this light, it will reinforce to your team that they’re in the right place.
• Is clearly the best at what they do and are thought leaders in their space. With the right marketing strategy, you can position yourself as an authority and industry leader.

Marketing may not be the first thing that comes to mind when looking for ways to retain talent, but it is without a doubt an effective way to reinforce that your firm is a great place to work (assuming you actually are, of course!).

Supports Referral Sources

How many firms rely on referral sources for their leads? A lot. An estimated 90% of accounting firm leads come from referrals.

I won’t get into why I think this is a risky strategy. Instead, I’ll focus on why marketing is important for referral services.

Remember that your referral partners need to remember you, and they need to feel confident in your capabilities. How can you achieve this goal? By providing regular updates, insights and success stories. Through marketing, you will keep your firm at the top of mind, so referral partners will know who to recommend when an opportunity arises.

The right marketing assets will also make it easier for referral partners to pass your services along to others who need them.

Thrive Even in an Economic Downturn

You may not be able to predict the future, but you can prepare for it through consistent marketing. 

A strong marketing foundation helps you build a resilient brand that can weather economic downturns. 

Rather than scrambling during tough times, you’ll have a pipeline of leads and a strong community of clients, staff and referrals. 

If you try marketing when the ship is already sinking, you’re too late.

The bottom line here? Marketing isn’t just about getting new clients. It’s a strategy for building a resilient, dynamic and successful accounting firm. It’s a way to attract and retain amazing clients and staff while supporting your referral sources. When hard times come – because they will – you will thank yourself for building such as strong marketing foundation.

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? 

Submit it here

Until next time, cheers to your success!

Katie