Marketing Growth Strategies for Accounting Firms - Marketing Machine Webinar - Part 1 of 3

10 Steps to Building a Marketing Machine for Growing Your Accounting FirmYour Marketing Machine | Part 1: Steps 1 to 3

10 Steps to Building a Marketing Machine for Growing Your Accounting FirmMichael ‘MC’ Carter - Director of Practice Paradox

What we’ll cover today• First 3 components of your firm’s ‘Marketing Machine’• The only 3 strategic options for your business• Why your firm desperately needs a marketing ‘Radar’• Why businesses that 'go an inch wide and a mile deep'

with their marketing focus tend to flourish• Common fears about niche marketing

What we’ll cover today (continued)• Your firm’s ‘Hopper’: 'Subscriber acquisition' marketing• Subscriber acquisition versus Client acquisition• 'Engagement marketing', why does your firm need to do it• What does 'content is king' mean and what to do about it• Announcing Clientshare™ Academy training program• Practitioner interview - Steph Hinds of Growthwise

PollWhat percentage of your firm’s referrals come from

your existing clients?

Marketing

5 Common Myths About Marketing• MYTH #1: Marketing requires creativity

• MYTH #2: Marketing is about getting your name out there

• MYTH #3: Marketing is focused on acquiring new clients

• MYTH #4: More market share and broad appeal is the aim

• MYTH #5: Marketing requires a big budget

Why do we call it a Marketing Machine?1. It works! No mystery. Predictable performance.

2. Structure and design to it. Understandable.

3. Works without you. Flick the switch. Duplicatable.

4. It’s scalable and adjustable. Turn it up, turn it down to suit.

5. You can learn how to run it. There is a manual!

1. Cost Leadership

2. Differentiation

3. Focus

Your Only 3 Options - Porter’s Generic Strategies

Cost Leadership Strategy

Differentiation Strategy

Focus Strategy (Low Cost)

Focus Strategy (Differentiation)

Broad(Industry Wide)

Narrow(Market Segment)

Low Cost Uniqueness

Advantage

Focus Strategy (Differentiation)

Broad(Industry Wide)

Narrow(Market Segment)

Low Cost Uniqueness

Advantage

Best option foraccounting firms

Your Marketing Machine

1. Your Radar

Ways to choose your focus strategy• Industry focus

• Occupation focus

• Demographic focus

• Age or stage of life• Lifestyle• Income• Investment preferences

• Geographic focus

Why focus ‘an inch wide, mile deep’?• Marketing Reasons

• More ‘stickiness’ in your message

• ‘They’re the guys who …’

• = Referral Catalyst #1

• Easier to reach ‘the tribe’

• ‘Birds of a feather, flock together’

• = Referral Catalyst #2

Why focus ‘an inch wide, mile deep’?• Operational Reasons

• You get really really good at serving their needs

• The power of specialisation

• You get to intimately understand their situation and needs

• You can go a ‘mile deep’ in the services you provide

• Wide range, and extensive depth to the services

• Become a Thought Leader and Authority in this market

• Comes full circle, reinforcing your marketing

2. Your Hopper

‘Subscriber acquisition’ focus• The first step is not to focus on acquiring new clients

• Not even focusing on generating referrals, as a first step

• What are subscribers?

• People who ‘subscribe’ to your ‘content’, to your message:

• Email newsletter subscribers• Blog (RSS) subscribers• LinkedIn connections• Twitter followers• Facebook friends … and other social media too

Why a ‘Subscriber acquisition’ focus?• People think about leaving their accountant for years

• It’s like breaking up. They start looking long before they leave!

• It is very ‘high gradient’ for them to meet with a new accountant

• They want to get to know you first

• As well as what you stand for

• And what you’re particularly good at

• New clients sourced this way arrive ‘warm’ to you already

• They are pre-sold, ready to go = high Clientshare™

Identity Protected

Gradient is way too high!

Gradient is perfect!

They want to ‘hang out with you’ before they ‘get into bed’ with you!

3. Your Fuel

What is ‘engagement marketing’?• Putting valuable, educational content out there

• Being authentic … the real you!

• Interactive

• Comments on LinkedIn and Facebook posts

• Replies and ‘Retweets’ on Twitter

• Comments under your blog posts

• Inviting feedback/comments on newsletter articles

• Polls, surveys

What is ‘engagement marketing’?• Interactive (continued …)

• Client interviews and case studies

• Benchmarking surveys (in your niche! … = authority status)

• Benchmarking findings - articles, reports

• Client events

• Lunch ‘n’ Learn presentations, workshops

• Client education programs

• Encouraging networking between your clients

Content is your Marketing Machine’s Fuel• Your message, your teachings … how you help people

• Having a niche makes this much easier

• Your views, your opinions

• Printed: Articles, white papers, reports, eBooks

• Video: ‘Talk to camera’, client and team member interviews

• Audio: Monologue, client interviews

Your content must be ...• Jargon-free• Engagingly written - ‘write as you speak’• Benefit oriented• “What’s in it for me?” for the reader• Matters more than ‘the facts’• Features > Advantages > Benefits

• Focus on outcomes - How will this article help people• Action oriented - Have a call-to-action re next step

Your content must also be frequent and timely

Sources of Content• News and blogs• Use Google Reader > RSS > Feedly

• Twitter and LinkedIn• Client wins• File Note Protocol for recording positive client feedback• Interview clients: Video, audio plus printed version

• Team members• Add to standard meeting agenda

• Books

The Plug

Announcing the launch ofThe Clientshare™ Academy

• 10-month course teaching you how to build your own Marketing Machine

• Delivered 80% over the web, plustwo 3-day workshops

• Monthly classes

• Monthly ‘Nuts & Bolts’ sessions

• User forum

• Very interactive and hands-on

• Structured for CPE/CPD hours

• Certificates of Completion for Classes, Nuts & Bolts Sessions, Workshops

• Focus is on training and education

• Empowers you and your team

• Launches in July 2010

• Special webinar 23 June 2010

• Foundation Member offer

12pm Wed 23 June 2010Webinar

Practitioner Interview

Steph HindsDirectorGrowthwise

QuestionsSteph HindsDirectorGrowthwise

Michael ‘MC’ CarterDirectorPractice Paradox

10 Steps to Building a Marketing Machine for Growing Your Accounting FirmYour Marketing Machine | Part 2: Steps 4 to 6

grow@practiceparadox.com.auwww.practiceparadox.com.au

Next Month’s Webinar - Part 2: Steps 4 to 6

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