Date post: | 19-Oct-2014 |
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Effective Marketing for the Public Practitioner
Michael ‘MC’ Carter - Director of Practice Paradox
Marketing for Accountants, Demystified
Effective Marketing for the Public Practitioner
Michael ‘MC’ Carter - Director of Practice Paradox
Marketing for Accountants, Demystified
What We’ll Cover Today1. Why marketing is now a focus for many firms
2. Why you need to start taking marketing seriously
3. Dispelling common myths about marketing
4. Practical marketing tips you can apply today
5. Start you on your learning journey about marketing
FASTEN SEAT BELTS
4
Write down yourNo.1 Marketing
or Growth-RelatedChallenge
Who’s in the room?
2010 Rank Challenge 2008 2009 2010 ↑ or ↓No.1 Growth 25% 31% 37% ↑ 6%No.2 Profitability 24% 27% 28% ↑ 1%
No.3 Cash Flow 15% 23% 26% ↑ 3%
No.4 Productivity 24% 23% 20% ↓ 3%
No.5 Introducing New Services 14% 12% 20% ↑ 8%No.6 Debtor Management 13% 16% 19% ↑ 3%
No.7 Write Offs 21% 23% 18% ↓ 5%
No.8 Getting New Clients 12% 14% 18% ↑ 4%No.9 Efficiency of Firm’s Processes 23% 20% 14% ↓ 6%
No.10 Client Relationships 7% 9% 12% ↑ 3%
Ranking of Top Challenges Facing Firms
Survey Practice Paradox™ Conducts • Marketing skills training
• 41% have never been trained in marketing
• 14% haven’t received training in over 5 years
• 6% haven’t received training within the past 2 years
• Selling skills training
• 48% have never been trained in selling skills
• 16% haven’t received training in over 5 years
• 13% haven’t received training within the past 2 years
61%
77%
So what’s the Paradox?
MORAL OBLIGATION?
YOU ARE IN THEBOX SEAT
You can change lives.
Compliance✓ ?
The Golden TriangleLeaders
Advisors Support Team
Marketing is ...
MARKETINGMYTHBUSTING
1. Marketing is advertising.
2. Sponsorships are marketing.
3. Marketing is difficult.
4. Marketing is a creative pursuit.
5. A ‘corporate’ website matters.
6. A website client portal matters.
MARKETING MYTHBUSTING1. Advertising is dead.
2. Sponsorships are donations.
3. Marketing has never been easier.
4. Marketing is logic and numbers.
5. Traditional websites are dead.
6. Clients don’t care much about it.
MYTH TRUTH
7. Accountants are not marketers.
8. Marketing is about persuasion.
9. Clients like your newsletters.
10. Marketing is about new clients.
11. Marketing is differentiation.
12. Social media is a fad. Kids’ stuff.
MARKETING MYTHBUSTING7. Accountants must be marketers.
8. Marketing is about EDUCATION.
9. Most clients don’t read them.
10. It is first about existing clients.
11. ‘Differentiation’ is a pipe dream.
12. Social media is POWERFUL.
MYTH TRUTH
Marketing isthe communication
of valueone-to-many
the business enterprise has only two functions
These produce results. Everything else is a cost.Peter F. Drucker
Because the purpose of a business is to create a customer
marketing and innovation
What you measure, improves.
What you can measure, you can manage.
What do you measure for achieving growth?
Clientshare™Definition: Number of Services Provided Per Client Group Per Year
Can be measured across entire firm, per Partner/Director, per Client Manager and per Client Group.
Measuring Clientshare™Example: Married couple who own a business: 1 for the two ITRs, 1 for the Company Return, 1 for the End of Year Accounts, 1 for Quarterly BAS preparation, 1 for their SMSF administration, 1 for their Family Trust work___________________________= Clientshare™ of 6
Growing Clientshare™Example (continued): Potential services: 1 Tax Planning, 1 Cash Flow Budgeting, 1 Succession Planning,1 IT Consulting_____________________________= Increases Clientshare™ from 6 to 10
ExerciseHow many services is your firm currently capable of delivering? (Separate, nameable services)
So what is your Clientshare™?
FASTEN SEAT BELTS
33
Your Marketing Machine
Your Marketing Machine
Defining your niche(s)1. Write down your favourite 6 clients
2. Write WHY you like dealing with them
3. Is there a common element between them?
4. Get CRYSTAL CLEAR on WHO your firm is targeting
NICHING MAKESYOUR MARKETING
EASIER ANDMORE EFFECTIVE
Your Marketing Machine
Your Marketing Machine
Your Marketing Machine
48
Don’t teach elephants to dance
It wastes your time and annoys the elephant
Bugger this for a joke
Does your firmhave the right
of social styles?
mix
Reminder
Amiable
Minder
Expressive
FinderDriver
GrinderAnalytical
Go to websitepracticeparadox.com.au
Rainmaking Zone}
TASK
ASK TELL
PEOPLE
Reminder
Amiable
Minder
Expressive
FinderDriver
GrinderAnalytical
TASK
ASK TELL
PEOPLE
Reminder
Amiable
Minder
Expressive
FinderDriver
GrinderAnalytical
• Cooperate to gain agreement
• Provide support• Communicate trust
and confidence
• Focus on facts, logic• Act when payoff clear• Careful not to commit
too quickly
• Focus on results• Take charge• Make quick decisions• Like challenges
• Create excitement and involvement
• Share ideas, dreams, enthusiasm
• Motivate, inspire, persuade
If you only ever do what clients ask for
Then you are a human vending machine
(:
If you only ever do what clients ask for
Think webjet.com.au
Order takers can be replaced by technology
Why? Advisers add value. Order takers do not.
QUESTION TIMEwww.twitter.com/practiceparadox
http://www.facebook.com/PracticeParadox
http://www.linkedin.com/in/getmc
Michael ‘MC’ Carter - Director of Practice Paradox