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Gear Up for GrowthMarketing and Business Development Strategies at Tax & Accounting Firms

RESEARCH REPORT

Emerging Trends, Best Practices and Forecasts2018-2019 Edition

by Capstone Marketing and CPA Trendlines

1

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CONTENTSWELCOME

8How to Use This Study 9

Acknowledgements 10Methodology 11

RESPONDENT PROFILE 12

1. Respondent Profile: By Firm Size 132. Respondent Profile: By Position 14

3. Respondent Profile: AAM Membership 15

EXECUTIVE SUMMARY 16

The Battle for Business Escalates 17

Marketing Gets Personal 18

Primary Goals & Objectives 19

1. Adding new clients2. Brand Awareness / Firm Visibility3. Niche or Specialty Services4. Client retention5. Lead generation6. Profitability7. Focusing our marketing efforts8. Getting more partners and staff involved in marketing activities9. Creating a marketing culture

10. Incremental revenue11. Improve the sales closing (win/loss) ratio12. Introducing new services13. Recruitment of new employees14. Staff retention15. Sales Promotion16. Positioning the firm for merger or acquisition17. Shortening the sales cycle

Plans for the Year Ahead 20

1. Social media (LinkedIn, Facebook, Twitter, YouTube, etc.)2. Thought leadership (blogging, publishing articles, speaking engagements, white

papers)3. Networking with prospects and referral sources4. Online advertising (including Paid Search, Google AdWords, LinkedIn Sponsored

Updates, etc.)5. Upgrading the firm's website6. Search engine optimization (i.e.: SEO)7. Seminars (in-person)8. E-newsletters9. Public relations (news releases, media relations)10. Video (i.e.: for website, blog posts)

11. Direct response promotion - email12. Board & civic organization involvement13. Webinars (online)14. Trade shows and conferences15. Direct response promotion - postal16. Inbound marketing & lead nurturing (e.g.: HubSpot, Marketo, Eloqua, Pardot, Optify)17. Sponsorships18. Print advertising (including newspaper, magazines)19. Marketing automation software20. Print newsletters

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Marketing Metrics 211. Our marketing strategies achieve their goals. 2. We follow a written, strategic marketing / biz-dev plan.3. Our revenue growth surpasses most of our competitors’.4. We have a “marketing culture.”5. I’m satisfied with our marketing strategies and activities.

What’s Working Today 22

What High Performing Firms Know 23High Priority Goals: The Top Five 24High Priority Goal: Recruiting Talent 25High Priority Goal: New Services 26High Priority Goal: M&A Positioning 27High Priority Plans: The Top Five 28High Priority Plan: Seminars 29High Priority Plan: Online Video 30High Priority Plan: Board or Civic Involvement 31High Priority Plan: Trade Shows 32Satisfaction Levels 33Follow a Formal Plan 34Marketing Culture 35Commentary and Analysis 36Identifying High Performing Firms 37AAM Membership vs. Non-AAM Membership 39The Challenge of Executing a Marketing Plan 41Profitability 42

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HIGH PERFORMERS VS. LOW PERFORMERS 43

1. Marketing Activity Levels: This Year 44

2. Marketing Activity Levels: Next Year 45

3. Personal Activity: Next Year 464. Today’s High-Priority Goals 47

5. Today’s Top 5 Priorities 486. New Marketing Plans: Next Year 49

7. Top 5 Marketing Plans 50

8. ‘Our marketing strategies achieve their goals’ 519. ‘We follow a written, strategic marketing and business development plan’ 52

10. ‘Our revenue growth surpasses most of our competitors’ 5311. ‘We have a marketing culture’ 54

12. ‘I am satisfied with our marketing strategies and activities’ 55

13. Person in charge of the firm's new business development program 5614. By size of firm 57

15. By position or title 58

KEY FINDINGS BY SIZE OF FIRM 59

1. Sole Practitioners 60

2. Firms of 2-10 Persons 613. Firms of 11-50 Persons 62

4. Firms of 51-100 Persons 63

5. Firms of 101 Persons or More 64

COMPARISON OF RESPONSES BY FIRM SIZE 65

1. Marketing Activity Levels: This Year 66

2. Marketing Activity Levels: Next Year 673. Personal Activity: Next Year, by Firm Size 68

4. Personal Activity: Next Year, by Job Title 695. New Increases in Activity: Next Year, by Activity and Size of Firm 70

6. Top 5 New Increases in Activity, By Size of Firm 75

7. Primary marketing goals and objectives 768. Primary Marketing Goals, Top Five, By Firm Size 77

9. ‘Our marketing strategies achieve their goals’ 7810. ‘We follow a written, strategic marketing and business development plan’ 79

11. ‘Our revenue growth surpasses most of our competitors’ 80

12. ‘We have a marketing culture’ 8113. ‘I am satisfied with our marketing strategies and activities’ 82

14. Person in charge of new business development 83

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IN-DEPTH: SOLO PRACTITIONERS 84

1. Marketing Activity Levels: This Year 852. Marketing Activity Levels: Next Year 863. Marketing Activity Levels: Long-Term 874. Personal Activity: Next Year 885. Personal Activity: Long-Term 896. Comments: New Plans for Next Year 907. Today’s Top Marketing Goals 918. Top Marketing Goals: Long-Term 929. New Marketing Plans: Next Year 9310. New Marketing Plans: Long-Term 9411. ‘Our marketing strategies achieve their goals’ 9512. ‘We follow a written, strategic marketing and business development plan’ 9613. ‘Our revenue growth surpasses most of our competitors’ 9714. ‘We have a marketing culture’ 9815. ‘I am satisfied with our marketing strategies and activities’ 9916. Comments: Current Satisfaction Levels 10017. Comments: Leaders vs. Laggards 101

IN-DEPTH: FIRMS OF 2 TO 10 PERSONS 102

1. Marketing Activity Levels: This Year 1032. Marketing Activity Levels: Next Year 1043. Marketing Activity Levels: Long-Term 1054. Personal Activity Levels: Next Year 1065. Personal Activity Levels: Long-Term 1076. Comments: New Plans for Next Year 1087. Today’s Top Marketing Goals 1098. Top Marketing Goals: Long-Term 1109. New Marketing Plans: Next Year 11110. New Marketing Plans: Long-Term 11211. ‘Our marketing strategies achieve their goals’ 11312. ‘We follow a written, strategic marketing and business development plan’ 11413. ‘Our revenue growth surpasses most of our competitors’ 11514. ‘We have a marketing culture’ 11615. ‘I am satisfied with our marketing strategies and activities’ 11716. Comments: Current Satisfaction Levels 11817. Comments: Leaders vs. Laggards 11918. Respondent Profile: Position 12019. Person in charge of new business development 121

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IN-DEPTH: FIRMS OF 11 TO 50 PERSONS 122

1. Marketing Activity Levels: This Year 1232. Marketing Activity Levels: Next Year 1243. Marketing Activity Levels: Long-Term 1254. Personal Activity Levels: Next Year 1265. Personal Activity Levels: Long-Term 1276. Comments: New Plans for Next Year 1287. Today’s Top Marketing Goals 1298. Top Marketing Goals: Long-Term 1309. New Marketing Plans: Next Year 13110. New Marketing Plans: Long-Term 13211. ‘Our marketing strategies achieve their goals’ 13312. ‘We follow a written, strategic marketing and business development plan’ 13413. ‘Our revenue growth surpasses most of our competitors’ 13514. ‘We have a marketing culture’ 13615. ‘I am satisfied with our marketing strategies and activities’ 13716. Comments: Current Satisfaction Levels 13817. Comments: Leaders vs. Laggards 13918. Respondent Profile: Position 14019. Person in charge of new business development 141

IN-DEPTH FIRMS OF 51 TO 100 PERSONS 142

1. Marketing Activity Levels: This Year 1432. Marketing Activity Levels: Next Year 1443. Marketing Activity Levels: Long-Term 1454. Personal Activity Levels: Next Year 1465. Personal Activity Levels: Long-Term 1476. Comments: New Plans for Next Year 1487. Today’s Top Marketing Goals 1498. Top Marketing Goals: Long-Term 1509. New Marketing Plans: Next Year 15110. Top Marketing Goals: Long-Term 15211. ‘Our marketing strategies achieve their goals’ 15312. ‘We follow a written, strategic marketing and business development plan’ 15413. ‘Our revenue growth surpasses most of our competitors’ 15514. ‘We have a marketing culture’ 15615. ‘I am satisfied with our marketing strategies and activities’ 15716. Comments: Current Satisfaction Levels 15817. Comments: Leaders vs. Laggards 15918. Respondent Profile: Position 16019. Person in charge of business development programs 161

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IN-DEPTH: FIRMS OF 101 PERSONS OR MORE 1621.2. Marketing Activity Levels: This Year 1633. Marketing Activity Levels: Next Year 1644. Marketing Activity Levels: Long-Term 1655. Personal Activity Levels: Next Year 1666. Personal Activity Levels: Long-Term 1677. Comments: New Plans for Next Year 1688. Today’s Top Marketing Goals 1699. Top Marketing Goals: Long-Term 17010. New Marketing Plans: Next Year 17111. New Marketing Plans: Long-Term 17212. ‘Our marketing strategies achieve their goals’ 17313. ‘We follow a written, strategic marketing and business development plan’ 17414. ‘Our revenue growth surpasses most of our competitors’ 17515. ‘We have a marketing culture’ 17616. ‘I am satisfied with our marketing strategies and activities’ 17717. Comments: Current Satisfaction Levels 17818. Comments: Leaders vs. Laggards 17919. Respondent Profile: By Position 18020. Person in charge of business development program 181

COMPARISON OF RESPONSES BY AAM MEMBERSHIP 182

1. Marketing Activity Levels: This Year 1832. Marketing Activity Levels: Next Year 1843. Personal Activity Levels: Next Year 1854. Today’s Top Marketing Goals 1865. Today’s Marketing Goals: Top Five 1876. New Market Plans: Next Year 1887. New Marketing Plans: Top Five 1898. ‘Our marketing strategies achieve their goals’ 1909. ‘We follow a written, strategic marketing and business development plan’ 19110. ‘Our revenue growth surpasses most competitors’ 19211. ‘We have a marketing culture’ 19312. ‘I am satisfied with our marketing strategies and activities’ 19413. Person in charge of new business development 19514. Respondent Profile: By Size of Firm 19615. Respondent Profile: By Position 197

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RELATED RESEARCH AND GUIDANCE 198

1. How To Do Networking the Right Way 200

2. How Smart CPA Firms Use Events as a Lead Generation Tool 203

3. How to Target Your Prospects for Sales Success 2064. All in the Family Business Niche 210

5. Does your firm need to hire a marketing director? 2136. Four Factors of Successful Accounting Firm Marketers 217

7. Crucial Questions: Be sure to ask these at your next firm retreat 221

8. The Five Questions to Ask About Inbound Marketing 2239. Seven Essentials for a CPA Firm Marketing Program 227

ABOUT US 231

• Rick Telberg and CPA Trendlines 232• Jean Marie Caragher and Capstone Marketing 233

• The Association for Accounting Marketing 235

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Welcome

Sincerely,

Rick Telberg

President and CEO

CPA Trendlines Research

[email protected]

(914) 602-4641

Sincerely,

Jean Marie Caragher

President

Capstone Marketing

[email protected]

727.210.7306.

Dear Colleague,

Thank you for your interest in marketing and growing your accounting firm. This report will provide you with the information necessary to

create a targeted and sustainable marketing and business development program.

We hope you find it informative and useful. And we welcome your suggestions, comments and questions. Please don’t hesitate to contact

the authors directly to discuss the contents of this report or ideas for other projects.

CPA Trendlines is dedicated to providing the tax, accounting and finance community with actionable intelligence for better business

decision-making. And we are happy to consider any special queries or requests to fit your firm’s particular needs.

Capstone Marketing has been providing professional marketing consulting and assistance for 30 years, delivering guidance and inspiration

to develop marketing plans, build CPA firm brands, generate leads with an inbound marketing techniques, facilitating firm retreats, assisting

with client satisfaction retention strategies, and achieving practitioners’ personal marketing goals.

9


https://cpatrendlines.com/

mailto:[email protected]

https://capstonemarketing.com/

mailto:[email protected]


How to Use This StudyTo help readers understand what is working for firms like theirs, we have sorted the responses into groups determined by size of the firm. What works for a solo practitioner might not work for a large firm, and vice versa.

We suggest readers begin with the smallest entity – the solo practitioners – and work up to the largest firms, to fully grasp the progression of marketing goals, plans and sophistication throughout the profession.

Growth is a hot button in today’s accounting profession. You are encouraged to analyze not only the results for your firm’s current size but that of the next group. This will help you identify changes necessary for your firm’s growth.

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EXECUTIVE SUMMARY

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Executive Summary

The Battle for Business EscalatesFirms Plan Bigger, Better Growth Strategies

Tax and accounting firms are scaling up their marketing activities, intensifying competitive battles across firms of all sizes, according to new research findings contained in this report.

The survey, conducted in conjunction with the Association for Accounting Marketing and Capstone Marketing, draws a picture of an increasingly competitive marketplace as firms battle for new business, struggle to retain their most profitable clients, and to make smarter investments in new growth strategies.

And then there’s pricing pressure, staffing shortages, mergers and acquisitions, and – lest we forget – a brand new tax law just in time to throw a wrench into Busy Season 2019.

The survey on business development and growth strategies shows that about 59% of firms have been accelerating their growth in last 18 months, including 17% who term their increases “significant.”

Looking ahead 18 months – well into 2019 – competition is expected to intensify, with almost 75% of tax and accounting firms reporting plans to step up marketing activities, including 24% planning “significant” increases.

3%

8%

35%38%

17%

1% 3%

21%

51%

24%

Significant Decrease Moderate Decrease No Change or SmallChange

Moderate Increase Significant Increase

Firms Poised to Intensify MarketingFirms reporting planned changes in marketing activity

Last Year This Year

12



Executive Summary“We’ve been doing lead generation through in-bound marketing, as well as vertical market channels as appropriate,” according to one marketing professional at a firm which which maintains offices in Pennsylvania and Florida. “We find these focused programs are generating good leads.”

“We have contracted with a third-party provider to manage our SEO [search engine optimization] and social media postings,” says a partner at local firm in the Northeast. “In addition, we have staff who also contribute to social media, attend association conferences and meetings. And we encourage our staff to be active in their communities.”

Practitioners are taking it personally. Almost two in three professionals say they are increasing their own personal business development efforts, including 18% with “significant” increases planned.

One of those planning “significant” new efforts is a solo practitioner in Illinois. She’ll be “asking for referrals, handing out my business card, networking and telling everyone I meet about my services.”

In comments describing their future plans, practitioners seem to be rallying around tried-and-true methods. The words that bubble up most often are: Clients, Focus, Social Media, and Networking.

1%3%

34%

44%

18%

SignificantDecrease

ModerateDecrease

No Change orSmall Change

ModerateIncrease

SignificantIncrease

Marketing Gets PersonalSome 62% of practitioners plan to increase their

“personal” efforts

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Executive Summary“Adding new clients” is, by far, the primary objective for practitioners, with about 75% calling it one of their “primary” goals.

Other high-ranking goals, in order, are: • Brand Awareness /

Firm Visibility: 54%• Niche or Specialty

Services: 49%• Client retention: 46%• Lead generation: 46%• Profitability: 40%• Focusing our

marketing efforts: 35%

75%

54%49% 46% 46%

40%35% 34% 33%

26% 24% 23% 21% 18%14% 11% 9%

Adding n

ew cli

ents

Brand A

wareness

/ Firm

Visibilit

y

Niche o

r Speci

alty S

ervice

s

Client re

tentio

n

Lead ge

neratio

n

Profita

bility

Focusin

g our

marketin

g effo

rts

Getting

more part

ners an

d staff i

nvolve

d in m

arketi

ng…

Creatin

g a m

arketin

g cultu

re

Incremen

tal re

venu

e

Improv

e the sa

les clos

ing (w

in/loss)

ratio

Introducin

g new

servi

ces

Recruit

ment of n

ew employ

ees

Staff r

etentio

n

Sales P

romotio

n

Positio

ning th

e firm

for m

erger o

r acq

uisitio

n

Short

ening t

he sa

les cycl

e

Primary Goals for the Months Ahead75% cite “Adding New Clients”

14



Executive SummarySocial Media emerges as the weapon of

choice, with more than 55% of all

respondents reporting plans to increase

activity online, followed by:

• Thought leadership (blogging,

publishing articles, speaking

engagements, white papers): 51%

• Networking with prospects and

referral sources: 49%

• Online advertising (including Paid

Search, Google AdWords,

LinkedIn Sponsored Updates,

etc.): 42%

• Upgrading the firm's website:

42%

• Search engine optimization (i.e.:

SEO): 38%

56%

51%49%

42% 42%

38%36% 35%

27% 26% 26%23% 23%

17%15% 14% 14% 14%

12%

7%6%

Social m

edia

(Lin

kedIn

, Fa

cebo

ok,

Tw

itte

r, Y

out

ube

, etc

.)

Thou

ght le

ader

ship

(bl

ogg

ing,

pub

lishin

g a

rticle

s,…

Net

work

ing w

ith

pro

spec

ts a

nd ref

erra

l sou

rces

Onl

ine

adv

ertis

ing

(incl

udin

g P

aid S

earc

h, G

oogl

e…

Upg

radi

ng

the fi

rm's w

ebs

ite

Searc

h e

ngi

ne

opt

imiz

atio

n (ie

: SEO)

Sem

inar

s (in

-pers

on)

E-new

slet

ters

Pub

lic rela

tions

(new

s re

leas

es, m

edi

a re

lations

)

Vid

eo (i

.e.:

for w

ebsite

, blo

g pos

ts)

Direct

resp

ons

e pr

omotion

- e

mai

l

Boa

rd &

civ

ic o

rgani

zation

invo

lvem

ent

Web

inars

(on

line)

Trade

sho

ws

and

conf

erenc

es

Direct

resp

ons

e pr

omotion

- p

ost

al

Inbo

und

mar

keting

& le

ad

nur

turing

(e.g

.: H

ubS

pot,…

Spon

sors

hip

s

Print

adve

rtis

ing

(includin

g new

spap

er, m

agaz

ines

)

Mark

etin

g au

tom

atio

n so

ftw

are

Oth

er, p

leas

e sp

ecify

Print

new

slet

ters

Plans for the Year Ahead56% of firms plan increases in social media activity

15



Executive SummaryDespite the high level of marketing activities, practitioners remain far from satisfied with the results. Almost 69% express some degree of frustration with their firm’s marketing efforts, including 23% who can see no tangible results at all.

To be sure, most marketing efforts are judged as less than complete successes, with only 4% of practitioners saying their plans “always” achieve their goals. Another 40% says their goals are achieved “mostly.” And the rest, some 56%, report success “sometimes,” “occasionally,” or “not at all.”

And no wonder. An outside observer may notice that few practitioners work from a written, strategic plan. Most firms are apparently improvising from one tactic to another without definable objectives or repeatable processes and procedures. Some 30% have no plan at all. Only 7% consistently work from a plan.

Marketing MetricsMost firms fall short of goals and expectations

Never (Not at All True)

Occasionally Sometimes Mostly Always (Completely

True)

Our marketing strategies achieve their goals.

5% 16% 34% 40% 4%

We follow a written, strategic marketing / biz-dev plan

30% 17% 21% 25% 7%

Our revenue growth surpasses most of our competitors’

17% 23% 32% 23% 5%

We have a “marketing culture.”

24% 25% 25% 19% 6%

I’m satisfied with our marketing strategies and activities.

23% 23% 22% 28% 4%

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Executive SummaryThe problem with marketing apparently lies deep within a firm. The survey shows that only one in four CPAs say they sense a “marketing culture” at their firm.

Nevertheless, the need for professionalized marketing remains clear. Only about a third of the firms surveyed say revenue growth at their firms surpasses that at most of their competitors. And about half lag their competition.

Without clear, written plans, most firms fall back on old habits. So when they’re asked “what’s working?”, one hears familiar tunes, such as: “networking,” “word of mouth,” and “referrals.”

Not that there’s anything wrong with winning new business with any of those routines.

But they tend to show a lack of planning, strategy, discipline and marketing professionalization.

In 2019, success may take more than just doing more of what you did in 2018. It may also require doing it smarter, more systematically, and more professionally.

What’s Working TodayTop mentions: “Word of Mouth” and “Referrals”

17



Executive Summary: Data Deep DiveWhat High Performing Firms Know

In this section we’ll show how the report can be used to discern benchmarks, emerging trends, and best practices.

Conducting a gap analysis of High Performing Firms (Leaders) against Low Performing Firms (Laggards) serves as an instructive case

Here we find:• The three marketing goals and objectives that high performers are at least 2x more likely to have vs. low performers• The four marketing tools high performers are at least 2x more likely to use vs. low performers• Why high performers are more than 6x more likely to be satisfied with their marketing strategies and activities

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High Priority Goals: The Top FiveTop five responses by High Performers and Low Performers.

High PerformersAdding new clients (71%)

Brand Awareness/Firm Visibility (68%)

Niche or Specialty Services (57%)

Client Retention (55%)

Getting more partners and staff involved in marketing activities (46%)

Low PerformersAdding new clients (79%)

Niche or Specialty Services (50%)

Brand Awareness/Firm Visibility (45%)

Lead generation (44%)

Client Retention (40%)

While “Adding New Clients” rates No. 1 among goals for both Leaders and Laggards, some other differences among their top five priorities reveal very real gaps in performance and competitive readiness.

Both Leaders and Laggards are concerned with “Brand Awareness / Firm Visibility,” “Niche or Specialty Services,” and “Client Retention.” But beyond those basics, Leaders rate “Getting more partners and staff involved in marketing activities, at 46%, among their top five, while Laggards apparently are still struggling with Lead generation, at 44%.

It would seem that High Performing firms have already established their lead-gen machinery for bringing in new prospects. But Low Performing firms have yet to build reliable sources of prospects to fill the sales pipeline.

19



High Priority Goal: Recruiting Talent

27%

11%

High Performers Low Performers

An estimated 75% of CPAs are expected to retire over the next 15 years.

Source: AICPA

One of the biggest gaps between Hugh Performers and Low Performers is found in how marketing effort are leveraged against staffing issues.

Leaders are almost 3x more likely to budget marketing efforts towards acquiring and retaining top talent.

20



High Priority Goal: New Services

34%

15%


It will be services that involve advisory, consulting, wealth management and performing outsourcing functions (such as CFO duties) that offer the most opportunity for accounting firms during the next 10 years.

Source: Allan Koltin via Accounting Today

High Performers are storming into new services at twice the rate of Low Performers.

This is no mere coincidence. As the tax and accounting evolves rapidly, it will be the firms most able to change with clients’ changing needs that will survive and thrive while other whither away.

21



High Priority Goal: M&A Positioning

23%

10%


The Top 100 firms were involved in 95 acquisitions in the last year.

Source: Inside Public Accounting

As consolidation reshapes the profession, High Performing firms are looking to the Marketing function to help position their firms for a merger or acquisition.

Low Performing firms, which may or may not be as interested in deal-flow, lag in applying Marketing resources to expanding their strategic options, thus limiting their futures against High Performing firms.

22



High Priority Plans: The Top FiveTop responses by High Performers and Low Performers.

High PerformersSocial media (69%)

Thought leadership (66%)

Networking (64%)

Seminars (51%)

Search engine optimization (47%)

Low PerformersSocial media (54%)

Networking (51%)

Online advertising (48%)

Upgrading the firm website (44%)

Thought leadership (36%)

“Social Media” tops the list of strategies that accounting firms across the board will be newly emphasizing in the months ahead, with more money, time and resources.

“Networking” and “thought Leadership” also rank high for both Leaders and Laggards.

But High Performing firms add a few key ingredients to make a secret sauce: “ (In-Person) Seminars” and “Search Engine Optimization (SEO).”

While Low Performers are still working out the kinks in “online Advertising” and “Upgrading the firm website.”

23



High Priority Plan: Seminars51%

17%


Thursday is the best day to hold a seminar, followed by Tuesday.

Source: picatic.com

Half or more of High Performers are increasing their reliance in In-Person Seminars, compared to only 17% of Low Performers.

It may be instructive to note that In-Person Seminars represent a high level of sophistication and teamwork, underpinned by strong thought-leadership strategies and a marketing culture – areas where Low Performers are usually lagging.

24



High Priority Plan: Online Video36%

14%


Video on a landing page can increase conversions by 80% or more.

Source: wordstream.com

High Performers are rushing into the next frontier of online search and thought leadership: YouTube.

Smart “Online Video” marketing strategies put a firm’s top talent and expertise front and center, defining a competitive difference and presxe4ntinbg a friendly human face to prospects.

It’s apparent that many Low Performers still don’t have the building blocks in place to create and sustain a viable “Online Video” strategy.

25



High Priority Plan: Board or Civic Involvement

40%

15%


Board service is an avenue … to gain access to unique knowledge, skills, and connections.

Source: hbr.org

High Performing firms are taking advantage of their already superior profit margins and high-visibility branding to launch old-fashioned networking into the stratosphere with aggressive plans for more involvement in carefully picked civic associations and non-profit boards.

Board service is a two-way street, a win-win, for both the firm and the board. The community gains the special expertise exclusive to highly training accountants, and the accountants, in turn, become expert ion a valuable niche, as well as making valuable connections.

26



High Priority Plan: Trade Shows22%

9%


81% of trade show attendees have buying authority and purchasing power.

Source: Inc.com

With strategies dependent on success in niche industries and specialty services, High Performing firms are naturally turning to “Trade Shows and Industry Conferences” to display their expertise and target new customers.

But it takes budgets, planning and an existing infrastructure to make it work – things often found lacking among Low Performers.

27



Satisfaction Levels

13%

9%

14%

55%

9%

55%

29%

6% 7%

3%

Never (Not

at All True)

Occasionally Sometimes Mostly Always

(Completely

True)


FIGURE: SATISFACTION WITH MARKETING STRATEGIES AND ACTIVITIES – HIGH PERFORMERS VS. LOW PERFORMERSHigh performers are more than 6x more likely to be satisfied with their marketing strategies and activities, 64% vs. 10% responding Always or Mostly.

High performers are more than 6 times

more likely to be satisfied with their

marketing strategies and activities.

High Performers must be doing

something right. They’re getting the

results they want and expect out of

their marketing a new business

development programs.

The reports from Low Performers

shows signs of under-achievement and

disappointment.

28



Follow a Formal Plan

9% 9%

22%

44%

16%

59%

11%17%

11%

2%

Never (N

ot at A

ll Tru

e)

Occasi

onally

Sometim

es

Mostl

y

Alway

s (Complet

ely Tru

e)


FIGURE: FOLLOW A WRITTEN, STRATEGIC MARKETING/BIZ-DEV PLAN – HIGH PERFORMERS VS. LOW PERFORMERSHigh performers are more than 4x as likely to follow a written, strategic marketing/biz-dev plan (60% vs. 13% who responded Always or Mostly).

High performers are four times more likely to follow written, strategic marketing and business development plans.

While it’s difficult to say which comes first -- building a plan or following a plan to build and adhere to a plan –it’s a hallmark of High Performers that they display good discipline in doing both.

29



Marketing Culture

11% 13%

20%

40%

16%

59%

28%

6%2%

5%

Neve

r (N

ot at A

ll Tr

ue)

Occ

asio

nally

Som

etim

es

Most

ly

Alw

ays

(Com

ple

tely

…


FIGURE: MARKETING CULTURE – HIGH PERFORMERS VS. LOW PERFORMERSHigh performers are 8x as likely to have a marketing culture, 56% vs. 7% responding Always or Mostly.

High performers are eight times more likely to have a

“Marketing Culture.”

It’s in their DNA, part of everyday habits, and embedded

systems, processes, and incentives, in ways that are

missing among Low Performers.

30



ABOUT US

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CPA Trendlines is the online home of the freshest research and analysis in the tax, accounting and finance professions. Here you'll find the data and analysis you can use for your practice and your career, plus exclusive research, insights and commentary on the most pressing issues and fastest-changing trends.

Rick Telberg is a veteran analyst, advisor, commentator, editor and publisher. He brings a unique background and perspective to research and advisory services for the professional services community. Rick may well be the accounting profession’s most widely-known commentator through his long associations with the American Institute of Certified Public Accountants, Accounting Today magazine, and today, CPA Trendlines.

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http://cpatrendlines.com/

http://baystreetgroup.com/experience/who-we-are/


Celebrating 20 years in 2018 Capstone Marketing provides a variety of services for growth-minded CPA firms, including Brand Surgery, marketing planning, inbound marketing, client satisfaction, outsourced CMO, and retreat facilitation.

Capstone Marketing’s president, Jean Caragher, gets things done. With 30 years of experience working solely with CPAs, Jean knows the challenges and opportunities firms face today. Her experience and knowledge, combined with her practical approach, help growth-focused CPA firms attract the best clients and talent.

A well-respected industry specialist, Jean is an inaugural AAM Hall of Fame inductee, a multiple AAM-MAA award winner, and a CPA Practice Advisor Thought Leader. She has twice been named one of Accounting Today’s 100 Most Influential People in Accounting.

Connect with Jean:• @JeanCaragher• linkedin.com/in/jeancaragher/

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http://www.capstonemarketing.com/

https://capstonemarketing.com/services/brand-surgery/

https://capstonemarketing.com/services/marketing-plan-development-implementation/

https://capstonemarketing.com/services/inbound-marketing/

https://capstonemarketing.com/services/client-satisfaction-retention/

https://capstonemarketing.com/services/outsourced-cmo/

https://capstonemarketing.com/services/retreats/

https://capstonemarketing.com/about-jean-caragher/

http://www.linkedin.com/in/jeancaragher/


No more excuses.You know you need a written growth plan.

But in only 90 days?

Now it’s finally possible!

Jean Marie Caragher shows you how with the fast-track process honed from decades of front-line experience.

The 90-Day Marketing Plan provides a foolproof method for practices of any size – from sole proprietors to regional firms.

Learn how to get started. Stay on track. And finish strong.

With step-by-step, week-by-week instructions, worksheets, illustrative examples, real-life case studies, and exclusive research findings.

BONUS: Downloadable worksheets, forms and templates in Word and Excel.

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https://cpatrendlines.com/shop/the-90-day-marketing-plan-for-cpa-firms/


The Association for Accounting Marketing (AAM) is formed specifically to enhance the accounting marketing and practice growth profession through education, networking, and thought leadership. Founded in 1989, the association has more than 750 members, comprised of marketing professionals, business developers, CPAs, consultants, service providers, educators, and students. AAM strives to help its members become more effective and valued practitioners and executive leaders. To learn more about AAM, please call 443-640-1061 or visit www.accountingmarketing.org.

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http://www.accountingmarketing.org/


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