Many practitioners grapple with digital transformation, not just with how they can best use it to serve their clients but also with how to apply it in their marketing activities. In both cases, the rapid pace of change requires constant attention.
According to ACCA’s March 2020 report The digital accountant: Digital skills in a transformed world, which surveyed 4,264 accountancy and finance professionals around the world, 91% say it is very/extremely important to have a working knowledge of the impact of an organisation’s digital strategy on finance. And the digital strategy should extend to marketing.
Most practices have marketing assets such as a website or social media account. But do you measure or gain the return on investment you hoped for? Are you capturing new business from the website? Have you received requests for information via LinkedIn?
For many, the answer will be no or not enough. A website or a social media channel may not generate returns on its own, which is where a marketing strategy can help.
If your practice want to make changes effectively, then the whole team has to buy into your change programme
Further information
For more on your firm’s value proposition, see the AB article on being more punk and Carl Reader’s video on standing out from the crowd.
A marketing strategy means having goals, a strategy to achieve them and a plan to get you there.
The plan should outline the marketing activities, spend and measures required to track progress against your goals. But a plan on its own won’t work if you don’t have a strategy to begin with.
Segment, target, position
A good first step in creating a marketing strategy is to identify the types of client you’re trying to attract and then assess their needs using market research or client data. Then you need to come up with a value proposition for each type of prospective client and decide the marketing mix required to position each service with each type of client.
Consider your competitors. You may have established your desired market, type of client and offerings, but if local firms offer exactly the same, then you will need to consider how you can make your firm stand out.
Simon Sinek’s book Start With Why will help you identify both your personal and business purposes to differentiate your firm from the crowd. This in turn may influence your value proposition for solving a client’s pain points using your own values.
Client-first approach
Clients become advocates for your firm if they receive a great experience. This can be as simple as your setting out clear expectations for them and communicating well. A first-class client experience means that every touchpoint with your business is as effortless as possible and elicits a positive reaction.
Try conducting customer satisfaction surveys to see if there are tangible areas for improvement. Many customer experience programmes fail to capture what clients really feel about a service. Larger firms that want deeper insight into their clients’ true views could consider neuroscience or neuroexperience approaches, which seek to scientifically measure the emotional response. Psychologists construct specific questions, interviews and analysis to delve deeper into feelings and motivations.
A simple change in language can be of benefit too. Generic references to ‘experts’, ‘professional’ and ‘compliant’ are of little information value to prospective clients. If you regularly refer to being ‘better than the rest’ or use words such as ‘sell’, ‘smart’ or ‘supply’, try changing to ‘personal’, ‘support’ or ‘friendly’, and demonstrate your professional integrity. Appearing approachable, understanding and helpful can go a long way to support your marketing goals.
Appetite for change
Leo Tolstoy said that everyone thinks of changing the world, but no one thinks of changing himself. If your practice wants to make changes effectively, then the whole team has to buy into your change programme. What if, for example, you could get all your staff to sell the firm’s capability rather than just the colleague tasked with bringing in new clients?
Accountancy services provider Hammond McNulty has done just this. Partner Amanda Grint FCCA says: ‘We wanted to get everyone in the team on board with the digitalisation of our practice and to get all our staff to champion with our clients and prospects that we are a great firm to be with.
‘We got some coaching on how to go about our change journey. Recognising and incorporating the specialist coaching we needed was revolutionary.’
Digital transformation is just the start of a change programme – and of attracting new clients. A well-crafted strategy and plan, supported by a willingness to change at all levels, has a greater chance of success.
