Bigger Marketing Ideas for Smaller Firms

1. Bigger Marketing Ideas for Smaller Firms What You Can Accomplish!

2. Agenda • Clarify the benefits local firms can gain from embracing a marketing approach • Focus on how firms of all sizes can have a marketing strategy as part of a growth plan • Discuss various tactics that can be implemented without an in-house marketer

3. Benefits of a Marketing Approach Firms that build a marketing culture are more effective at: • Attracting and retaining quality clients • Attracting and retaining quality employees

4. Why Establish a Marketing Process By creating a climate that promotes disciplined marketing, you will – • Build name recognition • Gain a sustainable competitive edge • Develop loyal employees and more satisfied clients • Be more successful and profitable • Have more fun

5. Building a Marketing Culture • Get sincere buy-in from the top down • Agree to invest time and money • Establish realistic goals and objectives • Perform a situational analysis • Write a marketing plan • Design a process for implementation • Create a tracking/monitoring mechanism

6. Marketing Strategy • Know what the clients’ need and value • Be prepared to deliver solutions to their problems • Have communication tools in place to enhance your reputation in your market • Be committed to developing relationships

7. Components of a Marketing Plan • Conduct a competitive analysis • Define your “Unique Selling Proposition” (USP) • Select branding techniques - logo or tagline • Define your target market and your competitors • List all strategic allies and referral sources • Define your expertise and services • Select tools for your marketing tool box • Create a process for tracking results

8. Conduct a Situational Analysis List all pertinent information to create an accurate picture of the firm today and expectations for tomorrow - • Strengths • Weaknesses • Opportunities • Threats

9. Have a Brand of Your Own • Know what is unique about the firm • Size; services; culture; location • Consider your niche expertise • Create a logo or tagline • Be consistent in use of color, font, etc. • Use your brand to build recognition

10. Use a Marketing Tool Box • Newsletters • Web site • Brochures • Direct mail • Power Point presentations • Press Releases • Proposal templates • Targeted materials (on estate planning, year-end tax planning, etc.) • Business cards and letterhead

11. Know Where Leads Come From • Clients • Other CPAs • Attorneys • Bankers • Consultants • Insurance providers • Family and friends • Business associates/members of organizations

12. Focus on Relationships Adding value helps build relationships and a strong reputation for your firm: • Be interested • Make introductions – be a resource for clients and referral sources • Offer niche industry information (First Research, etc.) • Nominate clients for local awards • Send notes of congratulation • Host informational programs

13. Build a Leadership Role Increase name recognition and “famous stature” by using a range of tactics: • Join a local trade association or business organization; participate on committees • Volunteer to present on relevant topics • Co-host a seminar • Conduct a survey • Write articles • Network within the community or with a niche

14. Leverage the Press Being quoted adds credibility and establishes you as an expert: • Introduce yourself to local journalists • Pitch stories to keep them informed • Be quick to respond – be a resource • Write articles for local publications • Send press releases with news

15. Don’t Forget the Tracking Process Monitor and measure ROI for the following: • Practice development hours (amount of time; quality of time) • Number of leads in and out • Proposals won and lost • Time and dollars spent on clients and COIs • Time and dollars spent on employees and recruiting • Web activity

16. Conclusion • Small firms can have a structured marketing culture • There are a wide variety of relevant and cost effective marketing tactics for small firms • Small firms can distinguish themselves through consistent use of marketing and branding communications tools