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Accounting and auditing services is a critical service required by virtually all businesses. However, with increased disruption occurring through automated accounting software such as MYOB and Xero, accounting firms must rethink their local marketing strategies in order to survive and thrive.
Accounting businesses who continue to stick to marketing strategies formulated long before the technological disruption of today are doomed to failure. Accounting firms destined for future success must go through a paradigm shift; embracing a new identity as not only accountants but also irreplaceable local business consultants.
In order to facilitate this change, accountants must formulate highly targeted local marketing strategies aimed at building long-standing business relationships with the local community.
Carefully Distinguish Local Target Audiences
Acquiring clients in the world of accounting is profoundly different from most traditional business depending on the target audience of a firm. Large multinational accounting firms often focus on securing a handful of large clients such as major financial institutions and retailers. On the other hand, smaller firms often look towards securing a large quantity of small business and individual clients for basic accounting and tax auditing purposes.
Each of these target audiences requires different marketing approaches. In a world where getting a list of highly specific local businesses is a quick internet search away, accounting firms must focus on defining and developing a key target audience within the local community. From there, firms can capitalise on the fact that most accounting services are yet to use new media avenues to efficiently formulate an influential local marketing strategy.
Create Informative Videos For Local Target Audiences
As mentioned, finding a list of individuals and firms within a designated local audience can easily be done through an internet search. Furthermore, creating content that can reach these targets has also become much cheaper and easier than ever before. One form of content that is underutilised yet bound to be influential in a local community is targeted informative videos on accounting.
For example, if an accounting firm is targeting local restaurants, creating highly specific videos for restaurant owners and managers will undoubtedly lead to new clients. Videos which focus on persuading restaurants to shift from relying solely on automated accounting software to using personalised and tailored advice from an upstanding local accounting firm will most likely be very effective. Publishing videos through multiple social media streams about the major downsides restaurants face from relying on automated accounting software will draw many viewers and potentially many clients.
Publish Top-Quality Articles Through Multiple Media Avenues
In the same manner as the video strategy mentioned above, accounting firms should also publish articles that provide valuable information to their target audience. In today’s marketing climate, an influential and informative blog post will not only be cheaper but also lead to many times more clients than traditional marketing strategies such as buying advertising space in the local newspaper.
Continuing with the example of targeting local restaurant businesses, a blog post which highlights the most prominent accounting mistakes restaurants commit during tax season in your target area will be specific enough and informative enough to draw the attention of many local restaurateurs immediately.
Marketing such a blog post through social media accounts as well as targeted online advertising will lead to client acquisitions at costs drastically lower than traditional marketing approaches.
Technologically Savvy Accounting Firms Thrive
The overall notion that accounting firms must incorporate moving forward is to make the most out of emerging media avenues so that they can directly reach their target audience. Highly targeted online content that can be advertised directly to desired local community members often at costs of less than a dollar per view will lead to much higher and much cheaper conversions than traditional marketing.
As technological disruption starts to become more apparent in the traditionally conservative accounting industry, firms must embrace new and seemingly unconventional means to thrive and develop long-term clients in the future.
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