Marketing strategy is one of the critical factors separating high-growth accounting firms from low-growth firms. But according to BKR International, a global public accounting association, it’s not necessarily the amount of money firms spend that distinguishes winners from losers when it comes to marketing strategies. It’s how they choose to invest their marketing dollars.
To compete, high-growth accounting firms do spend more money on average for in-house marketing staff, but their marketing budgets aren’t much higher than those of low-growth firms. That’s because high-growth firms are better at strategically investing and spending that money differently – and with better results, said BKR International Executive Director Maureen Schwartz in an article on accountingweb.com.
BKR International recently looked at the winners and losers in accounting marketing tactics, forecasting what high-growth firms will pursue in 2016. Here are the three marketing tactics that BKR-member firms will likely spend more on next year.
1. Websites and SEO. According to the Acquity Group’s annual State of B2B Procurement study, 94 percent of business buyers do some form of online research when buying services. High-growth accounting firms have mobile-friendly and modern-looking websites. They are using search engine optimization (SEO) to get prospects to their sites and are making updates to their webpages to keep them coming back.
3. Networking in associations. “High-growth firms are definitely engaging in international association membership to increase their resources for clients across the globe and their access to peer-to-peer intelligence,” Schwartz said. “Market exclusivity is critical to ensure that members feel comfortable sharing ideas and referrals.”
In addition, high-growth firms are being very selective about membership in industry associations to connect with prospective clients.
On the flipside, here are the three marketing tactics firms are expected to spend less on in 2016, according to BKR, namely advertising, sponsorship and non-educational events.
For much more detail on these points, read the full article here.