For many years, marketing and business development has been cited as one of the greatest areas of concern among public accounting firms. Why?
At The Growth Partnership, we believe many CPAs became CPAs so they could perform CPA work. If they were interested in marketing and business development, they likely would have majored in marketing. At the same time, marketing and business development are essential for the long-term success and future of a public accounting firm.
Client attrition is reality for any firm regardless of the level of service provided by the firm. Other reasons may include price and technical competence. Reasons also often include bankruptcy, mergers, acquisitions, retirement, and growth.
Does all this mean a public accounting firm should rush out and hire a marketing director? Absolutely not. Generally, firms with less than $10 million in revenue do not need a full-time marketing director. However, they do need marketing direction and the resources often provided by a marketing department.
These needs have led to the creation of TGP’s Outsourced Marketing Department. Outsourcing allows a firm to utilize marketing professionals at a level that matches the size and growth goals of their organization. Benefits of outsourcing include:
- Marketing Professions who work with a wide variety of other accounting firms.
- A team of professionals (e.g., strategists, public relations and social media specialists, graphic designers, writers and editors, lead generation call representatives, and administrative team members) who are assigned to each client.
- No long-term contracts. Clients are encouraged to engage TGP only if they believe they are receiving value for the fees paid.
- No need for the client firm to hire, train, and sustain in-house marketing professionals – where turnover has always been high.
- TGP stays abreast of the latest marketing and business development news and trends.
- Clients have the ability to tap into our client base on an as needed basis. TGP clients often partner to pursue new and innovative projects.