Unlocking the Power of Demand Generation for Accounting Firms
In the fast-paced accounting field, firms are constantly looking for new ways to retain clients and attract prospects. While networking, referrals and lead generation can help, they often fall short in providing a steady stream of quality leads. The truth is that even with numerous channels such as social media, paid ads and lead generation tools available, 68% of B2B businesses struggle to generate leads. This is where demand generation can be a total game-changer, going beyond just capturing interest to proactively creating it.
But what exactly is demand generation and how does it differ from regular lead generation? More importantly, how can accounting firms put it to work to get real results?
What is Demand Generation?
Creating Market Desire, Not Just Capturing Interest
In accounting, lead generation often refers to capturing client interest when they are already considering a service. It waits for them to take the first step. Demand generation goes further upstream. It proactively builds awareness and desire for services before prospects know they need them.
Put simply, lead generation catches fish that swim into the net. Demand generation stocks the pond so your nets catch more.
A Comprehensive, Multi-Channel Strategy
Demand generation utilizes various touchpoints over time to establish thought leadership. For example, an accounting firm specializing in manufacturing could create content addressing common industry pain points. This content could include whitepapers, webinars and blog posts distributed through email and social media.
The goal is to position your firm as the go-to manufacturing authority, not just get your name out there. When manufacturers think accounting, you want them to think of you first.
The Power of Precise Targeting
In any marketing effort, truly knowing your audience is critical. But for accounting demand generation, hyper-targeted outreach takes things to the next level. The numbers support this, with targeted, personalized emails having an average estimated ROI of 122%.
Specialized Messaging for Specialized Services
Imagine your firm excels at serving manufacturing industry clients. You offer services tailored to that market’s unique needs. In this case, a generic broad-stroke marketing campaign would completely miss the mark.
You need messaging laser-focused on manufacturing pain points and relevant solutions. This is where demand generation excels—building specialized awareness so prospects think of you first for their specific industry’s accounting needs.
Granular Data Enables Personalized Outreach
The first step is assembling a robust prospect list with detailed data points like:
- Company revenue
- Individual roles
This allows you to segment the list so each prospect receives messaging personalized to their needs and context at that moment in time, which boosts open and click rates, improving overall campaign performance.
The Campaign Lifecycle
Let’s look at the key phases of executing a demand generation campaign, from initial planning to ongoing optimization.
Phase 1: Building the Target List
Demand generation specialists start by compiling a larger list of prospects. They’ll then refine it down to a focused group of ideal companies or contacts to target.
Phase 2: Developing Compelling Content
Once the target list has been completed, your marketing team can start creating content like eBooks, webinars and blog posts that provides value to prospects by addressing their challenges. A good demand generation specialist will ensure the content aligns with overall campaign goals.
Phase 3: Launching the Campaign
To launch your campaign, the demand generation specialist will leverage platforms like HubSpot to automate distributing your content across channels like email, social media and paid ads.
Phase 4: Optimizing Continuously
Campaigns must be constantly monitored, tested and tweaked. The demand generation specialist will experiment with different email subject lines, content offers, landing pages and more to boost engagement.
Phase 5: Making Data-Informed Decisions
Key metrics like cost per lead and conversion rates will guide future campaign strategies and optimizations for maximum ROI. Your campaign should be continually refined based on performance data.
Tracking What Matters: Key Performance Indicators
When running demand generation campaigns, having the right KPIs on your dashboard is crucial for optimization. Here are some of the core metrics that specialists monitor:
- MQL pipeline—your future revenue stream, made up of leads engaged but not yet sales-qualified; helps forecast revenue potential
- Conversion rates by stage—shows how effective your campaign is at each customer journey stage; helps optimize strategies for each step
- Conversion rates by channel—compares the ROI of each lead source like email, social ads, etc.; allows you to allocate budget to the highest-converting channels
- Conversion velocity—measures how quickly leads convert to MQLs; faster conversions mean quicker ROI
- Cost per MQL—evaluates total campaign costs based on the number of MQLs generated; assesses spend efficiency
Make Demand Generation Work for Your Firm
Whether you’re a small accounting firm looking to grow or a large one wanting to grab more market share, demand generation can transform your pipeline when done right. By taking a targeted, multi-channel approach to proactively building awareness and desire for your services, you can position your firm as an authority in your niche long before prospects are in the market.
Ready to ignite growth for your accounting firm? The Growth Partnership specializes in data-driven demand generation campaigns tailored to your goals. Don’t leave your success to chance. Contact us for a free consultation to kickstart your demand gen journey today. Our specialists are standing by to help fuel transformational growth for your firm.