Accountant Marketing: State of the Union

Nate Hagerty
Posted by Nate Hagerty on Dec 21, 2021 10:42:08 AM

Do you get the sense that nothing will ever go back to "normal"? Goodness, if you're paying attention to the popular culture, you can't help but feel like things seem to be falling apart. Popular "consensus" is falling by the wayside in an increasingly-fractured society, and the last 18 months have left an indelible mark on our world.

I don't need to recite the litany; you can see it if you are a sentient being. And guess what?

The same is true in our accounting industry.

It's not just that change is happening -- the pace of that change is accelerating. Moore's law is kicking in all over the place, and it has implications for your practice (and your accounting practice marketing).

Yes, you're tired ... it's been a whomper of an 18-month period for anyone dealing with the IRS, the SBA, or (frankly) ANY SMB clients whatsoever. Let alone the stories that so many of our clients are walking through in their families.

But therein lies the opportunity ahead of us. And it is significant.

The very fact that so many of our colleagues are tired opens the door for YOU to build a practice of lasting significance. And I want to give you the tools to do so.

This is my Accountant Marketing State of the Union for 2021.

I have observed four big shifts in the accountant and advisor marketplace - and it affects your marketing.

The fact of the matter is that our industry lags behind the forefront of effective online marketing. So the shifts that we're seeing are only beginning to trickle into being, whereas in ecommerce, for example, they are roaring through the marketplace.

If you get on the bus now, you will be poised for big profits ahead.

Here is the reality, along with opportunities for you.

1) You and your colleagues are TIRED.

The past year and a half have been crazy-town for the accounting industry. You are tired, your staff is tired, things have been hard.

The opportunity: Because you and your colleagues are tired, client (or practice) acquisition is opened up like never before. There is immense opportunity for you in this environment to gain clients and entire books of business from your tired colleagues.

2) Staffing is now (and will be) a challenge.

We’ve all seen this, and it’s not just in our industry. Employment is not bouncing back quickly country-wide.

The opportunity: Office culture matters above all and you must pay attention to the culture of your business. The culture of your company must be at a minimum up-to-par, which means you’ve got to fight for the hearts and minds of your staff. How you treat your team (not just how you pay them) is critical in this season for the future of your practice.

If you don’t support your team, you will be left by the wayside as your staff discovers that there are greater and better opportunities out there, because everyone is hiring. And if you create a great company culture, you will be able to hire as you need simply because people will want to work with you. And if you are ready to shift into growth mode, you will need to hire. 

3) The “simple” bookkeeping service is becoming a commodity, and the need for additional bookkeeping services is sure to rise.

I don’t need to preach to you about this reality. Many accounting practice owners have already built their practices on services beyond commodity tax services, and all practice owners have at least heard that they need to move beyond them. But the explosion of government aid programs and the continued reformation of the tax code has created an environment where businesses are actively looking for help like never before.

The opportunity: Add additional services to capitalize on the need for higher-value services. One way to do so is to explore advisory training opportunities such as Woodard's Certified Transformative Advisor courses or, for example, add broker offerings like financial planning. In addition, restructure your fees as demand rises, such as moving to a monthly retainer model instead of fee-based services to appeal to higher-level clients.

4) Clients need you now, more than ever.

Business owners are worried, and demand for financial services is rising.

The opportunity: Service-oriented practices are flourishing. We are seeing this in our entire client base at AdvisorProMarketer. There is a great need for accounting professionals who put their clients first and aren’t just out to make a quick buck.

You need to build a marketing plan for 2022. 

All of this means it’s time to get on the bus when it comes to your online marketing. The idea of building a marketing plan for 2022 might feel daunting. Here are some tools to help.

1. This short article and webinar recording will teach you what it will take to build your marketing plan. 

2. Schedule a free one-on-one session to learn how to dominate your local online market.

3. Take advantage of the opportunities that are facing you before it is too late. 

Topics: Practice Growth


 

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