1 Bigger Marketing Ideas for Smaller FirmsWhat You Can Accomplish!
2 Agenda Clarify the benefits local firms can gain from embracing a marketing approach Focus on how firms of all sizes can have a marketing strategy as part of a growth plan Discuss various tactics that can be implemented without an in-house marketer
3 Benefits of a Marketing ApproachFirms that build a marketing culture are more effective at: Attracting and retaining quality clients Attracting and retaining quality employees
4 Why Establish a Marketing ProcessBy creating a climate that promotes disciplined marketing, you will – Build name recognition Gain a sustainable competitive edge Develop loyal employees and more satisfied clients Be more successful and profitable Have more fun
5 Building a Marketing CultureGet sincere buy-in from the top down Agree to invest time and money Establish realistic goals and objectives Perform a situational analysis Write a marketing plan Design a process for implementation Create a tracking/monitoring mechanism
6 Marketing Strategy Know what the clients’ need and valueBe prepared to deliver solutions to their problems Have communication tools in place to enhance your reputation in your market Be committed to developing relationships
7 Components of a Marketing PlanConduct a competitive analysis Define your “Unique Selling Proposition” (USP) Select branding techniques - logo or tagline Define your target market and your competitors List all strategic allies and referral sources Define your expertise and services Select tools for your marketing tool box Create a process for tracking results
8 Conduct a Situational AnalysisList all pertinent information to create an accurate picture of the firm today and expectations for tomorrow - Strengths Weaknesses Opportunities Threats
9 Have a Brand of Your Own Know what is unique about the firmSize; services; culture; location Consider your niche expertise Create a logo or tagline Be consistent in use of color, font, etc. Use your brand to build recognition
10 Use a Marketing Tool BoxNewsletters Web site Brochures Direct mail Power Point presentations Press Releases Proposal templates Targeted materials (on estate planning, year-end tax planning, etc.) Business cards and letterhead
11 Know Where Leads Come FromClients Other CPAs Attorneys Bankers Consultants Insurance providers Family and friends Business associates/members of organizations
12 Focus on RelationshipsAdding value helps build relationships and a strong reputation for your firm: Be interested Make introductions – be a resource for clients and referral sources Offer niche industry information (First Research, etc.) Nominate clients for local awards Send notes of congratulation Host informational programs
13 Build a Leadership RoleIncrease name recognition and “famous stature” by using a range of tactics: Join a local trade association or business organization; participate on committees Volunteer to present on relevant topics Co-host a seminar Conduct a survey Write articles Network within the community or with a niche
14 Leverage the Press Being quoted adds credibility and establishes you as an expert: Introduce yourself to local journalists Pitch stories to keep them informed Be quick to respond – be a resource Write articles for local publications Send press releases with news
15 Don’t Forget the Tracking ProcessMonitor and measure ROI for the following: Practice development hours (amount of time; quality of time) Number of leads in and out Proposals won and lost Time and dollars spent on clients and COIs Time and dollars spent on employees and recruiting Web activity
16 Conclusion Small firms can have a structured marketing cultureThere are a wide variety of relevant and cost effective marketing tactics for small firms Small firms can distinguish themselves through consistent use of marketing and branding communications tools