Clients are the heart and soul of an accounting firm. Because without clients, there is no business. They form the wheels that drive the company’s growth to success. The number and quality of customers determine a company’s overall reputation.
According to her recent GoCardless survey, 41% of accounting firms consider acquiring new customers their top priority. Acquiring new customers is also important, as retaining all existing customers is a major challenge in this increasingly competitive market. We don’t have a surefire plan for getting new customers, but here are some best practices that can help you grow your customer base.
1. Identify Target Clients
The first step to take before embarking on new customer acquisition is to figure out what types of customers are best for your accounting firm.
You need to make a list of all existing customers and evaluate them. The rating you submit may depend on a variety of factors aligned with your business strategy.
These factors may include:
- How difficult is it to work with them?
- Total revenue they generate
- Do they help you network with potential customers?
According to the Pareto Principle, “80% of your results come from the top 20% of your customer base.” Therefore, prospects have a direct impact on future growth and sales, so it’s important to target them carefully for your accounting firm.
2. Invest In Digital Marketing To Build Your Brand
In today’s digital age, a strong online presence is essential for your accounting firms. Research shows that a whopping 94% of B2B buyers conduct online research before making a decision. Experts check potential customers based solely on their digital presence. It is, therefore, important that accounting firms represent a good “digital brand.”
When it comes to marketing, it’s important to do a good job for existing clients and exceed their expectations. Those customers talk to others to recommend you, and potential customers search for you online, which helps your accounting firm.
When It Comes To Digital Marketing For Your Business, Keep The Following In Mind:
You need to create a website that is clear, well-designed, mobile-friendly, and speaks directly to your ideal target customer for your accounting firms.
Write a few blogs and helpful guides that provide practical advice for both existing and new customers. Conduct social media marketing to showcase your expertise and build brand awareness as a team of experienced and trusted consultants.
3. Don’t Be Afraid To Ask For Recommendations
Nothing sells like good old word of mouth from existing customers. Your clients not only do business with accounting firms, but they are also in contact with other accounting firms in the market. If they recommend you in the market, it will only boost your reputation. If you believe you have done a great job for a client, feel free to ask for referrals.
The following practices will help you get good referrals.
Be proactive – don’t wait for customers to automatically recommend your accounting firm. Getting your customers to spread the word is not difficult.
Leverage Online Services – Leverage professional social networks such as LinkedIn to receive referrals and recommendations from existing clients for accounting firms.
Post testimonials on your website – Good testimonials from reputable customers on your website will last longer. An opportunity to attract new potential customers for your accounting firm.
Set up a referral program – Reward existing customers with special offers and discounts when they bring new customers to your accounting firm.
4. Get To Know The Latest Technology
If an accounting firm doesn’t make the most of the available technology, it’s a silly strategy. You need to provide data insights, use cutting-edge accounting software, and offer your clients a cloud platform. The cloud can help provide remote access to employees and clients working on the same project. It helps attract potential customers from far away. If you can attract customers from far and wide, your business can become a global or national brand.
Additionally, businesses should use data analytics to make intelligent, data-driven decisions. Smart companies dig deep into their data to find trends and patterns. By understanding what your most profitable customers value, you can focus on developing new product lines or dive into new businesses based on your strengths.
5. Strive To Build Good Networks
By participating in seminars, conferences, social gatherings, etc., and building a network with other companies, it becomes easier to acquire valuable customers. Even in today’s digital age, these events promise great opportunities to meet potential customers.
The following strategies will help you make the most of these events.
- Create a guest list in advance
- Study your participants carefully.
- Present yourself as someone who can meet your prospect’s needs
- Meeting with important people and follow-up after the event,
- be patient and consistent
By connecting online, you can also connect with potential customers. Conduct webinars and live instructional sessions to educate on common accounting problems and their solutions.
Equip yourself with the necessary skills and strive to present yourself as a provider of the best accounting firm.
6. Clarify Your Exact Niche
The concept of finding a niche market is not limited to accounting firms and tax firms, but the impact on this sector is huge. Think about the types of services your company provides on a regular basis.
Are these services tailored to specific types of clients or businesses?
Many entrepreneurs make the mistake of offering too many services to too many people. Trying to be a generalist actually makes it harder to maximize profits and optimize how resources are used or allocated than it is to be a specialist. Choosing a niche helps you find relevant, high-income customers who can employ the right skills and services to serve you.
The list of accounting niches is constantly expanding and adapting, but some of the most popular accounting niche options include:
- real estate accounting
- accounting customer
- Accounting for local entrepreneurs
- Startup or his SaaS Accounting
- independent contractor
- Attorney at Law, Attorney at Law, Law Firm
- restaurant or retail store
- individuals and families
Before making a decision, carefully consider which clients you would like to work with and what types of accounting services the firm specializes in. These decisions will guide future marketing and prospecting techniques.
A great deal of effort must be made to make the accounting firm a reputable brand. You need to upgrade to the latest technology, such as cloud accounting, to provide high-quality service to your existing customers.
Trends in the accounting services market are constantly changing, so your customer acquisition model must be ready to embrace new trends and updates. You should periodically optimize your model according to the results obtained.
Always remember that it costs more to acquire new customers than to retain existing customers. Finding new customers can be difficult if you don’t have customers who trust you. If you provide excellent accounting services to existing customers, acquiring new customers is half the job.