The struggle to market the accounting business is real!-isn’t it? Business owners often face the dilemma of where they can promote their business. It’s because this is not a common industry for generals. However, you don’t have to worry! Because there are online and offline options. You can promote your service through your website, social media, outbound marketing, speaking engagements, trade shows, etc. Now, we will go in-depth in this post by discussing where to market for your accounting business, how to execute and what to avoid in the process as an accounting business owner. Read till the end to learn more!
Different Segments for Marketing
CPA, bookkeeping, or enrolled agent are categories of accounting business. They promote services in different segments, such as B2B or B2C systems.
B2B is preferable because Business owners target other small businesses to sell their services. Hence, it increases the chances of getting leads in business.
On the other hand, B2C is not preferable cause its main target is the general public. The targeted audience is mainly based geographically around the local area.
Where to Do Marketing of Accounting Business?
There are various ways of marketing your accounting business. You can do online and offline Promotions. Some of the following are:
Online Marketing
1. Website:
A website can help you to represent your accounting business effectively. You have to develop a well-designed strategy to create a website. Such as:
- Focus on your branding, image design and a clear vision of your Motive.
- Make your website SEO optimised, which will help clients to find you easily.
- Include a call to action and social reviews.
2. Content Marketing:
Content marketing is one of the most valuable ways of marketing. Usually, large CPA forms or accounting businesses do content marketing.
Yet small businesses are also promoting content about their company now. Content marketing includes trade journals, podcast videos, books published in White papers and many more.
For example, you can do podcasts about your business and discuss your services. It will engage the audience more.
3. Social media marketing:
Social media is the most popular form of online marketing. All kinds of businesses are doing I promoting their products through social media marketing. You can use many social media platforms like LinkedIn, Facebook, and YouTube for branding.
- LinkedIn is best for your account for business promotion. All business owners and the general public are on this platform. It can help you to find both business organisations and represent your business.
- YouTube is the largest growing social media platform. You can make content about your business and showcase your services.
- You can make a business profile on Facebook and run ad campaigns. Also, it will help you to reach your target audience.
Non-Targeted Marketing
Most people in business do not like this type of marketing. Since this is a marketing strategy for a broad audience, it sometimes doesn’t help reach potential customers. It is a traditional marketing method that most people decline, but small accounting farms do this.
Non-targeted marketing includes telemarketing, email marketing, door-to-door knocking, billboards, and radio advertising. Sometimes, this is a time-wasting, expensive, and ineffective marketing strategy. Hence, it only reaches a small audience and generates small leads.
Offline Marketing
Offline marketing is mainly person-to-person marketing. However, offline marketing works excellent sometimes. Mainly offline marketing is trade show marketing, public speaking, applying for award shows, and sponsoring events.
Public Engagement
You can speak and host events to directly engage your audience. Public speaking is the most popular and visible method. In addition, you can sponsor events to increase brand awareness and credibility.
Cross-promotion is the best in this matter. You can consider working with other similar brands. You can co-develop your product or co-sponsor any event.
Create Own Events
Creating events within the community is also a based idea for engagement. It will help you to connect with both customers and partners. You can give business cards, pamphlets, or books published at the event.
Trade Show Marketing
Trade shows are rare in the accounting business. However, if you do it correctly, it can be effective. Trade shows should be targeted and Indicate the specialty of the company. It has a great potential to find clients in one place.
Moreover it helps to network and connect in similar fields. But there are some challenges like this: time-consuming, expensive and generating leads That sometimes don’t convert into customers.
Common Mistakes in Marketing
Marketing in the accounting business helps to build a brand. Yet, it faces failure most of the time. You should avoid these mistakes in your marketing strategy.
1. Wrong Audience Target
The target audience is your potential customers who would take advantage of your service. You Will fall miserably If your target audience needs to be corrected. It happens in traditional marketing, as we talked about earlier.
Small accounting businesses make this mistake in the beginning. They send cold emails/ calls, Distribute Pamphlets or knock on the door to reach the audience. This marketing wastes time and money.
2. Bad Execution of Marketing
A good marketing strategy is beneficial. But you have to execute the planning properly. That’s why sometimes marketing could go better. Some mistakes they make in the execution of planning are
- Sometimes, accountants don’t do it according to the plan.
- They expect results immediately.
- Accountants need to be consistent with their plans.
3. Priorities Expertise
Business owners look for accountants according to their expertise. They think it will add extra knowledge and advantage to the business. Priotising expertise is not a good idea for a company, and you should always hire fresh ideas and employees. Also, it will help you to bring innovation to your business.
My final thought in this article is that marketing in the accounting business is not as hard as people think. However you can face some challenges in planning or executing. Yet proper strategy and effort can help you succeed.
Here is another content about The Biggest Mistakes First-Time Founders Make in Their First Year
Frequently Asked Question
1. Who is the target market for accounting firms?
The target market for accounting farms is small business owners, entrepreneurs, senior corporate executives, and individuals with high net worth.
2. How profitable is accounting?
There are different profile profit margins for small Farms and larger farms. The profit margin in smaller farms is 20 to 40 %, and in larger farms, 10 to 20%.
3. Is CPA profitable?
CPA marketing is profitable. It will be easy if you have interest in math, Taxes and accounting.Certified accountants are in demand now.