Written marketing strategies neglected
Only one-third of accountancy firms have a written marketing plan despite the majority expecting to increase their marketing spend, a recent survey has revealed.
Of 325 firms questioned, 72% planned to spend more on marketing, but just 28% admitted having a written marketing plan. Client surveys were named as the most important marketing activity, but only 25% of respondents had surveyed their clients for opinions about their firm, services and staff.
A significant number of firms were attempting to build a niche position in the market, with 40% targeting specific industry sectors and 44% selling themselves on a service-specific basis, such as property related tax or directors’ duties.
Phil Shohet, a Kato director, said: ‘Firms recognise that if they are going to build their practices, they have to become quite niche, in terms of both industry and service. Audit and tax work is very price driven at the moment.’
Firms covered by the survey included readers of London Accountant, the magazine of the London Society of Chartered Accountants, and clients of Kato Communications, the business planning and marketing consultancy.
Firms averaged four partners, gross recurring fees of # 1.1m and spent an average of # 28,000 on marketing, excluding partner time.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article