PracticeAccounting FirmsAccountants continue to fail in marketing activities

Accountants continue to fail in marketing activities

Just one-third of firms have dedicated marketing staff, while two-thirds do not measure return on investment

Accountants continue to fail in marketing activities

ACCOUNTANCY FIRMS continue to fall short in their marketing activities, with large numbers failing to monitor activities.

Research from technology provider Wolters Kluwer found less than a third (29.9%) of firms have dedicated marketing or business development staff, but only 31.2% outsource some promotion responsibilities.

While the 2014 Effective marketing for accountants survey found increased uptake of online marketing, including social media, firms remain reliant on face-to-face interactions and client referrals for business. Despite this, one quarter (24.8%) keep no list of prospective clients.

A majority the 137 respondents also failed to monitor the effectiveness of their marketing. Just under half (47.7%) recorded the conversion rate of leads to new business; this dropped to 37% when asked if they monitored return on marketing investment.

While many firms continue to limit their marketing to email campaigns and events such as local business briefings, more than two-thirds (70%) identified websites as essential or useful to attracting clients, while just under 50% are using social networks like LinkedIn. A small number (15%) have incorporated advanced online activities such as ‘pay-per-click’ ads and webinars into their strategy.

Wolters Kluwer UK tax and accounting executive director Simon Crompton said firms must take on more clients, sell more services or charge more for current services to grow fee income. Although most practices seek to at least maintain their customer base by replacing clients that leave, a practice that wants to “grow organically” must be more proactive.

As practices value direct mail, emails, events, websites and social media, outside of referrals and professional introductions, meaning they are “likely” to benefit from software to help them “manage and measure” their efforts, he added.

Earlier this year, Wolters Kluwer research found 77% of accountants now use social media, with women (85%) more likely to use it than their male counterparts (72%).

Related Articles

Where is your next client coming from?

Accounting Firms Where is your next client coming from?

5d James Noble, Propero Partners
AAYP 2016: Why small and medium sized practices face generational divide

Accounting Firms AAYP 2016: Why small and medium sized practices face generational divide

1y Accountancy Age, Reporters
EY and LinkedIn announce strategic alliance

Accounting Firms EY and LinkedIn announce strategic alliance

2y Calum Fuller, Reporter
Social networking: How does the Top 50 stack up?

Accounting Firms Social networking: How does the Top 50 stack up?

4y Tim Prizeman
US in a different league to UK in marketing tables

Accounting Firms US in a different league to UK in marketing tables

5y Heath Podvesker
Taking Stock: Branded

Accounting Firms Taking Stock: Branded

3y Taking Stock
Top of the Tweet: Top UK accounting firms Twitter rankings

Accounting Firms Top of the Tweet: Top UK accounting firms Twitter rankings

3y Kevin Reed, Writer
Colin: Anyone can be a marketing director, can't they?

Accounting Firms Colin: Anyone can be a marketing director, can't they?

3y Richard Crump, Writer