Episode 91
Marketing Strategies for High Growth Accounting Firms
Lee Frederiksen is an award-winning marketer, Visible Expert®, and business strategist who helped pioneer the field of research-driven marketing.
As the Managing Partner of Hinge, a marketing firm for the professional services industry, he draws on his Ph.D. in behavioral psychology and his CEO experience to help clients achieve high growth and profitability.
Lee’s research on marketing and business growth has made him a recognized industry name, along with the numerous books he authored on the same topics. He been quoted in a number of mainstream publications, and he regularly speaks at major industry events around the country. Shownotes:
- Why professional services is such a complex marketing environment to study and serve
- Accountants don't enter the profession to do sales and marketing, but it's become part of their role
- The critical difference between accountancy and other professional services sectors
- Accountancy has been compliance driven for many years, which has usually made marketing easier, but this has now changed
- How the marketing game in professional services has moved on from the rainmaker model of one person winning all the work to a more team centred approach
- Distance, location and geography are is much less issues now when clients hire an accountant
- The biggest problem accountants and accounting firms have in differentiating themselves is between their ears
- There are two kinds of differentiators accounting firms can utilise to set themselves apart from their competitors
- The two biggest mistakes accounting firms make in marketing their services
- Many accounting firms think they're differentiated but in reality, their competitors look the same, say the same and do the same things
- Marketing and sales in accounting firms are so intertwined that they are often referred to as business development
- The biggest challenge inherent in developing a marketing budget for accounting firms
- What defines a high growth firm in accounting, and what they do differently or better with their marketing
- Equity partners in high growth accounting firms generate almost $1m more a year per partner than low growth firms
- Different partners and personnel should have different roles when it comes to business development that play to their strengths
- Note to accounting firm leaders when recruiting - new, younger hires want the opportunity to represent your firm on social media, so let them
- What makes a good accountant great according to professional firm marketing expert Lee Frederiksen
- What makes your client choose your firm is not the reason why they stay with you - listen to find out what that reason is
- As a 'race or breed' discover how coachable accountants are on skills like business development and marketing compared to other professionals
- It's great time to be a bold accountant, but a very dangerous time to be a conventional accountant, and here's why...
- How marketing in accounting firms has changed over the years from an administrative support function to a much more sophisticated set of skills and applications
- So much more of the buying decision happens online vz F2F and if accountants don't appear early in that conversation, they are too late to influence what happens
- Which skills high growth accounting firms are investing in to develop their people with internal and external training
- For accounting firms, there is an increase in client acqusition costs and a decrease in client loyalty, even though you may be adding more value
- It's just as important to educate your clients on the many things you can do for them as it is educating your prospects on the same thing
- Progressive, growing accounting firms are treating marketing and business development functions as an integral part of the firm
- The future trend or threat to accounting firms which necessitates a clearer than ever value proposition .
When he’s not traveling to speaking engagements or working at the Hinge headquarters, you’ll find Lee pursuing his interest in hot rods or watching movies with his wife, Candace. You can reach her here...
Phone: (US) 571-308-0501
Email him at lfrederiksen@hingemarketing.com
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