Why Accountants Need a Digital Strategy
If you ask most accountants, they will tell you that they have built a business based on referrals. If that is true, then it leads to a question that is often asked—“Do accountants need marketing ?” As a digital marketing agency that supports accountants, my knee-jerk reaction is yes. But I will resist that response and give an alternative answer: It really does depend on how fast you want to grow.
Clearly, it is hard to deny that there has been a shift in client behaviors over the years. Even if an accounting firm has a strong referral pipeline, potential clients will likely research your firm online, browse your website, and read reviews before making contact. For that reason alone, it is imperative that accountants pay attention to their online presence.
But what does that mean exactly?
Is it your website, social media posts, email marketing, or paid ad campaign? In reality, it is a combination of all of the components working together. Which of these things is most important? This article will explore the importance of developing a cohesive digital marketing strategy as an accountant. And how a great strategy - supported by the right tactics will support your business goals.
The Importance of Strategy over Tactics for Accountants
When I meet with accountants, they often ask questions like: How should I market myself as a CPA? And where should I advertise? Both are valid concerns. The answer to these questions begins with understanding the importance of Strategy over Tactics for Accountants.
Leading with tactics may seem great in the short run, but depending on the tactic, you may experience a quick win and get immediate results. But they may not line up with your long-term goals, leaving you in a difficult position.
For example, if you invest heavily in a pay-per-click campaign that drives a lot of traffic to your website, but none of the visitors are your ideal client, you may have generated a lot of activity without actually moving your business forward.
As Sun Tzu said in The Art of War, “Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” By aligning your marketing tactics with your objectives and creating a cohesive digital marketing strategy, you’ll not only get better results but also maximize your return on investment, which is essential for any accountant.
Key Components of a Digital Strategy for Accountants
You may be wondering how to market yourself as an accountant. Marketing your CPA firm requires a thoughtful approach since clients trust you with their finances. A digital marketing strategy defines how you'll present your firm online—it's your game plan for all the ways potential and existing clients will interact with your firm when they're not in front of you face-to-face.
This could include searching for your firm on Google, visiting your website, or seeing your posted advertisement. In this section, we'll explore the key components of a digital marketing strategy, ensuring your online presence is both effective and professional.
1. Learning Your Business Goals
- What are you trying to achieve this year?: Do you want to grow by 10%? Are you in hyper-growth mode? It's important for us to understand these specifics.
- Targeting a specific client group?: Maybe you're looking to attract high-net-worth individuals, your CPA firm is focused on a specific type of investor, or you are positioning your firm as a niche or boutique CPA service. Knowing this helps us tailor your strategy.
- Aligning strategy with goals: If you're planning for moderate growth and we opt for a hyper-growth strategy like an aggressive pay-per-click campaign, you might find handling the new leads challenging. This highlights the importance of aligning your marketing strategy with your actual business goals.
2. Defining Your Buyer Persona
- Knowing Your Ideal Customer: When creating buyer personas, we want to understand who you're trying to sell to. We need to grasp their demographics—how old they are, how many kids they have, what college they may have attended, where they work today, or if they own their own business.
- Capturing Lifestyle and Habits: Knowing where they hang out, offline and online is important. This helps us target our marketing efforts more effectively.
- Addressing Their Needs:
What is on their mind? What are they trying to solve when they come to you? The questions they ask you in the office are likely what they want to know online. We aim to answer those questions, showing that we understand them, rather than just telling them about how great you or your product are.
3. Understanding the Buyer Journey
Have you ever gone to a networking event and come back disappointed that you didn’t get any leads? The reason is that only 8% of the people you meet are ready to do business with you today. And if you pitch your services when they aren’t ready to buy, they will probably forget about you.
This is why the buyer journey is so important. There are different stages in the buyer journey - awareness, information gathering, decision-making, and action. It is important to have marketing material that aligns with your prospect’s stage in the journey.
4. Brand Story
During my time at IBM, their "What Makes You Special" campaign stuck with me. It highlighted the importance of understanding your unique value, creating a clearer brand identity and attracting clients who appreciate those qualities.
Many business owners become so absorbed in day-to-day operations that they neglect their brand identity. This is critical in accounting, where trust is key. Our team will work with you to create a distinct brand identity that appeals to both clients and potential employees—a common issue for accounting firms.
Benefits include:
- Attracting the right clients: A well-defined brand identity resonates with your target audience, making it clear why your firm is their best choice.
- Attracting top talent: A strong brand story makes your firm an attractive place for employees to grow their careers.
- Building trust and credibility: A consistent brand identity demonstrates professionalism, inspiring confidence in clients and employees.
Investing in a well-crafted brand identity, your accounting firm will stand out, address talent acquisition challenges, and position itself for long-term success.
5. Conducting A Competitive Analysis
Although businesses want to avoid replicating competitors' strategies, examining their online presence can provide valuable insights. We assess three competitors to compare their digital strategies with our clients'. Areas we analyze include:
- Websites
- Google rankings
- Competitive keywords
- Online reviews
- Social media presence
We create a
SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis by evaluating these factors. This process helps us determine how to best position our clients within the digital landscape based on their unique objectives and industry competition.
Exploring Digital Marketing Tactics for your CPA firm
Now that we've discussed the importance of strategy over tactics let's dive into the practical side of digital marketing for your CPA firm. When chosen and implemented wisely, tactics can be the driving force behind your firm's growth.
- Content Marketing: We utilize the insights gained from building your brand story and establishing a strong brand voice to create a cohesive marketing strategy. This includes maintaining a regular content calendar for your blog, Google My Business page, and website. Doing so helps ensure that your messaging resonates with your target audience and delivers the right message at each stage of your customer journey, keeping potential and existing clients engaged with your firm.
- Search Engine Optimization (SEO): The goal of SEO is to increase your website's visibility on search engines like Google. It is particularly effective for unbranded searches, such as when potential clients search for your services but don't know your firm's name. This means that when people search for terms like 'accountants near me' or 'individual tax assistance,' your firm appears on the first page of search results. However, achieving this takes time, and there are better choices for accountants who are looking for quick wins.
- Paid Advertising for Accountants: When it comes to paid advertising, there are multiple platforms and formats to choose from, making it all the more important to have a well-defined plan in place. Understanding your budget and expectations will help guide your decisions. For instance, social advertising on platforms like Facebook or LinkedIn can be a great way to reach your target audience where they spend their time online.
- Email Marketing
- Email marketing helps you stay top-of-mind with prospects and nurture existing client relationships. To maximize return on investment, prioritize client segmentation and personalized, targeted emails. Having a well-thought-out email marketing strategy will drive engagement and ensure timely communication that may not deter engagement. By focusing on tailored email campaigns for different client segments, you'll create stronger connections and encourage valuable engagement, ultimately supporting your business goals. Learn more about email marketing for accountants here.
Key takeaways
The Client's Journey Has Shifted. While referrals are still a great way to build your business, clients also research online before reaching out. A strong digital presence is a must for accountants.
But it's not about quick wins. Building a solid digital strategy lays the proper foundation for your online business. It attracts the right clients seeking your expertise, saving you time and frustration.
Need help building a digital marketing strategy for your accounting firm?
WSI Biggs has been helping accountants grow online for years. We will work with you to define your goals, understand your ideal client, and navigate their online journey. We will then align these tactics to your specific business goals so that you can grow in a way that makes sense for your CPA firm.
KELLY BIGGS
About the Author
Kelly is a Marketing Executive and Principal Consultant at WSI. Kelly has over 20 years of sale and marketing experience. She works with client to employ powerful digital marketing strategies and often writes about SEO, website optimization, and social media.
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