You’ll need more than just accounting skills to grow an accounting firm in today’s competitive landscape. Growth is influenced by how a business is marketed and how client retention is managed.
This is true for both small firms and larger operations – the key to growth lies in defining your ideal client base, making your client journey is streamlined and effective, and seeking new opportunities to attract new leads.
Read on for a comprehensive guide to help you grow your accounting firm.
Thriving in today’s competitive landscape
The accounting industry has become increasingly competitive, particularly in the online space. With advancements in technology and the rise of digital marketing, accounting firms of all sizes are vying for visibility and client acquisition in a crowded market. Understanding this landscape is crucial for any firm looking to grow.
The competition for online visibility is fierce. 75% of users never scroll past the first page of search results. For accounting firms, this means that achieving a high ranking on search engines like Google is critical to attracting new clients. However, with over 1.8 billion websites on the internet as of 2024, standing out requires a strategic and well-executed SEO plan.
In this competitive environment, accounting firms must leverage every tool at their disposal to stand out. A strong online presence, effective marketing strategies, and a focus on client needs are more important than ever in driving growth.
The first step – developing a winning strategy…
Establish your growth strategy
Before diving into specific tactics, it’s essential to establish a robust growth strategy for your accounting firm. This involves a few critical steps:
🔍 Market analysis
Start by analysing the current market conditions. Understand the demand for accounting services in your area, identify key competitors and evaluate the services they offer. This will help you identify gaps in the market that your firm can fill and highlight opportunities for differentiation.
🌟 Differentiate your services
In a competitive market, standing out is crucial. Define what makes your accounting firm unique. This could be specialised services, exceptional customer support, or advanced technology use. Your differentiation strategy will serve as a key selling point in your marketing efforts.
🎯 Set clear goals
Growth can mean different things to different firms. Define what growth looks like for your business. Is it increasing your client base, expanding your services, or entering new markets? Set clear, measurable goals that align with your long-term vision. Not sure what goals work for you? Take a look at these 5 digital marketing KPIs your accountancy firm should track.
📈 Develop a financial plan
Growth often requires investment, whether in marketing, hiring, or technology. Create a financial plan that outlines the budget required for your growth initiatives. This plan should include projections for return on investment (ROI) to ensure your growth efforts are financially sustainable.
By establishing a solid foundation with these strategic elements, your firm will be better positioned to implement the specific tactics discussed in the following sections.
By establishing a solid foundation with these strategic elements, your firm will be better positioned to implement the specific tactics discussed in the following sections. Now that you have a clear growth strategy in place, it’s time to focus on one of the most critical aspects of your firm’s success: identifying and targeting your ideal client.
Define your ideal client
The first step is to define your ideal client. This is a crucial step in growing the visibility of your firm. You should develop an understanding of who you want to serve and tailor your services to meet their needs. This will also impact your marketing strategies, helping you to attract the right kind of clients.
Many companies choose to use SWOT analysis – Strengths, Weaknesses, Opportunities and Threats. Consider your current strengths and align them with the type of client you wish to attract. Considering these points will help you build a foundation for your marketing and the direction of your growth.
Understanding the client journey
In marketing, the client journey is an important thing to consider. This is the path a potential client will take before they decide to work with your accounting firm. The journey can be broken down into a few simple stages:
Awareness: This is when a potential client first becomes aware of your firm. They may come across your business through various avenues such as searches, social media, word-of-mouth or other marketing efforts. At this stage, they have a problem they need your firm to solve, but might not understand the services you provide. If you’re not sure what to share on social media, take a look at these 25 social media ideas for accountants.
Evaluation: Potential clients will typically evaluate your firm by comparing your services to those of other accounting firms. They might look over your website, read reviews or reach out to you for more information. This is when they will decide whether your firm is the right choice for them.
Decision: The client will next decide to engage with your firm. This stage involves a series of final negotiations, contract discussions and an agreement on the services you will provide for them. This is the moment they transition from a potential client to a client.
Retention: Once the client has chosen your firm, the journey continues. Retention is crucial and involves keeping a client satisfied with ongoing services, ensuring they come back to you for additional accounting work or advice.
Key marketing strategies
Many of the steps above involve demonstrating to potential clients that you can provide them with value. Marketing for financial services is a unique landscape that requires specific strategies to demonstrate to your potential clients that your services can improve their financial lives.
Potential clients will need to see clear evidence that your firm can deliver the results they’re looking for. Here are some main areas to focus on:
Detailed proposals: When clients reach the decision stage of their journey, you need to provide them with expert, transparent advice. Clearly outline the scope of the work, the value they will receive and how your services will address their specific needs. Doing so will ensure they get a good standard of service and can lead to retention or good reviews!
Email marketing: While acquiring new clients is crucial, retaining existing clients is equally important for sustained growth. Email marketing is an effective tool for nurturing long-term relationships with your clients. Regular newsletters, updates on new services, industry insights and personalised advice can keep your firm top-of-mind. Segment your email lists based on client interests and needs to ensure the content is relevant and valuable to each recipient. By consistently providing useful information, you can foster loyalty and encourage repeat business, ultimately increasing client retention rates.
Showcase expertise: It’s important to show the level of expertise that your firm can provide. For example, you can offer case studies, previous client testimonials and success stories to show how you have helped people in the past. You should display these across your marketing channels.
PPC advertising: Pay-Per-Click (PPC) advertising can be a powerful tool to drive targeted traffic to your website. Platforms like Google Ads allow you to bid on keywords relevant to your accounting services, ensuring your firm appears at the top of search results when potential clients are looking for specific services. To maximise ROI, focus on long-tail keywords that reflect the specific needs of your ideal clients, such as “small business tax preparation” or “corporate accounting services.” Regularly monitor and optimise your campaigns by analysing performance data, adjusting bids and refining ad copy to improve conversion rates and reduce costs.
Participate in industry events and webinars: Building your firm’s brand presence doesn’t have to be limited to online marketing. Participating in industry events, conferences and webinars can significantly boost your visibility and credibility. Hosting or speaking at webinars on topics of interest to your target audience can position your firm as a thought leader in the accounting space. Additionally, networking at these events can lead to valuable partnerships, referrals and direct client acquisition. Follow up with attendees via email or LinkedIn to maintain the connection and explore opportunities for collaboration or service provision.
Content marketing: Many firms leverage content to market their services. This might include blog posts, social media posts and videos that address common client concerns. This helps attract potential clients while also lending your firm authority during the evaluation stage of the client journey and creates a lasting reputation.
Lead generation: Your website is often the first point of contact between your firm and potential clients, making it a critical component of your marketing strategy. Ensure your website is optimised not just for SEO but also for lead generation. This includes having clear calls-to-action (CTAs) on every page, such as “Request a Consultation” or “Download Our Free Guide.” Consider adding live chat functionality to provide immediate responses to inquiries and capturing visitor information through gated content like whitepapers or eBooks. By making it easy for visitors to engage and leave their contact information, you can convert more traffic into qualified leads.
Build a bank of testimonials
To expand on our earlier mention of testimonials – you should know that these are among the strongest tools you have for growing your accounting firm. Authentic endorsements from happy clients can influence potential clients as they try to decide if your business is right for them.
You can collect testimonials by asking at the right time – after you’ve delivered a successful service or achieved a significant milestone for your client. This is when they’re most likely to offer positive feedback.
Remember to make the process easy for them, offering them a short questionnaire or even a draft testimonial and encourage your clients to be specific so that other potential clients can understand what it’s like to seek help from your firm.
If you’re worried about your firm’s reputation, read our online reputation management guide for accountants.
Why SEO is important
In our modern, digital world, traditional marketing methods are not the only way to gain traction. SEO (search engine optimisation) is now crucial for marketing, helping to boost your company’s online visibility, particularly on Google. This increased visibility will attract potential clients searching for accounting services online.
How modern businesses use SEO
Modern businesses, including accounting firms, use SEO to optimise content for keywords – this helps to raise your standing on Google Index and make your business appear more frequently on search engines. Here are some of the strategies companies use to improve their SEO:
Create high-quality content: Google rewards websites that regularly update and expand their content. Creating a blog where you consistently publish articles, guides and updates relevant to your industry can help keep your website fresh and informative. Not only does this provide more opportunities to rank for relevant keywords, but it also signals to search engines that your site is active and valuable to users. Consider creating cornerstone content – comprehensive, high-quality articles that serve as the foundation of your website’s content strategy – and regularly update these pieces to reflect the latest industry trends and information.
Ensure your website is mobile-friendly: With the increasing use of smartphones and tablets, having a mobile-friendly website is essential for SEO. Google’s mobile-first indexing means that the search engine primarily uses the mobile version of your site for ranking and indexing. Ensure your website is responsive, meaning it automatically adjusts to fit any screen size, providing an optimal user experience across all devices. A mobile-friendly site not only improves your SEO rankings but also enhances user experience, reducing bounce rates and increasing the time visitors spend on your site.
Backlinks: Backlinks (inbound links from other external websites) can help to boost search engine rankings. Most companies achieve this by guest blogging, collaborating with partners or being featured in online publications.
Improve site speed: Site speed is a crucial factor in both user experience and SEO. Google considers page speed as one of its ranking factors, meaning a slow website can negatively impact your position in search results. Tools like Google PageSpeed Insights can help you analyse your site’s performance and identify areas for improvement. Common strategies to increase site speed include compressing images, leveraging browser caching, minimizing JavaScript and using Content Delivery Networks (CDNs). A faster website improves your chances of ranking higher on search engines and ensures visitors have a smooth and engaging experience.
Local SEO: For an accounting firm, there’s a good chance that many of your clients will be local. Optimising your local SEO is crucial for attracting clients in your area. Ensure your business information – name, address and phone number (NAP) – is consistent across online directories and platforms to boost your local search rankings. Claim and optimise your Google Business profile by adding accurate details, high-quality images and regularly updating it with posts and reviews. Also, incorporate local keywords into your website content and consider creating location-specific landing pages. These strategies will help your accounting firm stand out in local searches, making it easier for nearby clients to find and choose your services.
Do you want to grow your accountancy firm?
No matter the size of your firm, creating growth can be difficult. At Rapport Digital, we develop, launch and manage comprehensive digital marketing strategies. From SEO and content marketing to social media management and PPC advertising, our skilled team knows how to make a strategy tailored to you and your clients.
To learn more about how Rapport Digital can help grow your accountancy firm, contact us today. We’ll explain more about our services and show how we can create growth.