7 Underrated Marketing Strategies for Accounting firms in 2024

Marketing strategy is one of the critical factors that separate high-growth accounting companies from low-growth ones.

Large firms that have branches in various cities often have dedicated PR and marketing teams to handle their business development. However, for smaller firms, it is essential to be strategic in their marketing efforts.

Most small accounting firms won’t have a marketing team to help them get clients. To overcome this problem, here are some marketing tips for accounting firms on a shoestring budget.

#1 Consider (But Be Wary Of) Paid Ads

This type of advertising is common across various online and offline channels and can take different forms.

To put it simply, you pay a fee to get more exposure in search engine results, social media platforms, and other mediums.

The problem is that it’s often not the kind of traffic you want, it costs money & most accountants don’t have a very good sales process, meaning, they’re just burning through leads and do not create potential clients.

Benefits

• Quick Results: The firm can start reaching a targeted audience almost immediately
• Measurable ROI: Paid advertising provides detailed analytics to measure the ROI more accurately
• Targeted Reach: Precise targeting based on demographics, interests, location, and online behavior is possible

Getting started:

Paid ads can be highly effective, but success hinges on key prerequisites. 

Firstly, define a specific target market instead of pursuing a broad client base. A clear target allows for a compelling value proposition and resonant ad copy. 

In a saturated online environment, ads must swiftly connect with the audience’s precise pain points to stand out. 

Therefore, understanding the target market’s mindset is crucial for crafting ads that cut through the noise and make an immediate impact.

#2: Use Review Websites

Most people rely on recommendations from friends and family when it comes to accounting services. If they don’t know someone already using an accountant, they will turn to the internet. You can’t ignore your reviews on websites such as Google or Yelp. While you can’t get a bad review removed, you can provide excellent customer service to encourage good reviews.

Getting Started: Asking for good reviews is a violation of the terms of service for most review websites. However, you can make your presence known on these sites to your current clients, which might inspire a few favorable reviews.

#3 Include Lead Magnets on Your Website

Lead magnets are incentives on your website that your firm would offer to potential clients in exchange for their email addresses or contact information.

Examples of lead magnets could include eBooks, PDF toolkits, downloadable video training, etc.

Benefits

• Build an Email List: Lead magnets help grow your email list, providing a direct channel for reaching your audience
• Lead Generation: Getting contact information allows you to build a database of potential leads
• Increase Website Traffic: Promoting lead magnets can attract more visitors to your website
• Targeted Audience Segmentation: Different lead magnets can cater to specific segments of your target audience

Getting started

CTA (call-to-action) is a clear and actionable statement that prompts the audience to do something, such as making a purchase, signing up for a newsletter, downloading a resource, or contacting a business.

In the example below, visitors have a couple of CTAs, which is a good demonstration of the website’s effectiveness in fostering proactive engagement.

By guiding visitors toward specific actions like “Get a Free Consultation” or “Download Our Financial Planning Guide,” you encourage engagement and initiate meaningful interactions that could turn into conversions.

#4. Develop a Marketing Plan

It may sound obvious, but if there is no marketing plan, then your marketing efforts are likely to be slapdash. Your marketing plan should include business targets.

For example, if you want to market to people who need tax help, or you want to reach out to SMBs with less than 20 employees, include it in your plan. Moreover, establish short-term as well as long-term goals to assess your progress.

Do a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis. What are the strengths – received through feedback from existing clients or reported through analytics? In turn, what weaknesses are there that can be turned into strengths?

Opportunities are often external, like alliances or growing markets, but they can be used to achieve your business goals. Similarly, threats are also external, which can make or break a marketing plan. For example, changing laws, state tax increases, or clients migrating.

#5: Be An Authority In Your Niche

Potential prospects don’t look for an accountant or tax preparer who’s “good enough.” No, they want the best in the field (or at least in their price point). Positioning yourself as an authority in your field can attract clients seeking assistance in your specific niche.

But how do you become an authority? Sharing your knowledge with other people. Authority can be bolstered through lectures, podcasts, articles, or networking. The more you can help others in your field or related fields; the more work will come to you. If someone has heard your speech about taxation issues for contractors, they will think of you when they have a contractor who needs help with their taxes.

Getting Started: Consider your personal brand and be willing to put yourself out there. Sign up to speak at industry events, attend networking events, or start writing. Being visible lends credibility, and doing good work will cement the impression.

#6 Run Giveaways

Ahh, who doesn’t like to win something for free?

Giveaways aren’t something you should be doing all the time (once or twice per year is more than enough). Be strategic with your giveaways, and you can amass tons of followers and contacts.

For example, you could consider running a giveaway on LinkedIn in which you bundle some of your unique services and give them to one lucky winner in return. You can then ask for something in return for each entry, such as subscribing to an email list, sharing your post, etc.

#7 Upsell Existing Clients

One of the best and easiest ways to increase revenue for your accounting firm is to upsell your existing clients. By offering them additional services or products, you can convince them to stick with you and continue to work with you. Not only does upselling increase revenue, but it also strengthens client relationships, builds trust, and improves your overall business.

There are a few different ways to go about upselling your clients. One way is to simply contact them and let them know about the new products or services that you offer. You can also send them a personalized email or letter detailing what you have to offer.

Another option is to hold a meeting with your clients and present your new products or services in person. Whichever way you decide to do it, make sure that you’re clear about the benefits of using your services and how they can help improve the client’s business.

Final Tips for Your Marketing Strategy

A successful marketing strategy is multifaceted, and what works for one firm might not work for another. That’s why it’s important to tailor your marketing strategy to your clients. Here are a few final tips to help get you started:

Understand the Value of What You’re Offering. You’re offering real service value and improving people’s lives. Successful accounting marketing ensures more people get your services.

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