Bigger Marketing Ideas for Smaller Firms What You Can Accomplish!

Agenda Clarify the benefits local firms can gain from embracing a marketing approach Focus on how firms of all sizes can have a marketing strategy as part of a growth plan Discuss various tactics that can be implemented without an in-house marketer

Benefits of a Marketing Approach Firms that build a marketing culture are more effective at: Attracting and retaining quality clients Attracting and retaining quality employees

Why Establish a Marketing Process By creating a climate that promotes disciplined marketing, you will – Build name recognition Gain a sustainable competitive edge Develop loyal employees and more satisfied clients Be more successful and profitable Have more fun

Building a Marketing Culture Get sincere buy-in from the top down Agree to invest time and money Establish realistic goals and objectives Perform a situational analysis Write a marketing plan Design a process for implementation Create a tracking/monitoring mechanism

Marketing Strategy Know what the clients’ need and value Be prepared to deliver solutions to their problems Have communication tools in place to enhance your reputation in your market Be committed to developing relationships

Components of a Marketing Plan Conduct a competitive analysis Define your “Unique Selling Proposition” (USP) Select branding techniques - logo or tagline Define your target market and your competitors List all strategic allies and referral sources Define your expertise and services Select tools for your marketing tool box Create a process for tracking results

Conduct a Situational Analysis List all pertinent information to create an accurate picture of the firm today and expectations for tomorrow - Strengths Weaknesses Opportunities Threats

Have a Brand of Your Own Know what is unique about the firm Size; services; culture; location Consider your niche expertise Create a logo or tagline Be consistent in use of color, font, etc. Use your brand to build recognition

Use a Marketing Tool Box Newsletters Web site Brochures Direct mail Power Point presentations Press Releases Proposal templates Targeted materials (on estate planning, year-end tax planning, etc.) Business cards and letterhead

Know Where Leads Come From Clients Other CPAs Attorneys Bankers Consultants Insurance providers Family and friends Business associates/members of organizations

Focus on Relationships Adding value helps build relationships and a strong reputation for your firm: Be interested Make introductions – be a resource for clients and referral sources Offer niche industry information (First Research, etc.) Nominate clients for local awards Send notes of congratulation Host informational programs

Build a Leadership Role Increase name recognition and “famous stature” by using a range of tactics: Join a local trade association or business organization; participate on committees Volunteer to present on relevant topics Co-host a seminar Conduct a survey Write articles Network within the community or with a niche

Leverage the Press Being quoted adds credibility and establishes you as an expert: Introduce yourself to local journalists Pitch stories to keep them informed Be quick to respond – be a resource Write articles for local publications Send press releases with news

Don’t Forget the Tracking Process Monitor and measure ROI for the following: Practice development hours (amount of time; quality of time) Number of leads in and out Proposals won and lost Time and dollars spent on clients and COIs Time and dollars spent on employees and recruiting Web activity

Conclusion Small firms can have a structured marketing culture There are a wide variety of relevant and cost effective marketing tactics for small firms Small firms can distinguish themselves through consistent use of marketing and branding communications tools