Marketing Practices Survey

Source: Accounting Office Management & Administration Report

According to the AOMAR 2008 CPA Practice Management Survey:

• Marketing budgets were somewhat less in 2007 — 2.2 percent of net revenue compared to 2.4 percent the prior year.
• Among smaller firms (less than $1 million in revenue) marketing expenses were 2.9 percent, up from 2.0 percent. Firms with 1 to 5 people were 2.7 percent compared to 3.7 percent the prior year.
• Written marketing plans are in place at 21 percent of firms.
• The most prevalent marketing initiatives:
  • Web sites — 74 percent of firms.
  • Cross-selling — 61 percent of firms
• Unpopular marketing initiatives:
  • Client satisfaction surveys — 17 percent.
  • Electronic newsletters — 22 percent.
• Popular niches:
  • Small business — 69 percent.
  • Construction — 55 percent.
  • Not-for-Profit — 52 percent.
• Successful marketing activities:
  • Client referrals.
  • Referral sources — lawyers, bonding agents, and bankers.
  • Cross-selling.
  • Client testimonials.
  • Advertising — Yellow Pages, Red Book, Quest, and cable. (These are apparently popular among smaller firms.)
  • Seminars.

For the complete article and tables, click here.

From Accounting Office Management & Administration Report, February 2008, p. 1. For subscription information contact Institute of Management & Administration, Inc., 3 Park Avenue, 30th Floor, New York, NY 10016-5902. One-year subscription $399. 212-244-0360, [email protected].

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