Survey Results—Marketing Initiatives

Source: Practical Accountant

Surveys by Capstone Marketing and PDI Global (at the 2006 Association for Accounting Marketing conference) report the following:

Capstone findings:

• Over half of respondents invest one to three percent of net revenues on marketing.
• Client satisfaction surveys are conducted by 39 percent of respondents (up from 31 percent).
• The most needed program for creating a marketing culture is marketing training.
• Staff shortages have caused 44 percent of respondents to reject new business.

PDI findings:

• What is the one greatest challenge in marketing?
  • 47 percent said “not enough time.”
  • 24 percent said “allocating resources.”
  • Only 13 percent said “partner buy-in.”
• Most firms expect next year’s marketing budget to be slightly higher or about the same. None expects it to be lower.
• When asked “if you could use just one marketing tool, what would it be?”
  • 23 percent said Web site.
  • 17 percent said newsletter.
  • 16 percent said brochure.
  • Only a few said “direct mail,” and fewer said “advertising.”
• Practice niche with the most growth potential in the next few years:
  • 27 percent said audit and other compliance.
  • 20 percent said valuation and litigation support.
  • 18 percent said tax.
  • The rest chose industry niches including health care, nonprofit, manufacturing, construction, real estate, M&A, and consulting.

From Practical Accountant, October 2006, 800-221-1809. For the complete article, click on the following link: http://www.webcpa.com/article.cfm?articleid=21962&;pg=pracacc.