Avoid These Marketing Pitfalls

Source: Journal of Accountancy

Many CPA firms experience a significant gap between their marketing expectations and marketing performance. In this article, the author identifies two common pitfalls that can explain this gap:

• “Tactical soup” – when firms get bogged down in a flurry of marketing activity without placing enough emphasis on how it will help generate revenue and profitability; and
• “Failure to launch” – when firms are not effectively using existing marketing resources.

To avoid tactical soup, firms should scrutinize each of their marketing activities to assess their value and eliminate activities that don't produce real business results. It's also important to put in the time to maintain ongoing activities, such as websites and newsletters, to ensure that they're updated with fresh content.

To avoid failure to launch, it's important to develop an understanding of where your marketing opportunities lie. For example, if you participate in public events – such as seminars, webinars, or keynote addresses – realize that their value may not lie as much in the events themselves as in your ability to leverage them to build your firm's reputation and communicate your firm's intellectual capital. This may involve promoting the event and the sponsoring organization's endorsement in marketing materials sent to your target audience, whether they attended the event or not.

The article also discusses the importance of developing a written strategic marketing plan and how an effective marketing strategy requires an understanding of marketplace motivation.

For the complete article, read “Revitalize Your Firm's Marketing Strategy.”

From Journal of Accountancy, American Institute of Certified Public Accountants, July 2011, http://www.journalofaccountancy.com/Issues/2011/July.