How Clients Decide Your Firm is the Right Firm

Source: Accounting Today

In this article, author Michael Cohn presents the results of a study by Hinge Research Institute to determine how clients choose professional service firms, including accounting and financial firms.

The study indicated that accounting firms as a whole are facing significant changes, such as retirement of large numbers of Baby Boomers, regulatory reforms, and emergence of online marketing as a means of gaining new clients.

When asked about the best way to reach clients, both sellers and buyers of accounting and financial services weighed in:

• Building a personal relationship – 33 percent of sellers, 37 percent of buyers
• Education – 10 percent of sellers, 21 percent of buyers
• Becoming known for doing effective work – 19 percent of sellers, 11 percent of buyers
• Referrals – 17 percent of sellers, 11 percent of buyers

Buyers of accounting and financial services were asked how they chose the firms they had decided to do business with, revealing the following:

• Collaborative knowledge and skill sets within the firm – 46 percent
• Agreement terms and expense – 30 percent
• Previously existing relationships – 30 percent
• Good match, shared values – 22 percent
• Someone on the team is specialized – 18 percent
• Referrals – 16 percent
• Positive reputation – 13 percent
• Firm size – 8 percent
• Customer service – 7 percent
• Flexible, responsive – 7 percent

For the complete article, read “Study Looks at How Clients Pick Accounting Firms.”

From Accounting Today, March 1, 2013, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004, 800-221-1809.