Marketing Isn't Enough

Source: CPA Practice Management Forum

In this article Gale Crosley warns firms that marketing, though a powerful tool, isn't enough to create growth. It “helps till the soil of growth,” Crosley explains, but “tilled soil with no seeds taking root is pretty much a useless pile of dirt.”

To move your firm forward, you need an overarching growth strategy to guide your marketing activities so that you're doing the right things in the right places, and targeting the right audience. These strategies should be based on the following three elements:

• Services. They should be customized for different types of buyers and communicated in language buyers understand.
• Distribution channels. These are people, organizations, or other resources that connect you with your buyers.
• Buyers or buyer groups. These are buyers with common needs profiles, such as “trucking companies with nationwide operations,” “high-net-worth widows,” or “near-retirement corporate executives.”

A good strategy for sustainable growth continually adjusts these three elements as markets change. Crosley details steps firms can take to develop a comprehensive strategy, including financial analysis, segmenting, and market research.

For the complete article, read “Marketing? You Bet You Should! – But if you want to grow, it's not enough.”

From CPA Practice Management Forum, Vol. 9, No. 3, March 2013, p. 13.