Outsourced Marketing

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Dental CPA Summit – Strengthening Your Niche Capabilities

Logo - PNGTo improve upon our dental practice coaching capabilities and strengthen our niche offerings, the Dental Accounting Association will be headed to San Diego immediately after tax season.  All members of the Dental Accounting Association will be in attendance sharing best practices and hearing first hand from dental industry experts on dental practice management, fraud prevention, dental practice benchmarking, profit improvement techniques and legal challenges for dental practice owners.

AAO AnnualImmediately following the Dental CPA Summit on dental practice coaching, we will attend the American Association of Orthodontists Annual from April 22nd to April 25th meeting prospective orthodontists from North America.  The trade show is expected to attract 15,000 orthodontists into the San Diego Convention Center.  The Dental Accounting Association will have a booth that will be collaboratively staffed by members of the Dental Accounting Association (all independently owned CPAs).

The Dental Accounting Association is a collaborative group of CPA Firms that are focused on tax savings, practice benchmarking and profit improvement for dentists.  Each member of the Dental Accounting Association provides fixed fees (no hourly billing) and works with the dental specialists such as:

Dental Room

Dental Practice Management Coaches

Dental Law Firms

Dental Transition Brokers

Dental Practice Real Estate 

Dental Loan Providers

In fact, our keynote speaker for the Dental CPA Summit is Patrick Wood, founder of the largest dental law firm in the United States, Wood & Delgado.  Patrick will be providing a Dental Legal Update so all Dental Accounting Association members understand the changing legal landscape for dental practice owners.

 

Outsourced Marketing for CPA Accountants

All members of the Dental Accounting Association are independent CPA Firms scattered throughout North America.  Each member CPA Firm works with Build Your Firm (BYF) in the Outsourced Marketing Program.  BYF has been providing Outsourced Marketing and Coaching for over twelve years and is the leader within the accounting industry for outsourced marketing and lead generation programs.   This Dental CPA Summit is the second annual in-person meeting and is supplemented by regular educational webinars throughout the year.

To learn more about BYF’s Outsourced Marketing comprehensive system, visit our Outsourced Marketing video library.  BYF’s Outsourced Marketing Program extends well beyond the dental and medical industry.

Outsourced Marketing and Lead Generation – Free Webinar

Outsourced Mkt - WhyIf you are looking to aggressively grow your CPA Practice and need help, then here is a free webinar well worth attending.  And earn free CPE in the process.

  • Learn why CPA’s struggle with lead generation
  • How other firms are outsourcing them marketing and lead generation
  • Strategies to improve the quality of your lead generation

We will also provide a real life case study example which puts this into context.

Learn more at http://bit.ly/2eSbcuo.

Nothing ventured, nothing gained.

Unbundle Your Message To Attract More Leads..

unbundle

Have you considered “unbundling” your marketing message to attract more leads?

Over the past ten years, many industries have begun unbundling their services into smaller bite size nuggets to generate more inquiries for their services.  Sometimes, this change is forced upon them and other times, it’s opportunistic to generate that initial discussion, which leads into multiple engagements down the road.

 

Unbundling has been huge for the music industry.  In the olden ages, the music industry would bundle together a batch of songs (e.g., album) and sell the bundle for higher price.  With the digital age, songs are now unbundled and purchased a la carte.  As a result, the barriers between music artists and genres has lowered thus creating over 1,000 bewildering microgenres.

In the restaurant business, have you found yourself getting sucked into ordering tapas which end up costing you more than buying one comprehensive entrée?  This is what unbundling your services can accomplish for your accounting practice.

To illustrate my point, have you considered delivering your services in the comprehensive manner that you’ve always done but also offering them in smaller pieces?  In other words, breaking a full service, comprehensive set of “we do it all” generalist message  into smaller micro websites which break the message into smaller, more meaningful  a la carte pieces.

gomze-logoIn addition to your main website which communicates you are a CPA Firm in Raleigh serving all types of businesses, have you developed micro websites which break your marketing message into smaller bite site messages which make it appear that your firm is dedicated to a certain type of client who is searching for more expertise?  Here are examples all from one accounting firm:

gomez-real-estateReal Estate Accounting – This website is designed to attract property management, real estate developers and construction firms.  It paints a picture for the prospect that we understand real estate accounting so the prospect is more inclined to call Gomez CPA.

 

 

International Tax – This website is designed to attract interest from companies outside of the US gomez-base-webdoing business in the Raleigh Durham area ranging from manufacturing, import export, to distribution businesses of all types.  It also generates leads from expatriates and local residents with more complex filing requirements (e.g., foreign bank accounts, multinationals, etc.) seeking international tax expertise.

Dental Practices – This website is designed to attract leads from pediatric dentists, orthodontists, gomez-dentaloral surgeons, and general dentistry across North Carolina.  The visual images and content are focused on dental practices who are looking for a Dental CPA Firm.

 

 

 

Try the best of both worlds to maximize your lead generation.  That’s right, you can position yourself as both a local generalist with the one stop shopping approach, and also break your message into smaller bite size pieces like tasty tapas.

How Multiple Websites Yield Higher Quality Leads

About ten years ago, you would win the website marketing race by having a well designed generalist website.  Heck, it worked well and the return on investment (ROI) was a no brainer.

As more accountants eventually caught on five years ago, it became more challenging to stay ahead of the curve and still get more than your fair share of website leads.  That’s when the general public became aware of search engine optimization and pay per click advertising.  The ROI was still very attractive but you had to spend more to acquire the same number of leads.

Today, it is harder and harder for a single, generalist website to be placed towards the top of the search engine results pages for all of the services provided in your practice.  And if you operate in multiple geographic markets, it is even harder to be towards the top because your message to the search engines is more complex and watered down.

As more accounting firms have integrated blogs, social media, pay per click advertising, retargeting advertising and reputation management, it becomes more competitive to dominate the online lead generation game.

sizemore-base-siteSo what is the solution?

While there is no single solution, many savvy accounting firms have deployed a multiple website strategy to obtain dominate search engine placement for a limited set of keywords.  Essentially, search engines scan your website and look for patterns which identify what you do, where you are located, and compare your website against a set of criteria within their algorithm.  The more you do to support the website using their best practices and the more consistent your message, the higher placement you will receive within Google, Bing and Yahoo which translates to more leads.

Secondarily, the multiple website approach enables you to tailor your message to the prospect to create that aha moment for the prospect.  In other words, some small business owners are searching by location and others are searching for a type of accountant (e.g., bookkeeper, enrolled agent, CPA Firm) and others are looking for a specialist (e.g., restaurant accountant, non-profit accountant, etc.).  There is no rule that says you accounting firm can only use one website to deliver your message to the community.

sizemore-qb-siteIn the example below, we have a sole practitioner CPA Firm in Jacksonville FL that is very small in size.  However, to accelerate their lead generation and acquire a disproportionate amount of high quality leads, they are using five (5) websites.  The first website is a generalist website trying to target small businesses based on location and leverages two office locations.  The second website is a QuickBooks Certified ProAdvisor website and attempts to attract business owners searching for a CPA that works with QuickBooks users and is certified.  The next website focuses on church accounting and faith-based organizations.  And the last two websites focus on real estate accounting and dental accounting because there is an audience out there looking for a “specialist.”

The business rationale is that websites are relatively inexpensive and the value of each small business client is very high over the lifetime value of that relationship.  Net, each website is a profit center and generates an attractive ROI if done properly.

Here is the goal for each website:

  1. Attract leads from small business owners searching for a CPA Firm in Jacksonville, Ponte Vedra and surrounding suburbs.
  2. Attract leads from small business owners who use QuickBooks and searching for an Intuit QuickBooks Certified ProAdvisor nearby.
  3. Attract leads from churches in north Florida and south Georgia searching for a church accountant.
  4. Attract leads from real estate businesses in Jacksonville looking for a real estate accounting specialist.
  5. Attract leads from dentists in north Florida and south Georgia looking for a dental accounting firm.

 

If you are serious about website marketing in today’s competitive environment and want more than your fair share of leads, then you should develop a multiple website marketing approach to improve your marketing.

x-church-acctg

Who Has Time to Market My Accounting Practice?

Image - MarketingWhile most accountants want to grow their accounting practice so their practice is worth more when they decide to retire, they typically lack the time, skills and desire needed to grow aggressively.

  • Lack the Time – Most accountants get sucked into the operational side (back end) of their practice by staff and demanding clients. We all know that the squeaky wheel gets greased.  As a result, accountants typically lack the time to aggressively market and generate enough leads.
  • Skills – Let’s face it, accountants are technically proficient but not marketing savvy. The road to becoming proficient at accounting and tax has nothing to do with lead generation, reputation management, and branding.
  • Desire – And worst, most accountants simply don’t have the desire to peddle their own wares. They enjoy operating in a consultative manner but hate working a crowd.

Why Is Outsourced Marketing growing within the accounting industry? 

Image - Why Outsource MarketingFor most accountants, the market value of your accounting practice is the most important component of your retirement plan.  That’s right, the value of your accounting practice on the open market is the linchpin to how prosperous the retirement years will be.

Here are some of the other reasons why more accounting firms are outsourcing their marketing function to companies like Build Your Firm:

  1. Marketing is not a core function of the firm and not what we excel at.
  2. It is less expensive to grow with marketing than buying another firm. That’s right, outsourced marketing is approximately 50% cheaper than buying someone else’s practice.
  3. Outsourced marketing is more sustainable, 365 days out of the year. As a result, the annual new business acquired is higher with a sustained marketing approach than binge marketing for short periods of time.
  4. Partnering with marketing experts yields better results. By partnering with marketing gurus, my practice will become easier to sell, more profitable and worth a higher multiple.  It’s not about doing more of the same thing, it’s about improving our profit margins, hourly realization rates and obtaining a better balanced lifestyle.

If you’d like to learn more about Outsourced Marketing, I recommend that you listen to a educational session that I hosted earlier this year at the Scaling New Heights conference.  Yes, it’s long but it will explain why accountants struggle with marketing and then you can hear a panel discussion from three practicing accountants who answer questions from the audience on their experience with outsourced marketing.

To illustrate the effectiveness of outsourced marketing, the three accountants in this video have been outsourcing their marketing for 5-10 years and will continue because it delivers results that are easy to measure and quantify.

 

Taking Your Marketing on the Road…

z-trade-show-bombardierOccasionally, accountants are willing to take their marketing efforts on the road for a trade show to fish where the fish are.  In today’s case, Mark Feinsot, CPA went on the road to a trade show for private aircraft owners, plane manufacturers, and various aviation professionals. Mark’s practice has an expertise for Aviation Accounting and Tax helping private airplane owners, aircraft management companies, pilots, flight crews and aviation professionals throughout the United States.

Earlier today, I visited the NBAA Regional Show in Westchester NY to witness the one day show myself.  Personally, I don’t know the difference between a Bombardier, Falcon, Gulfstream or Cessna but Mark sure does.  Heck, he used to be a chief pilot for a general aviation company and still teaches future pilots how to fly.

z-trade-show-aviation-acctgToday’s show was unique in that it was held at an airport in the middle of the airport, not a convention center.  Parking was valet only (mandatory).  Yes, there was continuing education sessions like most trade shows but this was truly unique.

Mark was like a kid in a candy store answering tax questions and meeting aircraft owners and pilots.

The point is that there are many ways to reach your niche audience but occasionally, it requires getting out of the office.

 

 

Who Has Time to Market My Firm?

OM - Master Your Strengths - Outsource WeaknessesWhile most accountants want to grow their accounting practice so their practice is worth more when they decide to retire, they typically lack the time, skills and desire needed to grow aggressively.

  • Lack the Time – Most accountants get sucked into the operational side (back end) of their practice by staff and demanding clients. We all know that the squeaky wheel gets greased.  As a result, accountants typically lack the time to aggressively market and generate enough leads.
  • Skills – Let’s face it, accountants are technically proficient but not marketing savvy. The road to becoming proficient at accounting and tax has nothing to do with lead generation, reputation management, and branding.
  • Desire – And worst, most accountants simply don’t have the desire to proactively market their own practice. They enjoy operating in a consultative manner but hate marketing.

Why Is Outsourced Marketing growing within the accounting industry? 

For most accountants, the market value of their accounting practice is the most important component of their retirement plan.  That’s right, the value of their accounting practice on the open market is the linchpin to how prosperous their retirement years will be.

Here are some of the other reasons why more accounting firms are outsourcing their marketing:

  1. Hiring marketing people is expensive. A competent marketer commands a six figure compensation package which is not feasible for most accounting firms.
  2. Partnering with marketing experts yields better results because they have much more experience testing which methodologies work, and which are worthless. This eliminates the need to throw spaghetti up against the wall and test everything under the sun.  Savvy accountants would rather use a proven system to grow quicker.
  3. By partnering with marketing gurus, my practice will become easier to sell, more profitable and worth a higher multiple. It’s not about doing more of the same thing, it’s about improving our profit margins, hourly realization rates and obtaining a better balanced lifestyle.
  4. Hiring a marketing firm provides me with access to several different experts to better avoid problems and be more efficient with my time.

Why Do Accounting Firms Stick with Outsourced Marketing? 

The business model for outsourced marketing within the accounting industry works.  And because it works, accountants are now using outsourced marketing for 5-15 years to develop practices that are worth more on the open market, transition the practice from a job into a business, and make more money.

OM - Half the Price - LadySaid another way, the average accounting practice is typically worth 1.2 – 1.3 times gross revenues.  And the cost to acquire $100,000 in revenues is approximately 0.5 – 0.6 times gross revenues, sometimes lower.  Essentially, outsourced marketing enables savvy accountants to acquire new business at a 50-70% discount to the market value.  This gap between the cost to acquire and sell has motivated many accountants to continue enhance their retirement nest egg for 5-15 years.

And if the practice operates at higher profit margins, then the multiple for this practice can be 1.3 – 1.7 times gross revenues because the profitability is higher.   That’s right, a practice that operates at profit margins of 50-70% will command a higher multiple than a 30% profit margin accounting practice.  The math is simple.

Build Your Firm’s Outsourced Marketing Program

Build Your Firm is the leader within the accounting industry for outsourced marketing and lead generation because our system is more effective, sustainable, and makes your accounting practice worth more on the open market.  And, it works with a wider array of accounting practices.

OM - Superior Results - LadyThe core components of the program provide:

  • Training – At the onset, BYF’s program provides training on marketing, practice management and selling effectiveness.
  • Coaching – Throughout the program, BYF’s is your coach and partner through the myriad of business challenges.
  • Tangible Results – Our program is bottom-line focused. If the results are attained, we both will want to continue for 5-15 years.  If the results are below expectations, we both will want to end the relationship.  This win/win approach is why over 75% of firms continue beyond the initial program duration.

And like any professional, our wisdom and expertise gets better over time.

 

Learn More

To learn more, Build Your Firm has created a series of videos which shed more light on this program.  For more motivated accountants, visit the Outsourced Marketing section of our website.

Emerging Niche – Real Estate Accounting

Real Estate AcctgOver the past two years, there has been an emerging growth of accounting firms developing an expertise amongst the real estate industry.  By real estate, I am referring to accountants who want to service:

  • Real Estate Property Management
  • Real Estate Developers and Investor Groups
  • Commercial Real Estate Owner/Operators
  • Architects and Structural Engineers
  • Commercial Real Estate Agencies
  • Real Estate Investment Trust Companies
  • Non-Resident Property Owners
  • Condo and HOA Boards

 

Here are several worth exploring:

 

Compelling Reasons to Attract Hispanic Small Business Owners

Here are three compelling reasons why you can no longer ignore this tidal wave…

  • While we all know the Latino population has doubled in size over the past 15 years, the number of Hispanic-owned businesses has quadrupled in the same period.
  • Over 30% of Hispanic-owned businesses have incomes higher than $100k – placing them in the top 20% of U.S. households.
  • Approximately 75% of Hispanic businesses are bilingual.  That’s right, they speak your language.
  • The 50M Hispanic market is expected to grow to 130M in 2050.
  • 6 out of 10 Latinos are U.S. born.

Hispanic by state

 

New Twist on Video Marketing

Great video has the ability to stop your prospect in their tracks and pay closer attention to your message.  And lousy video (or boring video) has the potential to hurt your reputation and push prospects to never work with your firm.

Most importantly, it’s all about the contextual relevance.  In other words, video is the icing on the cake that pulls the prospects eye in for a closer examination and then the content around the initial video needs to close the sale.  In your case, motivate the prospect to call your office.

Video - Bad ImageExample of lousy video – What Not to Do

In today’s marketplace, you want to project an image that your accounting practice is technologically savvy, cloud focused, and maybe even paperless.  This accounting firm paints the opposite image which is old file cabinets, paper focused tax preparation, cheap office space, and not technologically savvy.   This is the kinda of video marketing that creates negative persuasion and hurts your image rather than enhancing it.

New Twist on Video – Contextual Relevance – Eye Stopping

Let’s assume that you are a orthodontist located in Central Florida (say Orlando area) and your orthodontic practice is doing well but you need better financial guidance from your accountant.  The current accountant has been adequate but does not have the time to provide value added guidance like benchmarking because they only service 2-3 dentists.  In other words, the accountant is a generalist and this orthodontist needs to find a specialist accounting firm who focuses on dentists and charges more annually.  The orthodontist does not care about paying more because the benchmarking guidance is well worth the extra fee.  At the same time, the current accountant can’t dedicate the time to provide benchmarking for an industry that represents less than 2% of their overall revenues.

So the orthodontist goes to Google (or Bing or Yahoo) and types into a keyword search like “cpa firm for dentists Orlando” or “cpa firm for orthodontists Orlando” or “cpa firm for orthodontists florida” and lands onto a website that makes the light bulb go on.  The home page video knocks his socks off and makes him jump for joy.  This is contextual relevance that excites a prospect into making that phone call.

Dental Web Video2And after 1-2 clicks, this orthodontists stumbles onto a page that rocks his world.  This CPA Firm not only caters to dentists, it has a page dedicated to orthdontic accounting.  This is how video, when used in conjunction with your overall message, makes the phone ring.

If you are still kinda skeptical on the power of video to create that aha moment, below is the email:

Email from PFIf you’d like to learn more about how video can be integrated into your online marketing message, call Build Your Firm.  We have over 35 niches to help you improve your marketing message and turn on the light bulb for business owners who are looking for a needle in the haystack (not shopping on price).

 

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