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Effective Marketing for
the Public Practitioner
Marketing for Accountants, Demystified

Michael ‘MC’ Carter - Director of Practice Paradox
Effective Marketing for
the Public Practitioner
Marketing for Accountants, Demystified

Michael ‘MC’ Carter - Director of Practice Paradox
What We’ll Cover Today
1.   Why marketing is now a focus for many firms
2.   Why you need to start taking marketing seriously
3.   Dispelling common myths about marketing
4.   Practical marketing tips you can apply today
5.   Start you on your learning journey about marketing
FASTEN SEAT BELTS


        4
Write down your
   No.1 Marketing
or Growth-Related
     Challenge
Who’s in the room?
Ranking of Top Challenges Facing Firms
2010 Rank Challenge                       2008   2009   2010   ↑ or ↓
  No.1    Growth                          25%    31%    37%    ↑ 6%
  No.2    Profitability                    24%    27%    28%     ↑ 1%
  No.3    Cash Flow                       15%    23%    26%     ↑ 3%
  No.4    Productivity                    24%    23%    20%     ↓ 3%
  No.5    Introducing New Services        14%    12%    20%    ↑ 8%
  No.6    Debtor Management               13%    16%    19%     ↑ 3%
  No.7    Write Offs                      21%    23%    18%     ↓ 5%
  No.8    Getting New Clients             12%    14%    18%    ↑ 4%
  No.9    Efficiency of Firm’s Processes   23%    20%    14%     ↓ 6%
 No.10    Client Relationships            7%     9%     12%     ↑ 3%
Survey Practice Paradox™ Conducts
•   Marketing skills training
      • 41% have never been trained in marketing
      • 14% haven’t received training in over 5 years
                                                          61%
      •   6% haven’t received training within the past 2 years
•   Selling skills training
      •
      •
          48% have never been trained in selling skills
        16% haven’t received training in over 5 years
                                                          77%
      • 13% haven’t received training within the past 2 years
So what’s the Paradox?
MORAL OBLIGATION?
YOU ARE IN THE
  BOX SEAT
    You can change lives.
✓Compliance
    ?
The Golden Triangle
           Leaders




Advisors       Support Team
Marketing is ...
MARKETING
MYTHBUSTING
MARKETING MYTHBUSTING
                 MYTH                                   TRUTH
1. Marketing is advertising.            1. Advertising is dead.
2. Sponsorships are marketing.          2. Sponsorships are donations.
3.   Marketing is difficult.             3.   Marketing has never been easier.
4.   Marketing is a creative pursuit.   4.   Marketing is logic and numbers.
5.   A ‘corporate’ website matters.     5.   Traditional websites are dead.
6.   A website client portal matters.   6.   Clients don’t care much about it.
MARKETING MYTHBUSTING
                  MYTH                                      TRUTH
7. Accountants are not marketers. 7. Accountants must be marketers.
8. Marketing is about persuasion. 8. Marketing is about EDUCATION.
9.    Clients like your newsletters.        9.    Most clients don’t read them.
10.   Marketing is about new clients.       10.   It is first about existing clients.
11.   Marketing is differentiation.         11.   ‘Differentiation’ is a pipe dream.
12.   Social media is a fad. Kids’ stuff.   12.   Social media is POWERFUL.
Marketing is
the communication
     of value
   one-to-many
Because the purpose of a business is to create a customer
the business enterprise has only     two functions
      marketing and
       innovation
 These produce results. Everything else is a cost.
                Peter F. Drucker
What you can measure,
  you can manage.

 What you measure,
    improves.
What do you measure
for achieving growth?
Clientshare™
Definition: Number of Services Provided
Per Client Group Per Year
Can be measured across entire firm,
per Partner/Director, per Client Manager
and per Client Group.
Measuring Clientshare™
Example: Married couple who own a business:
1 for the two ITRs,
1 for the Company Return,
1 for the End of Year Accounts,
1 for Quarterly BAS preparation,
1 for their SMSF administration,
1 for their Family Trust work
___________________________
=   Clientshare™ of 6
Growing Clientshare™
Example (continued): Potential services:
1 Tax Planning,
1 Cash Flow Budgeting,
1 Succession Planning,
1 IT Consulting
_____________________________
= Increases Clientshare™ from 6 to 10
Exercise
How many services is your firm
currently capable of delivering?
(Separate, nameable services)
So what is your
 Clientshare™?
FASTEN SEAT BELTS


        33
Your Marketing Machine
Your Marketing Machine
Defining your niche(s)
   1. Write down your favourite 6 clients
   2. Write WHY you like dealing with them
   3. Is there a common element between them?
   4. Get CRYSTAL CLEAR on WHO your firm is targeting
NICHING MAKES
YOUR MARKETING
   EASIER AND
 MORE EFFECTIVE
Your Marketing Machine
Your Marketing Machine
Your Marketing Machine
Don’t teach
elephants
to dance




 Bugger this for a joke



            It wastes your time        and annoys the elephant


                                  48
Does your firm


 mix
have the right



of social styles?
}
Amiable        Expressive
Reminder        Minder


             Rainmaking Zone
                                        Go to website
                                   practiceparadox.com.au
Grinder         Finder
Analytical       Driver
PEOPLE

      Amiable          Expressive
      Reminder          Minder


ASK                                 TELL


      Grinder           Finder
      Analytical        Driver


                TASK
PEOPLE
•   Cooperate to gain                                     •   Create excitement and
    agreement                                                 involvement
•   Provide support         Amiable          Expressive   •   Share ideas, dreams,
•   Communicate trust       Reminder          Minder          enthusiasm
    and confidence                                        •   Motivate, inspire, persuade

              ASK                                             TELL

•   Focus on facts, logic
                            Grinder           Finder      •   Focus on results
•   Act when payoff clear                                 •   Take charge
•   Careful not to commit   Analytical        Driver      •   Make quick decisions
    too quickly                                           •   Like challenges

                                      TASK
If you only ever do what clients ask for




Then you are a human     vending machine



                  (:
If you only ever do what clients ask for

Order takers can be replaced        by technology

Think webjet.com.au

Why? Advisers    add value. Order takers do not.
QUESTION TIME
     www.twitter.com/practiceparadox

     http://www.facebook.com/PracticeParadox

     http://www.linkedin.com/in/getmc

Michael ‘MC’ Carter - Director of Practice Paradox

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Effective Marketing for the Public Practitioner - Presentation by Michael 'MC' Carter at IPA's NSW Public Practice Symposium - 03 June 2011

  • 1. Effective Marketing for the Public Practitioner Marketing for Accountants, Demystified Michael ‘MC’ Carter - Director of Practice Paradox
  • 2. Effective Marketing for the Public Practitioner Marketing for Accountants, Demystified Michael ‘MC’ Carter - Director of Practice Paradox
  • 3. What We’ll Cover Today 1. Why marketing is now a focus for many firms 2. Why you need to start taking marketing seriously 3. Dispelling common myths about marketing 4. Practical marketing tips you can apply today 5. Start you on your learning journey about marketing
  • 5.
  • 6. Write down your No.1 Marketing or Growth-Related Challenge
  • 8. Ranking of Top Challenges Facing Firms 2010 Rank Challenge 2008 2009 2010 ↑ or ↓ No.1 Growth 25% 31% 37% ↑ 6% No.2 Profitability 24% 27% 28% ↑ 1% No.3 Cash Flow 15% 23% 26% ↑ 3% No.4 Productivity 24% 23% 20% ↓ 3% No.5 Introducing New Services 14% 12% 20% ↑ 8% No.6 Debtor Management 13% 16% 19% ↑ 3% No.7 Write Offs 21% 23% 18% ↓ 5% No.8 Getting New Clients 12% 14% 18% ↑ 4% No.9 Efficiency of Firm’s Processes 23% 20% 14% ↓ 6% No.10 Client Relationships 7% 9% 12% ↑ 3%
  • 9. Survey Practice Paradox™ Conducts • Marketing skills training • 41% have never been trained in marketing • 14% haven’t received training in over 5 years 61% • 6% haven’t received training within the past 2 years • Selling skills training • • 48% have never been trained in selling skills 16% haven’t received training in over 5 years 77% • 13% haven’t received training within the past 2 years
  • 10. So what’s the Paradox?
  • 12. YOU ARE IN THE BOX SEAT You can change lives.
  • 14.
  • 15.
  • 16. The Golden Triangle Leaders Advisors Support Team
  • 18.
  • 20. MARKETING MYTHBUSTING MYTH TRUTH 1. Marketing is advertising. 1. Advertising is dead. 2. Sponsorships are marketing. 2. Sponsorships are donations. 3. Marketing is difficult. 3. Marketing has never been easier. 4. Marketing is a creative pursuit. 4. Marketing is logic and numbers. 5. A ‘corporate’ website matters. 5. Traditional websites are dead. 6. A website client portal matters. 6. Clients don’t care much about it.
  • 21. MARKETING MYTHBUSTING MYTH TRUTH 7. Accountants are not marketers. 7. Accountants must be marketers. 8. Marketing is about persuasion. 8. Marketing is about EDUCATION. 9. Clients like your newsletters. 9. Most clients don’t read them. 10. Marketing is about new clients. 10. It is first about existing clients. 11. Marketing is differentiation. 11. ‘Differentiation’ is a pipe dream. 12. Social media is a fad. Kids’ stuff. 12. Social media is POWERFUL.
  • 22.
  • 23. Marketing is the communication of value one-to-many
  • 24. Because the purpose of a business is to create a customer the business enterprise has only two functions marketing and innovation These produce results. Everything else is a cost. Peter F. Drucker
  • 25.
  • 26. What you can measure, you can manage. What you measure, improves.
  • 27. What do you measure for achieving growth?
  • 28. Clientshare™ Definition: Number of Services Provided Per Client Group Per Year Can be measured across entire firm, per Partner/Director, per Client Manager and per Client Group.
  • 29. Measuring Clientshare™ Example: Married couple who own a business: 1 for the two ITRs, 1 for the Company Return, 1 for the End of Year Accounts, 1 for Quarterly BAS preparation, 1 for their SMSF administration, 1 for their Family Trust work ___________________________ = Clientshare™ of 6
  • 30. Growing Clientshare™ Example (continued): Potential services: 1 Tax Planning, 1 Cash Flow Budgeting, 1 Succession Planning, 1 IT Consulting _____________________________ = Increases Clientshare™ from 6 to 10
  • 31. Exercise How many services is your firm currently capable of delivering? (Separate, nameable services)
  • 32. So what is your Clientshare™?
  • 36. Defining your niche(s) 1. Write down your favourite 6 clients 2. Write WHY you like dealing with them 3. Is there a common element between them? 4. Get CRYSTAL CLEAR on WHO your firm is targeting
  • 37. NICHING MAKES YOUR MARKETING EASIER AND MORE EFFECTIVE
  • 41.
  • 42.
  • 43.
  • 44.
  • 45.
  • 46.
  • 47.
  • 48. Don’t teach elephants to dance Bugger this for a joke It wastes your time and annoys the elephant 48
  • 49. Does your firm mix have the right of social styles?
  • 50.
  • 51. } Amiable Expressive Reminder Minder Rainmaking Zone Go to website practiceparadox.com.au Grinder Finder Analytical Driver
  • 52. PEOPLE Amiable Expressive Reminder Minder ASK TELL Grinder Finder Analytical Driver TASK
  • 53. PEOPLE • Cooperate to gain • Create excitement and agreement involvement • Provide support Amiable Expressive • Share ideas, dreams, • Communicate trust Reminder Minder enthusiasm and confidence • Motivate, inspire, persuade ASK TELL • Focus on facts, logic Grinder Finder • Focus on results • Act when payoff clear • Take charge • Careful not to commit Analytical Driver • Make quick decisions too quickly • Like challenges TASK
  • 54. If you only ever do what clients ask for Then you are a human vending machine (:
  • 55. If you only ever do what clients ask for Order takers can be replaced by technology Think webjet.com.au Why? Advisers add value. Order takers do not.
  • 56. QUESTION TIME www.twitter.com/practiceparadox http://www.facebook.com/PracticeParadox http://www.linkedin.com/in/getmc Michael ‘MC’ Carter - Director of Practice Paradox