PRACTICE MARKETING blog

Marketing does not have to take a back seat just because you are swamped during tax season. In fact, this is one of the best times to grow your practice. Your prospective clients are right now getting frustrated with their current practitioner because they are:

- Dealing with an inexperienced tax preparer — not you, a CPA; - Not having their calls returned from their current accountant; and - Not receiving the high-level service that you provide.

By following these three tips, marketing will be a natural extension of client service.
#1: Answer a Question With a Question

Your clients will naturally have accounting questions about their household income and/or business. They’ll ask about new write-offs, tax incentives and mundane bookkeeping issues. Of course, many clients don’t know what to ask.

As their trusted adviser, it is your responsibility to bring up insightful questions. Moreover, if they do ask a seemingly simple question, there’s probably more to it, as surely you’ve found out in the past. Instead of just answering their question, ask a follow-up, such as: “What prompted you to think of asking it now?”; “I’m sure there’s more behind that question.”; or “How would you answer that question for yourself?”

Such questions help to uncover, discover and reveal misgivings, misunderstandings, assumptions, myths, stigma and mistakes that would otherwise remain hidden under a shroud of embarrassment, blank stares, shrugs and absent-minded head-nodding. Of course, it’s easier and quicker to simply answer and move on to the next tax return. After all, you’re the financial doctor and you have a waiting room full of tax patients. Then again, how does it feel when your doctor dismisses your questions and your presence in mere minutes of his time?

In the age of blogs, newsletters and online group discussions, the answers your clients are seeking are out there. They may not be complete, thorough or correct, but your peers — who are willing to invest time educating your clients — are waiting with greener grass. More importantly, client retention is as important as new business.

So, take the time to peak under the hood by asking follow-up questions, which will lead you to more business and help avoid costly surprises.

Click here to read #2 & #3 ways to grow your practice this season on the AICPA 'CPA Insider' Newsletter website...

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I have been speaking about this for the past month... on Friday, Mark Bullock & I will be presenting a CLE seminar to the New York State Council for Divorce Mediation. We will be sharing many marketing techniques for up and coming divorce mediators. Many of them are practicing attorneys, and thus must comply with the attorney advertising codes of ethics.

March 12, 2010: U.S. Court of Appeals for the Second Circuit ruling: New York’s lawyer advertising rules are unconstitutional http://www.law.com/jsp/nylj/PubArticleFriendlyNY.jsp?id=1202446174823&hbxlogin=1

HERE'S MY SUMMARY OF THEIR RULING:

• Actors can portray judges but not fictitious law firms
• Testimonials from current clients relating to pending matters are OK
• Attention-getting techniques unrelated to attorney competence are OK (except claims that cannot be measured/verified)
• Nicknames, Mottos, Trade Names, & Logos – even implying results – are OK

UPHELD – Moratorium on targeted advertising

Of course, the ABA professional responsibility Attorney Advertising disclaimers remain: For example, when using testimonials, etc., attorneys should use what I call “The Weightwatchers Disclaimer": Prior results do not imply future results.

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For the third year in a row, the American Bar Association is rating the bLAWg 100 as the Cover Story of their December 2009 issue. They have 9 categories of editor-picked blogs which you can now vote for: Click for the complete list. This is extremely significant for the legal profession; the ABA has mainstreamed the use of blogs as informational (and promotional) resources. Thus, there should be no excuse or hesitation by any lawyer to start a blog - especially if you have a newsletter. The ABA has strict codes of ethics how websites, blogs, and other promotional materials must be labeled. But as followed, the ABA not only condones blogs, but wants to promote yours (if it's good enough). So start now, and you can be among the dozen new blogs for 2010 (40 new bLAWgs made it for 2009).

I also commend the ABA for taking such a pro-active and progressive stance on blogging. As a premier professional association, I am sure much debate went into this new form of media and its potential consequence on the public. The Internet has brought on new complexity for the profession, like lawyer ratings; not all of them are so welcome as bLAWgging.

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My monthly marketing column for the AICPA newsletter, CPA Insider, premiered yesterday:
http://email.cpa2biz.com/cgi-bin15/DM/y/hesH0Rslgz0HDL0opf0EA

You survived September’s quarterlies, and this month’s extensions. As you begin to endure the flurry of compilations, audits, and review, don’t let your marketing lapse! The last quarter is the perfect time for CPAs to grow new business, for two main reasons:

• 1. In the next few weeks, you will naturally be speaking to your clients.
• 2. Financial review is end-of-year zeitgeist.

Everybody is thinking about your expertise — they want to hear from you. CLICK TO READ five marketing opportunities to seize the day, in bold. There are less than 10 weeks left in 2009...

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When I begin working with a law or accounting firm, one of the first steps I go through is a braindump between all the managing partners of current, past, and urgent marketing efforts. We categorize it these 4 groups, so that we can then prioritize, with goals. Soon, a Dashboard can be employed to monitor the projects' progress.

Take a moment right now to list all your marketing efforts: The ones you've tried, with little follow-up (or "didn't work"). The ones you are planning to do. The marketing projects you want to do but aren't quite ready to launch. And the projects that must be part of your day-to-day world.

We'll explore specifics in upcoming posts... for now brainstorm in these 4 categories:

Strategic: These marketing projects tend to be longer-term and help to position your firm differently than others in your specialty or niche. For example, a strategic project can be developing a Client Appreciation Seminar series.

Wishlist: These are marketing projects are ones that you want to do. They may not yield new clients right away, or be significant revenue generators. Like strategic projects, they tend to be longer-term... They need not be as "important" as Strategic projects, but they help contribute to your firm's culture (and/or your personal development). A Wishlist marketing project may be developing a book based on your expertise.

Opportunistic: These marketing projects are urgent and serendipitous (right place, right time). These are opportunities to promote your firm in a way that you weren't planning. While it is not yet integrated into your Marketing Action Plan (it may be for next year), it is well worth it (yield is greater than cost) to pursue it. Hopefully, it does not derail the other important marketing projects. An Opportunistic marketing project could when you are invited to speak at a trade conference.

Tactical: These are your everyday marketing habits. These are the basics that should be reviewed at least monthly, if not weekly. Nothing dramatic happens if you don't get to it today, but if days or weeks go by, your firm's pipeline will be affected. For example, Tactical marketing includes your networking events, 1-on-1 follow-up, or e-newsletters.

By brainstorming in these 4 categories, you can ensure that your short-term Tactical are becoming systematic while engaging in more fun, long-term Strategic & Wishlist projects. Opportunities are everywhere... this will help you to hone your antennae.

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First, number 1: When I donated to President Obama’s campaign, I didn’t receive any collaterals (e.g., bumper stickers, t-shirts, pins, etc.) to showcase either my donation or adoration. I suppose I was as vocal without this minor expense; regardless, the Obama campaign did miss out on an opportunity with millions of others: silent, passive viral marketing. Perhaps I was a small oversight (commensurate with the donation?).

President Obama’s governance scorecard is debatable… he’s only 50 days in. His policies, including the Stimulus Package and the Budget, are also debatable… I’ll leave that up to the pundits and politicians. More than administration, Obama is making a major marketing mistake.

Obama’s Marketing Mistake #2 is more serious: We all remember the defining vision of Obama’s campaign; it is best summed up in his 1-liner: Yes We Can (‘hope’ and ‘change’ being other handles). What is the defining vision for this country that Obama has provided us?

We don’t have a clear vision articulated in a simple battle-cry (a 1-liner). What is the flag we can wave, that the media can splash? What is the 1-liner that clearly defines where Obama is taking us? Sure he may be trying to reform all 5 areas; that’s operations… Ironically, Obama’s not selling it with catchy rhetoric (thankfully he’s back to the optimism).

The closest we've got is Recovery.gov... and that's not visionary, it's disciplinary.

Culture change begins with a paradigm shift; an emotionally resonant affirmation. Such empty words are then filled with day-to-day actions. What is our paradigm shift? What are our day-to-day actions?

FDR gave us the New Deal. Johnson gave us the Great Society. Even Newt gave us the Contract with America. Kennedy’s “Man on the Moon within 10 years” would even qualify, as it rallied a segment of the nation.

I’m out of examples… what other defining visions have Presidents given us?

What could Obama give us? How about “Re-energize America”? Got anything better?

How does this relate to marketing our practices?

As leaders of our practice (partners, associates, staff) and leaders of our community (clients, colleagues, centers of influence)… we must provide an affirmative 1-liner – "bullets" that can be used at trigger points, to talk about us. Can we boil our boring 30-second elevator pitch into a catchy 1-liner? Yes We Can.

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The price of stamps are going up to 44 cents on May 11, 2009. You have until May 11 to buy the 42 cent Forever Stamp that will be valid, forever (they go up to 44 cents on 5/11 too). As the cost of stamps will be going up about .05% every year, it may be a pretty good investment! I'll leave that up to the financial advisors.

My concern is that direct regular mail marketing is a staple of day-to-day marketing. You may not want to utilize regular mail marketing due to its low lead generation ratio (and possibly low closing ratio). Arguably, it's about 1%. True, one man's junk mail is another business' direct regular mail marketing campaign.

How do you go through the mail? Over the trashcan? The chuck-ratio of regular mail marketing is rather high. The chuck ratio of package mail marketing is much better - we don't throw away gifts as easily. Inevitably the cost of this will also go up.

Moreover, I am saddened that during these challenging economic times our USPS is making it more expensive for the average business to market itself. They would argue that they are only meeting their own costs; and are staving off their own bail out.

What do you think? How does this impact your Word-of-mouth marketing strategies?

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On Friday, one of my clients, Bruce Maasbach arranged a seminar for his circle of real estate agents. While much of the time should have been dedicated to a tactical, Web 2.0, Marketing Action Plan... my inspirational preamble was more valuable. First a mindset change, or a paradigm shift, has to take place for a Real Estate Agent to do business from 2009 on. Hear what I mean:

Three 10-minute parts will automatically be on the right-hand of the video above when I upload to my blip.tv account. With the poor lighting and zoom, the video quite frankly sucks. But my audio silhouette - with hand gestures - gets my points across!

VIDEO 1: I go through how the market has changed over the past 10 years.
VIDEO 2: I explain how ludicrous the real estate industry has been, and a brave new vision for them.
VIDEO 3: I talk about how real estate professionals can begin creating a new business model.

Originally, I had brought my projector, my laptop, with a PowerPoint... but there was no table for the equipment, screen (or white wall), and I'm sure WiFi would've been "too secure." I'm a speaker, not a presenter, so I didn't care.
LESSON TO BE LEARNED: I did bring hand-outs, which are low-tech and guaranteed to work.

What do you think about the new Business Model Vision I proposed for real estate agents/brokers?

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On December 16, I was invited back for a 3rd time to address the Preferred Providers Network of the National Network of Accountants. My topic included a worksheet that would help the room of CPAs, attorneys, and financial advisors to "Trigger More Referrals, with a catchy 1-liner." You can practice along, with the worksheet attached, and the video below. Better yet, add your 1-liner below in the comments. (The video seminar brightens up after about 15 seconds.)

I introduced our Community Hexagon™ to the room. Many had been to a previous seminar (Target your Market to the 4°), which went over the Community Dartboard™. They are similar concepts - in that they outline the 6 facets of a "community," a like-minded demographic that shares lifestyle aspects that encourages culture & identity. It's not so esoteric: Dog lovers and trial attorneys are sub-cultures, that is, they share all 6 facets of the Community Hexagon™.

Likewise, we can take the more-general community of pet owners and the community of professionals and go to the "4th degree" in the Community Dartboard™. By doing so, we would be able to check-off all 6 criteria on the Community Checklist™ with which the worksheet begins. How far can you go on the downloadable Worksheet? Does your target market meet all 6 facets that would make it a Word-of-mouth buzz-friendly group?

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CPAs and attorneys are actively marketing themselves now more than ever; financial advisors have been savvy for years now. Yet most professionals fall into the same branding quagmire as most marketers: They get mesmerized by the Madison Avenue marketing jargon like "branding."

First of all, most professionals (and marketers) confuse a brand with a logo. Your logo (or face/fashion for a personal brand) is not the brand... it's the branding iron.

Remember that the concept of a brand comes from the cruel practice of singing the hides of cows, etc. The brand isn't the tool the cowboy (or factory farm) owns. Rather, it's the image burnt onto the animal. Cowboys branded their cattle to showcase ownership (and prevent theft from competitors). At the risk of relating our clients to cash cows, our brand is meant to be a sign of ownership over them. That means we should first and foremost be "branding" our clients. They should know our branding irons... our marketing materials, especially a S.M.A.R.T. 1-liners [click for related post].

Secondly, we should presume ownership over our target market community. That is our brand should quickly showcase to whom we are best suited... our ideal client. This is more easily done with a S.M.A.R.T. 1-liner trigger than even a logo.

As you design or improve your marketing materials and Marketing Action Plan, keep your brand in mind. Not its image or even "brand experience," but keep the result of your branding irons in mind. BTW: The original brands were simple geometric shapes (that could be easily fashioned by blacksmiths). Lesson? Keep it simple.

By focusing on your brand - and not just your irons - you can more quickly practice marketing your expertise and personal brand, within your codes of ethics and compliance obligations.

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I recently received an unsolicited email “Newsletter” from a well intended but misinformed motivational speaker. It was sent TO: me from an MS Outlook account, with 70 or so other recipients plainly listed in the TO: field as well. Effectively distributing to all the recipients - all the other recipients email addresses. The “Newsletter” was in the form and attached PDF of a scanned, blurry, & tilted paper document. Additionally there was no obvious or automated way for me to “Opt-Out” from future emails.

Aside from the unwelcome intrusion, and a chuckle about how unprofessional and ineffective their email marketing campaign is, I was struck by the total ignorance by the well intentioned sender that what they had done is called Spamming, and it’s illegal. So I wanted to share with you a couple of nuts & bolts tips on how to avoid making a similar blunder.

1 – Don’t use your desktop email program for bulk email – EVER (no, don’t just use BCC to get around the TO: field problem, because it doesn’t always work). Get an automated & compliant email list management service like Openmoves Email, Talkware Media, or even Constant Contact. They’re cheap, easy to use, will give you valuable tracking & feedback or your email campaigns, and most importantly – they’re CAN-SPAM Act compliant.

2 – Compose your emails for delivery as both HTML & plain text. Most of the services above will automatically deliver which ever format the recipients email program will accept. What ever you do, don’t include an attachment. This will almost always get your email either rejected or un-opened (unless you are a “trusted” sender for that recipient). Alternatively you can include a link (Web address if in text) for readers to follow to get a PDF or other document from your Web site.

3 - Always include an “Un-Subscribe” or “Opt-Out” link at the bottom of both versions – it’s the law folks, just do it.

4 – Use the automated tracking features of your chosen service to see who’s getting it, who’s opening it, who’s forwarding it, etc, and who’s not. Process your blocked and/or returned email so as not to get blacklisted by the email Spam Gods.

5 – Once you have all of the above figured out, now you can put an “Opt-In” form on your Web site or Blog for people to subscribe (permission marketing) to your content. The form is linked back to your email list management service for automated processing (Auto-responding) – but that’s for another post.

Mark Bullock
Partner - Practice Marketing Advisors
www.PracticeMarketingBlog.com
www.MBullock.com

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We all have a marketing budget. Is it a line item? Is it consciously invested? Is it monitored? Is it planned?

Our marketing budget is the time we spend on networking, asking clients/COI for referrals, improving our website, writing our newsletters, and all the other W.A.T.E.R.S. endeavors. And of course, we all have a money budget for marketing. We may only spend money on events, mailings, phone calls, and collateral development -- and some of us may make media ad buys.

All too often we find clients more interested in making a Splash, to keep up with the larger firms out there. Yet, time and time again, we find that that it's the consistent small actions - marketing habits in routine drips - that really provides the biggest bang for the buck.

Splashy ads and campaigns can spark buzz. But it's the consistent drips that sustain word-of-mouth marketing and follows up on results.

Start a drip campaign of e-mail, phone, regular mail, and meeting campaigns. You can do so today. When was the last time you had breakfast, lunch, or dinner with one of your top clients?

Splash campaigns should be planned, executed, and managed more strategically so as to not waste precious time and money.

In both (and you should have both), Your Practice Marketing (aka, W.A.T.E.R.S.) Action Dashboard becomes pivotal and center stage. See attached.

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What do your clients think about you, but aren’t telling you? What comes to their minds when they think about making an appointment with you? What do they unconsciously know they can count on from you?

You see, you have an impact on your clients and in fact everyone you interact with. Whether you know it or not. Whether you see it or not, and whether you intend it or not. It’s the same impact that carries through from your marketing efforts, to your initial conversations with someone, to your follow through with a long term client relationship.

What is your single biggest impact? It is simply your integrity. Do you do what you say, when you say you will do it? Do you Honor Your Word? Let’s be honest now, we all have our reasons for being late for a meeting, or not completing a project on time, or missing a conference call. Circumstances and reasons abound. But your circumstances & reasons don’t mean anything to your clients, not really, nor to anyone else who needs to trust you, only whether they can count on you or not. It’s that simple.

There’s a rule of thumb that says “how you do anything, is how you do everything”. In fact this rule is embedded in our psyches. We unconsciously know when dealing with someone who is late or in some way breaks a promise -that we can’t completely trust them to keep future promises. We also know when someone shows respect for our time and attention, by being on time, and fulfilling on their agreements, that we can probably trust them in the future, and even outside of the context of our current interaction.

So the single most powerful client retention tool is simply to Honor Your Word. To do what you say you will do, when you say you will do it. But what if on occasion, despite your best efforts, you can’t? Then notify the other party at the earliest possible moment, in advance if at all possible, and make a new promise of time/delivery and keep it. In other words, acknowledge the break down, clean it up, and move forward. Make this a day by day, moment by moment practice, and watch your practice and the strength of your relationships grow!

Seth Godin touches on this principle in his blog at http://sethgodin.typepad.com/seths_blog/2008/09/time.html

Mark Bullock

Partner / Practice Marketing Advisor PracticeMarketingBLOG.com MBullock.com

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Ok, so you decided to bite the bullet and shell out the investment for a trade show exhibit. You got yourself a nice backdrop, table display, handouts, etc. You showed up on time, and “manned” the booth from opening to closing waiting for people to walk up to you. Now I’ll bet you’re very disappointed with the results. What did you miss?

You’re not alone, and indeed there are more than a handful of reasons you got far less response than you were hoping for. One of the biggest is – you didn’t bother to tell anyone you were going to be there! Why? Because you assumed your reason to exhibit was only to get new prospects – and – that it’s the show’s organizer’s responsibility to provide you throngs of fresh walk-up prospects.

Trade shows usually require a large investment of your time & resources to exhibit, but only a very small portion of the exhibitors do everything possible to leverage that investment.

The first leverage point; In advance of the show - invite everyone, everyone in your contact database, everyone in your customer database, everyone in your prospect database – in short everyone you know, & let them know you’re going to be there! Not only that, but provide them dates & times, where you will be located on the floor, and MOST IMPORTANTLY – WHY they should come to see you at the show! And equally importantly – WHY they should bring a friend!

Exhibiting can be your big chance to present yourself in person, to provide a temporary “store front” if you don’t have one, and to create “buzz” around you and your brand. Exhibiting helps you forge new relationships, reinforce existing relationships, and provide a high impact platform to grow you business and your brand IF well planned and leveraged. Inviting anyone, and everyone you can think of (in a compelling way of course), is just one of your key leverage points.

Mark V. Bullock Partner/PMA PracticeMarketingAdvisors.com

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Ever engaged a new client, enrolled a new customer in a service, or sold a new customer a product, only to have the customer back-peddle or worse - cancel after making a purchase commitment because they said - “You didn’t tell me…!!!”?

Client’s back-peddling or canceling after the sale hurt. They hurt not only the bottom line and your confidence, but waste valuable time. Ultimately it hurts the client/customer as much or more than you, because in their minds they had their hopes & trust in you dashed, and have wasted their time too.

This thumb rule is in part an incredibly powerful sales tool, part “managing customer expectations”, and part practicing making a “complete sale” – that sticks.

Recent brain research has revealed that the human mind is a prediction machine. Always wanting to know what’s coming, what’s around the corner, and in respect to you and your service, wanting to predict what their experience of you, and your product and service will be like.

So here’s the short answer; People don’t expect perfection, they just want whatever they spend hard earned money on to work. They don’t really want “cheapest” they really want to solve a problem, or at least make it go away. They hate being misled and manipulated, they appreciate honesty and integrity. So the more you can paint an accurate and authentic picture in their minds of what engaging with you will be like, so that they sense they have a “real” idea about what’s coming, the more accountable they will be to honoring their commitment to buy.

Lastly, of course – they want value from you. Never pretend that there are no downsides – that there is ever a payoff without a cost. If you are the one to bring up not only the “pay off’s” (upsides) but also the “costs” (downsides) of what you are proposing – you will be perceived as trustworthy. The salesmanship comes in being able context those downsides for them, in advance, in a way that empowers them to make an educated choice, and stick with it.

Mark V. Bullock Partner/PMA PracticeMarketingAdvisors.com

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