PRACTICE MARKETING blog

You can click to read my latest marketing column for the AICPA newsletter, the CPA Insider:

‘Tis the season for greeting cards, thank you gifts and holiday party invitations. How to use these to market your practice to better client relationships and bring in better referrals. Unfortunately, the bounty of cards, gifts and parties can be overwhelming and exhausting. Thus, your impact can easily be diluted or lost. Here are a few marketing ideas to help make your cards, gifts and party participation more worthwhile.

I have received more positive response than negative, but I look forward to your questions & comments (post below). However, I did receive one nasty e-mail from a CPA (I’ve excluded her name). Here’s a quote in context:

Christmas is not about buying gifts, attending or throwing parties, sending out Christmas cards, or trying to lubricate a client’s ego or wallet to make a profit. The other religious celebrations during the month of December typically do not send cards to friends and loved ones to tell them they are thinking of them or wishing them a Merry Christmas and happy holiday season, they have their own traditions and practices they follow. As a result, I can only assume Mr. Rajan was speaking of Christmas when he mentioned the religious entanglement associated with cards in his article.

The religious entanglement of this response is rather ironic: That aside, SHE IS CORRECT on 2 points, 1) Christmas is a wonderful religious holiday and shouldn’t be exploited for marketing/commercial purposes. 2) I was referring to our nation’s religious diversity vs. only wishing a Merry Christmas. By all means, observers should send out Christmas cards for personal purposes… just not in marketing pursuit.

Of course, we know what happens when we assume. What do you think?

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Whatever you call it: accountant marketing, marketing accounting or CPA services; lawyer marketing, law firm marketing; client development, networking, referral / word of mouth marketing, seminar marketing, blog / blawg, e-newsletters, book marketing; personal branding, or rainmaking: Let’s discuss it in our own LinkedIn group (of course, you must first be a LinkedIn member).

It’s only open to accountants & attorneys. Special exceptions are being made for marketing specialists in these fields. So far we have 39 members and a few active discussions. Request to join (please mention you saw it on this blog).

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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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Neil Guilmette of The CPA Network invited me to present a ‘cross/through marketing’ seminar to his Roundtable of accountants. It was a full day of speakers on a variety of topics, pertaining to practice development. While my segment was close to an hour, I’ve included an excerpt as a podcast and the handout embedded below. It should be self explanatory; please ask me any questions.

T.R.E.E. Marketing

Listen Now:

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Tipping Point, by Malcolm Gladwell
Unleashing the Ideavirus, by Seth Godin
The Influentials, by Edward Keller and Jonathan Berry

The phrase ‘Center of Influence’ or COI is used often in sales & marketing, especially within the Insurance, investment, and financial services sector. Rather than marketing to them, we market through Influentials. Favoring the hub-and-spoke model, I agree with the strategy. It’s its execution I question.

The phrase ‘Center of Influence’ or COI is used too often in sales & marketing, especially by financial advisors. Not every CPA is a COI. Not every advisor exhibits the same amount of Influence. In fact, how can we measure Influence anyways?

Influence presumes following: Thus, measure the followers - measure the Influence (sort of, close enough, and at least materially). [Sure, we can be ‘moved’ emotionally by Influence, not just physically. But we expect thought to lead to action - especially when it comes to marketing & sales.]

It’s not always as easy as measuring followers of a blog, e-mail list, or LinkedIn 2nd degree reach (or twitter followers). The Centers of Influence in our off-line world must be ‘measured’ in less specific ways. (Besides, online following doesn’t necessarily equate to off-line action.)

I like to synonymize COI as Group Leaders. That is, I ask my clients to list people who “lead groups: any type of group: professional/trade association, networking group, civic association, golf outings, charity dinners, etc.”

While bureaucratic leaders may not wield the type of charismatic influence as we would want, at least they produce results. People show up, sit down, shut up, and listen… and spend money. Blunt; yet this is what we want our COI to do for us, eh? Those who ‘lead ad hoc groups’ showcase more charismatic influence than those leaders with titles. They naturally attract a crowd of listeners, fans, friends, etc.

Utilities like LinkedIn help us organize our database by Influence.

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Several recent experiences, both personally and professionally, with my clients & others have deeply reinforced to me what I’ve held as an accurate & authentic formula for what it takes to be successful as a Practicing Professional. I assert it holds true regardless of the state of the economy, or almost any other forces we may encounter. In fact this (not so) secret formula seems to hold whether you are a practicing professional, a business owner or an employee. I assert that the (not so) secret formula, as it became more apparent to me a few years ago, is simply the following:

To be successful, you only really need to:

1 - BE People Centric

4 - Do Great Work

Here’s how I distinguish these four tenets of success: Click Here…For the rest of the story

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In an Advisory, Consulting, Coaching model, potential clients often start out skeptical, then get enthusiastic when you show them the results that are possible for them when they engage with you. Then the reality sets in - that they will have to do something & be in action in ways that they are not comfortable or familiar with, and certainly they are not in the habit of doing things the way that you propose.

This all leads to their concern (fear) over what it’s going to take from them to “get over the hump” in order to get the results they want. Ultimately many then become resigned, focusing on all the reasons they can’t do what you propose, and then come up with every conceivable “objection” (real or imagined) to engaging with you. Price is the most prevalent objection, even though it is rarely the “real reason”. The real reason is that they either don’t see the value, or more likely, that they are afraid they won’t be able or willing to do what they need to do (their part) to create the results they want.

I recently converted a prospect into a client that followed this path. They were originally a “yes for sure”, then canceled, then a “not now, but definitely later” and finally a “let’s get started now” confirmed new client.

As for the how – I went above & beyond in offering Business Coaching (I’m also an experienced Business Coach) to help them move past what was standing in the way (themselves). This was as simple as a no-fee coaching session, and a couple of phone calls & emails. More importantly I refused to just give up (I wouldn’t buy into their resignation in the matter), but I was also not “attached” to gaining their business or desperate in any way. I just committed myself to their success – and – committed to their becoming a client now vs. later and the value that I could provide for them if they did.

The question is – where can you go above and beyond for a potential client, adding value up-front, that shows your commitment to their success? Perhaps you could show them a path forward, a way that they can do what they don’t believe they can’t do, to get the results they want.

Mark V Bullock Partner / PMA www.PracticeMarketingAdvisors.com www.MBullock.com

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“Everybody is an entrepreneur.”

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Now more than ever you need to differentiate yourself from your peers. Everyday you hear that times are tough and that money is tight. This may be the best news that you have heard.

What am I saying? Have I lost my mind? Just the opposite: read on. When times are tough and money is tight, one of the first budget items that practices and firms cut is marketing. Cutting back saves money doesn’t it? Actually, cutting back on marketing can create an even deeper problem called smaller market share.

Not investing in marketing is counter intuitive to good business thinking. When you promote yourself when many aren’t, prospective clients will consider you above others. This climate presents the opportunity that you have been waiting for and lends itself to a high ROI for your strategic marketing investment. Do not be one of the many who act counter-intuitively to good business sense. Grab as much of the market share as you can handle, while others cut back.

You can market yourself with little or no cost. Actively gather testimonials and referrals. Publish a blog and an e-newsletter. Attend targeted networking events. Set up speaking engagements. These are just a few ideas. For maximum efficiency and accountability, retain a marketing coach.

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A few days ago, I was then invited to speak at the Attorney/Accountant Networking Group; there, I outlined a PRE/PRESENT/POST goals for our networking. Here’s a re-cap:

PRE the meeting: Have a goal of who/type of person you’d like to meet & how many. PRESENT: Be present; leave your cell phone or Blackberry alone. Don’t participate in “drive-by” networking (those who run past you handing business cards). Don’t pitch anybody; likewise, a good 10-minute conversation is “enough” with 1 person. I “doggy-ear” those I plan on getting back to - especially prospective clients. POST: Follow-up within 3 business days. They may be prospects, centers of influence, or potential connectors to either of those 2. AND, put them into your database - and preferably, your e-newsletter list.

SO what are the 4 types of groups?
1) Trade associations: Not necessarily those of your peers, but your target market’s association. Of course, as a lawyer, you probably get a lot of referrals from other attorneys… so Bar Associations are a good choice. And more and more CPAs are concentrating on a niche market, or specialized service; thus, Societies can also be a good trade association choice. Nearly every profession/industry have national and local associations; plus within their profession/industry there are sub-categories/specialties; moreover, often ethnic/geographic groups form within trades/professions.
2) General gatherings: These include chambers of commerce and other open rooms that attract a variety of professionals. Often they meet early in the morning or in the evening. There may be competitors, peers, colleagues, and clients in the room. For all those folks, standing out and showcasing your distinctive expertise (preferably with a 1-liner) is paramount. Don’t forget the ones sitting down; often business owners and other decision makers don’t know how to network well. And don’t forget to wear your own badge.
3) Non-compete groups: Like the one I belong to, American Business Associates (ABA), these are usually small, round-tables of 15-20 professionals. As it implies, there are no competing professionals in the room. While there may be more than one financial advisor or attorney, they usually agree on specific areas of focus. Some non-compete groups are more ‘retail’ oriented, featuring more business-to-consumer businesses; others are more ‘professionals’ oriented, featuring advisors including attorneys, accountants, and financial advisors; still others are more niche, featuring professionals who all target one market (e.g., healthcare).
4) Database meetings: These are the informal meetings that you can create from your own database. By networking your clients, centers of influence, and colleagues, you are growing everybody’s network, influence, and thoughts of you. As they invite their circle of influence, your network grows exponentially. Don’t overlook this bounty in your own background; and don’t underestimate the folks that are dormant in your database. The new year is a great time to spark old relationships.

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Many people today are frightened and misfocused. You may be one of them. Are you looking back and rehashing the things you did wrong or could have done differently. Well, none of us have the ability to change the past. What we do have control over are our actions going forward. Therefore you may want to focus your energy on the future.

You have the ability to stop wasting your energy on events that are beyond your control. Find a mentor or a coach who could help you get clear on the activities that would be in your best interest and the right actions you can take now. When you are in action good things usually happen. Not only will you have your focus properly directed, some positive results may come of it.

I hope that these words help you or someone you know who could benefit from a mental adjustment.

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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?

 Ebook: Download | Hits (395)

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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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Are you getting any comments from prospective customers like “our budgets being slashed”, or “It’s not in the budget”? (more…)

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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.
(more…)

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