Vicky Boulton runs her own marketing consultancy and has been invited by Nicola Draper to write a blog for the website. Vicky has done work for Draper Hinks and has helped to bring in a substantial amount of new business. She has submitted the following contribution:-
If you want to sell your accountancy practice within the next 2- 3 years, then the only realistic way to guarantee you will get paid more for your practice is to increase the amount of fees that you are going to sell. Most practices grow by word of mouth and personal recommendation. Organic growth is ideal but if you want to increase your fees significantly within a short space of time, then you need a comprehensive marketing strategy to do this.
Stand out from the crowd
Accountancy firms today face a more complex and crowded marketplace than ever before. The combination of increased competition, commoditised services, and more demanding clients has placed new strains on your industry. But perhaps the biggest stumbling block to increasing accountancy fees is the fact that essentially all accountancy firms provide the same thing, so looking for areas of differentiation via service delivery and/or offering niche services can often be the only way to stand out from the crowd.
Because accountancy is about developing long-term rewarding relationships and building trust, your marketing efforts need to be focused on clients, their needs and lifestyles and of course the benefits that they will get. Remember, what you are really selling is two-fold.
1. financial solutions (factual)
2. peace of mind (emotional)
So it’s essential to get your clients and prospective clients to acknowledge that you will be able to listen, understand and help them towards achieving peace of mine by accessing your bespoke financial solution.
Become more profitable
Like any marketing, this whole process takes time, effort and resources – unfortunately there are no guaranteed promises of new business from day one. Marketing isn’t a quick fix, but done right, it can be a very profitable way to grow your fees.
By clever use of the following, you will be able to build your business successfully, whilst at the same time become known for delivering a valuable and trusted service that is easy to refer.
• Regular communications
• Message consistency
• Engaging content
• Utilisation of multiple channels i.e. direct mail, emarketing, telesales, advertising, PR and networking
I would like to thank Vicky Boulton for her contribution to our Blog. If you want to know more about how to successfully market your practice so that you can increase your fees, contact Vicky Boulton at Fuel Marketing on 07766 566690 or email vicky@fuelmarketing .co.uk
Draper Hinks works with accountants that want to sell accountancy fees or buy accountancy fees. We are business brokers for accountants and deal with no other types of business, so if you are thinking of selling your accountancy practice, then please contact us on 01788 816440 or email us at firstname.lastname@example.org