Why Market to CPAs?
CPAs and financial professionals can be the key to developing referrals
From Accounting Web
August 16, 2006
According to a recent article by AccountingWeb.com, marketing your company to the professional services industry, which includes CPAs and accountants, is a great way to invest your marketing dollars.
Marketing to professionals such as accountants, attorneys and doctors builds relationships that bring in other customers.
Banks offering business services conduct seminars and staff trade booths at other events catering to these professionals. In the Fairfield County Business Journal, Reyno Giallongo, senior vice president at First County Bank, says, “They’re a wonderful referral source. This is a market segment we (bankers) all like to call on. It’s a segment of the market place that is generally profitable."
Banks also sponsor professional continuing education seminars. Although applicable to most banks, Robert Torro, vice president of professional services for Fairfield County Bank, says, “We want to be the community bank for professionals.” Torro continues saying accountants want close ties with banks. They also tend to include the bank in a team relationship with customers. They develop long-term relationships with both customers and their banks.
“What the accountant wants is your cementing a relationship with them and with their client, and for them to fare well with their client, having the client think well of them (for recommending the bank), saying, 'Look how I'm being treated'."
Businesses should understand their clients and their referrals. You should show competence. Using personal contact helps develop a good rapport with your clients or referrals. Treating a referral like a client is necessary. Providing value to your clients or referrals is your bottom line.
The Home Business Network also offers tips on marketing and finding new clients. They recommend attending conventions and local Chamber of Commerce meetings to create opportunities to meet accountants and other professionals. Cold calling is also a way to tell them what you can do for them.
Harnessing the true impact of referral marketing is something some business owners do not understand, according to Duct Tape Marketing. One thing to realize is that referrals are the same as transferring trust from one person to another. Referrals tend to spend more money than other clients and refer others of the same quality. Referrals are very cost effective, especially when comparing their cost to the cost of other advertising.
Duct Tape Marketing also offers ideas for obtaining referrals. Do not wait for people to offer them. You can pay $20 for each referral and advertise this in your marketing and sales campaigns. Give each client three business cards to make it easy for them to pass them on to future clients. It is important to follow-up with clients for referrals, using phone or mail. Build referrals into your marketing and sales plans and create a referral system to attract your target market.
Your mission is to fill every need your clients may have, according to BusinessKnowHow.com. It is also recommended you build your own strategic referral partnership network. When a client has a specific need, you can quickly refer members of your network to satisfy their requirement. By impressing your clients, you may never need to search for business again.
A marketing strategy should be devised to thank and track referral sources with an update feature to apprise them of additional issues, according to Schmidt. You can conduct focus groups and place advertising in specialized publications targeting future clients. Becoming members of professional and trade organizations, as well as writing, speaking, serving on committees and generally participating in these organizations help facilitate regular contact with your target group.
Market to CPAs and key financial decision makers with the MNCPA
Advertise products and services
Whether promoting a product or service, or looking to hire or recruit employees, the MNCPA has a variety of display advertising to fit your budget and help you reach your marketing goals.
Exhibit at an MNCPA event
Give your company personal contact with hard-to-reach CPAs, accounting professionals, attorneys and business executives.
Sponsor an MNCPA event
Strengthen your brand recognition with a targeted buyer group of CPAs and accounting professionals through event sponsorships.