Are you spending your time effectively?
By August J. Aquila
Price It Right: How to Value Accounting Services
I once knew a firm that was spending a significant amount of money on marketing and was experiencing little or no growth. They could not understand what was going wrong. They tried all sorts of marketing activities. They presented webinars, sent out a client newsletter, did some advertising and public relations, and so on.
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The problem was that this firm did not know what to expect from their marketing activities. Sometimes they wanted clients immediately, and when that did not happen, they then tried another marketing activity, never staying with an activity long enough to see results. The moral of the story is that marketing takes time to produce results, and if you are not patient, it can eat up your hard-earned dollars and time.
Let’s look at a laundry list of marketing activities:
- Client/niche newsletters
- Webinars
- Trade shows
- Internal newsletter
- Public relations
- Advertising
- Niche marketing materials
- Sponsoring events
- Email blasts
- Blogs
- Social media
- Trade, business and professional associations
To decide which ones you want to do, ask yourself, “What do I like to do?” and “Would I pay myself my billing rate to do it?” You may like to write a blog, but if it takes you 10 hours to research and write the blog each week, is that an effective use of your time?
The marketing activities that require more of your time are presenting webinars; trade shows; and joining trade, business and professional associations. These cannot be outsourced to others because they get you face to face with the prospect. Other marketing activities can be done by your firm’s marketing director or outsources such as advertising, public relations, newsletters, social media, etc.
Let’s look at webinars, trade shows and trade, business and professional associations.
Webinars
Webinars are perhaps the best way to attract new clients today. Attendees are there because they have an interest in the topic. You can make the attendees aware of the benefits of the service or product you offer, the risks they have of not doing anything, and what expertise you and your firm use to
address the issue. Be sure to follow up immediately with leads generated from the webinar; otherwise, the results of your webinar could be a bust.
Trade Shows
Where else can you spend a day or more with your target prospects? If you have a product or service you can package like a product, trade shows can be a powerful marketing tool. They allow you to see who else is selling to your market, and to create strategic alliances with other vendors. Attending a trade show with a client may help you to determine if exhibiting there would be beneficial for your firm.
Trade, Business and Professional Associations
Where else can you get such great exposure to your prospects? The key here is to meet new people, not to sell anything. An effective way of getting involved in these organizations is to join the membership or program committees. Remember, it takes time to develop your own credibility in these organizations. Don’t expect that you will be able to just move in without paying your dues.
Keep in mind that marketing activities that can be done by others are also important for your marketing mix. They make your efforts easier. Success will depend on your developing an integrated marketing plan where all the pieces fit together. Don’t do discrete marketing activities. You may not want to give an estate-planning seminar to attract physicians if you don’t have any name recognition in the medical niche. However, now imagine your reception if doctors know that you are the health care industry guru, that your articles appear in Medical Economics and that your firm publishes a cutting-edge health care newsletter. That’s why you need an integrated plan for each industry you serve. It won’t happen overnight, but it can and does happen.
Next time you are about to spend money on marketing, ask yourself, “What will I get in return for doing it?”
