marketing the cpa 2011

Marketing the CPA for Maximum ROIJune 14, 2011

> Tina Lambert, CAE | VSCPA Vice President, Member & Public Relations

ROI = Return on InvestmentReturn on Ideas

• Mastering marketing basics and successful awareness efforts

• Power of social media and online marketing

• Dos and don’ts of presenting like a pro

• Effective resources and tools

Some GOALS for this session…

Even the best of the best have a

COACHand need to

PRACTICE.

How do I masterMARKETING?

• A brand is not a logo, a corporate identity system or a product.

• A brand is a person’s gut feeling about your company.

• It’s not what you say it is, it’s what they say it is.

BRANDING 101: more than visuals …

• What are your strengths? • What are your weaknesses? • How do clients, colleagues perceive you? • How does the competition perceive you?• How do you perceive your competition? • What 20% of your efforts are generating

80% of your revenue?

FOUR BASIC ESSENTIALS TO A SUCCESSFUL MARKETING PLAN

PRODUCT

Audience

AUDIENCE

DeliveryDELIVERY

AWARENESS

Zappos on Nightline

1. Deliver WOW through service.2. Embrace and drive change.3. Create fun and little weirdness.4. Be adventurous, creative and

open-minded.5. Pursue growth and learning.6. Have open and honest

relationships.7. Build positive team and family

spirit.8. Do more with less.9. Be passionate and determined.10.Be humble.

10 marketing lessons from Zappos…

1. Networking – Referrals, relationships2. Direct mail – Response, awareness 3. E-newsletters – Cheap, news/info4. E-mail marketing – Cheap, fast,

targeted5. Website – First impressions6. Search engine optimization – Drive

web traffic7. Blogging – Thought leadership8. Social media – Global, power in

numbers9. Speaking & writing – Showcase

expertise10.Webinars – Easy, growing demand

10 marketing tactics that get RESULTS

What about my

PERSONAL BRAND?

Brand attributes?

Brand attributes?

It takes 7 seconds to make a first impression.

• Dress at the office?• Your grooming?• Your 5 second introduction?• Your 30 second introduction?• Your presentation skills?• Office environment?• Your car?• Your interactions?

(coworkers, clients, etc.)• Your business collateral?• Your social media?

How do you build a PERSONAL BRAND?

• Versatility is KEY!• Versatility = the ability to

deal well with many different types of people in different situations

• A versatile person modifies their behavior so that the other person/people feel comfortable interacting with them

How do you build a PERSONAL BRAND?

How do I maximize SOCIAL MEDIA

& ONLINE MARKETING?

SOCIAL MEDIAIS AN UMBRELLA TERM…

THAT DEFINES THE VARIOUS ACTIVITIES THAT INTEGRATE TECHNOLOGY, SOCIAL INTERACTIONAND THE CONSTRUCTION OF WORDS, PICTURES,

VIDEOS AND AUDIO.

http://www.wikipedia.org

It’s also a fancy way to describe PEOPLEhaving CONVERSATIONS online.

Photo by Kris Hoet

• Blogs

• RSS

• Online Chat & Listserves

• Wikis

• Social Networks

The CONVERSATIONS are powered by…

• Podcasts & Videocasts

• Photo & Video Sharing Sites

• Virtual Worlds

A shift in COMMUNICATION & CONVERSATION

Traditional Model Social Media Model

People are consuming information differently…

• 92 % use multiple platforms each day to get news

• 60 % get news from online and offline sources each day

• 33 % of cell phone owners access news on mobile device

• 80 % of online news consumers get or share links via emails

Source: Pew Research Center

Social Media ROISocialnomics.net

• Cheap• Flexible • SEO & Drives Website

Traffic • Good Word of Mouth• Global• Ideas, Trends, Buzz• It’s EVERYWHERE

Some ADVANTAGES…

MEET YOUR FUTURE EMPLOYEES, PARTNERS, CFOs, CEOs…

A. Listen• Immerse yourself in

conversations• Monitor trends &

competition• Google alerts, Twitter

searches• Determine process

for responding

B. Participate• Set up a profile• Friend 25 people• Comment on

blogs• Answer questions• The rule of thirds:

personal, professional, profitable

C. Drive• Share your expertise• Create content/ideas• Write a blog

• Create home for news, opinion, content

• Establish as experts• Promote• Connect with

community• Drive conversations• Think MULTIMEDIA

D. Obey Traffic Signs

• Privacy: Customize what others can see about you (professional v. personal)

• Create ‘Friend’ groups

• Edit privacy settings

• Etiquette: Once you’re riding the social media highway, remember to obey common Internet traffic rules of thumb.

• Policy: Obey or set company guidelines for participation.

socialmediagovernance.com/policies.php

How do I give PRESENTATIONS like a pro?

Triangle of Persuasion

Message/“Prove It”- 3 x 3- VIP- Sound Bites

- Anecdotes, Analogies, Third

Party

Audience -- Listen, Translate, Edit --Interest5W’s +So What, Who Cares, WIIFM

YouC, C, C Body Language, Voice

Verbal (word choice, content) = 7%

Vocal (voice, tone, pace) = 38%

Visual (body language) = 55%

Content is still king, but93% of overall impression is DELIVERY

What’s PERSUASIVE? Three elements in overall impression of speakers…

TO:

FROM:

RE:

The two minute TALKING MEMO

State problem & possible solutions

Support your problem: data, statistics, analysis, examples

Bottom Line

WeatherKids/PetsNewsCommon interestsTrue stories Questions

Ideas for OPENERS

Not so great OPENER…

A man walks into a bar……OUCH!

JOKESRELIGIONPOLITICSHEALTH

• Book by Carmine Gallo• www.carminergallo.com• Great, short read!• Lots of helpful advice

from top CEOs and leaders in business

10 SIMPLE SECRETS of the World’s Greatest Business Communicators

#1 Passion:Use Your Head to Reach Your Heart

#2 Inspiration:C’mon Baby Light My Fire

#3 Preparation:Toss the Script

#4 Start Strong: Don’t Bury the Lead

#5 Clarity: Lose the Jargon or Lose Your Audience

#6 Brevity: Keep it Short, Period

#7 Style: Talk, Walk and

Look Like a Leader

#8 Command Presence: Movement Does the Body Good

#9 Wear It Well: Image is Everything!

#10 Reinvention: Madonna or Rocky?

•Repeat objectives and key learning points (3x3)•Tell them about additional resources •Tell them you’re available for follow up & provide contact info•Stay for 5-10 minutes

Crossing the Finish Line

"Do not wish to be anything but what you are, and try to be that perfectly."

-St Francis of De Sales

Meet the Singing CPA

What are the VSCPA and AICPA RESOURCES?

RESOURCES from the VSCPA

• Financial Fitness• Speakers Bureau• Media relations• “Ask a CPA” E-mail Program• Tax season community service• Virginia CPA Week• CPA Day of Service• Nonprofit Pro Bono Assistance• Find a CPA• www.vscpa.com for more info!

RESOURCES from the AICPA

AICPA Marketing Toolkit• Marketing and communications

resources• Print ads, client brochures, posters,

marketing articles and guides, customer service and selling tips, client satisfaction surveys and tips for working with the media.

AICPA Social Media Toolkit• Sample strategic plans, policies and

guidelines• Types of metrics• “How to” guides• Articles

CONNECT with me

Tina Lambert, CAE

VSCPA Vice President, Member & Public Relations

• Phone: (804) 612-9416

• E-mail: [email protected]

• Web: www.vscpa.com

• LinkedIn: www.linkedin.com/in/tinalambertwww.linkedin.com / search for “Virginia Society of CPAs”

• Facebook: www.facebook.com/TinaLambert1www.facebook.com / search for “Virginia Society of CPAs”

• Twitter: www.twitter.com/TinaLambertwww.twitter.com/VSCPANews

THANK YOUvery much!

Tina Lambert, CAE │Vice President, Member & Public Relations │[email protected] │ (804) 612-9416

Marketing the CPA for Maximum ROI Marketing 101 As CPAs look for new ways to grow their brand, practice and ensure ongoing success, marketing has become an increasingly critical part of business. But what exactly is involved in marketing? While there are many different approaches to marketing, every successful marketing approach addresses four basic essentials: Product, Audience, Awareness and Delivery.

• Product. What services do you offer? How are they different from your competitors? How are they better? • Audience. Who is your target audience? How can you reach them? • Awareness. What do people think of your services? How can you increase their awareness? • Delivery. How are your services delivered? How responsive are you to clients?

You don't need to spend huge amounts of money to get your message out to the general public. A successful awareness effort requires only Planning, Imagination and Persistence. Here are three things to keep in mind:

• Focus your efforts. If you know your service and your audience well, concentrate on reaching that share of the audience most likely to respond positively to your efforts.

• Choose your media imaginatively. Don't limit your efforts to just one strategy or one kind of media. Don't be afraid to be unconventional.

• Consistency and persistence count. Your audience is already being bombarded with messages from other companies. You need to emphasize the most important facet of your message and keep repeating it over and over again.

The Power of Social Media & Online Marketing Online marketing involves the use of the Internet to deliver marketing messages to the target audience. Compared to traditional offline marketing, online marketing (websites, e-mail, social media tools) is very different and at the same time, very much the same.

Just like traditional marketing efforts, with clear purpose, defined goals, and steady implementation, online marketing and social media tools are highly effective and even timesaving. The key to unlocking the power of social media is realizing it’s not about technology, it’s about people and relationships. Why should you care? • More than 75% of all Americans have joined a social networking site, 99% of 18 to 24-year-olds • 640 million people worldwide actively use Facebook, and 50% use it every day. • If Facebook were its own country, it would be the 3rd largest — behind China and India. • 200 million Facebook users access the site through mobile devices, a 200% increase in the last 12 months. • iPhone applications hit 1 billion in 9 months. • LinkedIn averages a new member every second, having more than 100 million users worldwide. • 80% of companies use social media for recruitment; 95% of these using LinkedIn • Twitter has 175 million users, and averages 95 million tweets per day, a 250% increase over last year. • There are now more than 200 million blogs. • More than 24 hours of video is uploaded to YouTube every minute. • Flickr members upload more than 3,000 images every minute.

Presenting Like A Pro In addition to traditional and online marketing, serving as a spokesperson and presenting speeches to various groups are effective ways to market your services and enhance the brand of the CPA. The key is to make sure


that your topic is relevant to the audience and the services you can provide. Try to obtain speaking engagements before groups that best represent your target audience. When making any kind of presentation, be as dynamic as possible and make yourself available after the presentation to answer questions individually. Leaving immediately after making a speech will lead to missed opportunities for making new client contacts.

Be sure you also have some handouts for attendees to take with them. These can include a summary or outline of your remarks, information about your firm and your biography and brochures with your firm name imprinted on the back. The point is that even after you've finished speaking, you want to continue to communicate your strengths and qualifications and provide your audience with a means and reason to contact you after your speech.

Professional Resources

VSCPA Public Relations Programs The VSCPA has a year-round, statewide effort designed to get members involved, capture the attention of business decision-makers and promote a positive image of the CPA profession. Efforts include:

• Financial Fitness: This award-winning financial education campaign is a comprehensive effort to reach out to the community and educate the public on wise money management.

• Speakers Bureau: This special program allows member volunteers to give presentations to VSCPA chapters, member company/firms, nonprofits, professional organizations, corporations, etc. Volunteers might also be contacted to handle a media interview.

• Media relations: The VSCPA’s media relations efforts include fostering relationships with the media and sending press releases to promote the Society, its members and the profession. The VSCPA also sets up media interviews for members.

• “Ask a CPA” E-mail Program: VSCPA member volunteers provide free tax, financial planning, military tax and disaster recovery advice to the public by answering e-mail questions through www.FinancialFitness.org.

• Tax season community service: The VSCPA organizes annual tax season community service events to give members an outlet for becoming involved in their localities.

• Virginia CPA Week: Started in September 2009, this annual event includes the CPA Day of Service, free Financial Fitness seminars and other efforts to recognize Virginia CPAs’ efforts.

• CPA Day of Service: This annual event enhances the image of CPAs by promoting a unified commitment to public service. More than 600 volunteers participate annually.

• Nonprofit Pro Bono Assistance: The VSCPA gets requests from nonprofits and charitable organizations and CPA volunteers are matched to fulfill these pro bono requests.

• Find a CPA: Find a CPA (located on the VSCPA website at www.vscpa.com/findacpa) matches individuals and businesses that need professional financial services with CPA firms in their areas.

AICPA Marketing Toolkit The AICPA's Marketing Tool Kit, available at www.aicpa.com, helps members promote their practices and services and contains a host of resources and information to assist in marketing and communications efforts. Free to download/view for members, you can use these tools to:

• Attract new clients and improve relations with existing clients • Offer a public service to those in need of financial assistance or information • Educate the business community and general public about CPA services • Increase visibility by giving the presentations to business, consumer and community groups

The resources include: print advertisements, client brochures, CPA posters, marketing articles and guides, customer service and selling tips, client satisfaction surveys and tips for working with the media.

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Where Traditional Marketing Approaches and New Media Intersect By D. Michelle Golden, CPF, President of Golden Practices Inc. (AICPA Social Media Toolkit)

It’s funny. For a lot of very valid reasons, professionals are really pushing back on suggestions to integrate, if not enthusiastically embrace, social media in their firms. Reasons cited are concerns about abuse and IT security threats, which are addressed in the Sample Social Media Policy and Guidelines tool (found in the AICPA’s PCPS Social Media Toolkit). Beyond that, there is some level of discomfort and even dread about doing this different “marketing stuff” and possibly “more stuff” in addition to what practitioners already doing. It’s understandable, then, that this isn’t always met with enthusiasm.

But what if I could show you that the type of objectives that firms seek to achieve through social media tools remain the same as with traditional marketing approaches? And that underlying purpose in using these communication tools is consistent with the communications you’re used to: phone, email, print, and face-to-face contact.

And what if I could show you that the opportunity for ROI (return on investment) is comparable to that of traditional marketing? More importantly, what if I could show you how social media can reduce your time, energy and expense in achieving your marketing objectives—and can more consistently leverage marketing across all levels of your firm so you aren’t so distinctly separated into “rainmakers” and “non-rainmakers”?

If you weren’t already keen to enter the realm of social media, perhaps after reading this, you’ll be inspired by the advantages social media brings to the table for your firm’s marketing efforts and the business development role of the individual practitioner.

Objectives Just like traditional marketing efforts, with clear purpose, defined goals, and steady implementation, social media tools are highly effective and even timesaving. Without such forethought and planning, results of using social media are unpredictable at best, and can prove downright ineffective. However, the same is absolutely true of more familiar forms of marketing such as hosting events, seminars, golf outings, cocktail receptions, participation in organizations and associations, writing, speaking, mailing campaigns, and the list goes on.

Have you ever invested energy, time, and funds in one or more of these efforts and been disappointed with the results? Have you ever felt frustration knowing other firms claim to have had amazing success with one or more of these activities? The difference is in the amount and quality of planning, execution and follow-up. Social media is no different.

Choosing which marketing objectives are the best for you and your firm involves a thoughtful, if not complex, assessment of your:

• present and potential service mix; • current client mix; • local marketplace opportunities; • available and potential capacity by level, service, and industry specialty; • expendable budget; • internal infrastructure to support; • and the clincher, likelihood of follow-through on all levels, but especially where the rubber meets the road.


In traditional marketing plans for teams and individuals, once we remove tasks that would fall exclusively to the firm’s marketing department for execution responsibility, the most effective initiatives can be organized into the following categories:

• Current Clients (focusing on elevating service quality and deepening relationships for better retention of ideal clients)

• Referral Sources/Centers of Influence (all referral sources beyond current clients) • New Clients (identifying, meeting and furthering relationships with prospective clients) • Credibility and Reputation (anything that’s bio-worthy) • Research and Development (product and service improvement, processes, innovation)

Within each of these categories are a variety of activities you can pursue for practice development. These all stem from traditional marketing approaches employed over the past 20+ years.

Current Clients Conversations with Clients

Succession Activities including Client Transition Initial Introductions (2-3+ years out) and Subsequent Relationship Development

Delegation (Training, Sharing Intellectual Capital, & Fostering/Earning Trust)

Service Grid (charting all services “across” and clients “down” to spot gaps)

Debriefs of Client Service Team - Before Action Reviews (BARs) and After Action Reviews (AARs)

Product/Skill Development

Industry Participation/Focus

Expectation Management

Referral Sources Conversations & Face (One-on-one) Time

Reciprocity & Appreciation (Track, Reward)

Message(s) Conveyed (to educate referral sources about best fit)

Target RSs (outside of the firm, clients, other practitioners WITHIN the firm)

Follow-up

New Clients Target

Conversations & Face (One-on-one) Time

Demonstrate Relevance, Credibility & Trustworthiness

Credibility/ Reputation Worthiness of Trust (through behavior and impressions)


Respected Internally and Externally

Competence Demonstrated (writing, speaking)

Capabilities (substantiate claims with evidence of past performance via case studies, representative clients, noteworthy testimonials)

Involvement in Industry: Visibility in Core Markets (external leadership roles and positions, publicity, expert status)

R&D Innovation: ID, Create, Refine New Products/Solutions

Improve Effectiveness (better processes)

CPE: New Skills

Gain/Apply Industry Knowledge

Identify Key Predictive Indicators (KPIs) of How Clients Measure Success (for each customer and sector)

This exact list existed long before social media became mainstream. And every item that is italicized can be achieved in part, or completely, through social media communications channels.

Considering that social media interaction eliminates travel time and replaces physical “attendance,” virtual social time also provides more concentrated interaction time. These facts allow for more frequent interactions with the very people you’re strategically wise to get to know well. Further, through these more frequent but short exchanges, interacting in the types of forums we’re discussing in this toolkit allows you to get to know people at a much deeper level, far more quickly than when waiting for personal interactions.

Think of the credible colleague you meet at a business conference and know you’d be wise to keep in touch with. Traditional “continued touches” might be a handwritten “it was nice to meet you” note and adding the person to the firm’s newsletter mailing list. Next year, when you see him at the conference, he might know a little bit more about you or your firm. But, what more do you know about him? About his business, or his interests? Add LinkedIn or Facebook to the above efforts and by the next year, if you’ve used the tools correctly, you’ll not only know a lot more about him, but you will have interacted in the interim. You will sit down as friends who will know some of each other’s accomplishments, personal hobbies or interests and degree of interest in them, and perhaps even some of those valuable personal details that bring people closer together. Thus the relationship is dramatically accelerated. This happens all the time through social media.

Consider the necessity of staying visible to referral sources without being too intrusive. Brief, casual, pleasant exchanges afforded through these tools serve as gentle reminders of your existence and relevance. The greater your interactivity with prospects, clients, and other referral sources, the greater your potential for success.

Social media seems to have the most opportunity to change behavioral results in a firm in two ways. One is that it provides a less intimidating way for more introverted professionals to interact with others and showcase their expertise. Another—that resonates greatly with professionals who are parents of young children or have other, significant time commitments outside of work—is the flexibility to “socialize” on their own schedule, one the road, or in the comfort of their family room with their toddler at their side. What we’re witnessing is a greater level of


relationship development and “presence” than we’d otherwise see from both of these types of professionals. Done well, we’ve seen social media results exceed the results of traditional-style rainmakers plus elevating the firm’s web-presence.

New media also makes it very easy and instantaneous to disseminate credibility-reinforcing content. Messages and conversations shared have staying power, unlike a verbal conversation, so others can explore them and learn from them, too. Documents and conversations that are web-based and searchable serve to market you 24/7/365. While you sleep and vacation, people can be impressed by you and what you know. They can access your intellectual capital when they want it and not just when you send it out to them. In this “Google It” era of web-based research by all demographic groups, this is enormously beneficial to your practice.

Success through social networking occurs when we actively move a relationship from digital to personal. In other words, the tools do not usually substitute for personal interaction. Social media tools are a means to that end—getting people to the point of personal interaction faster because a strong relationship can be developed more quickly than when we must rely on being together in the same physical place, or waiting for a “good enough” reason to call or write.

Purpose Just the way that traditional marketing efforts can reap zero return on investment, so can social media. Creating a “profile” and doing nothing at all with it is no different than attending the Chamber meeting and sitting with the same pal month after month. If you’ve created a LinkedIn profile but wonder why no one’s ever called from it, you are probably at the passive level of involvement—a wallflower at the Chamber meeting. The profile, alone, isn’t going to generate results. Just like anything else, results come from maximizing the effort, taking it from passive to proactive.

This chart helps explain the varying degrees of success, or lack thereof, we see with traditional tactics or new media.

Familiar Methods New Media

Passive Marketing (“come to us”)

• Most advertising

• Static websites

• Directory listings

• Sponsorships, unleveraged

• Seminars, unleveraged

• Mail (postal or e-mail of any kind with no personal follow up)

• Linked In, unleveraged (such as having only a partial profile, few contacts, and/or little interaction)

• Facebook, unleveraged

• Twitter, unleveraged

• Blogs (such as reading others, but not commenting, or authoring one’s own blog posts, but not actively reading or interacting with any others)

Participatory (being present)

• Local general business organizations

• Local trade organizations

• Peer organizations

• Local charities/ community

• National (Int’l) equiv. of all the above

• Same items as listed in familiar column, but become active in their on-line communities, too

• Blogs, leveraged well

• Twitter, leveraged well

• Linked In/Plaxo, leveraged well

• Facebook, leveraged well


Showing up is okay, but heavy involvement and visibility, with sincere interest and planned contacts for each meeting are ideal.

Expert Resource (publishing)

• Peer publications

• Trade publications

• Talk radio, TV, feature columns, other expert features

• Media coverage

• External recognition (honors, awards, contributions to one’s profession)

• Free advice of any kind (articles, newsletters, etc)

• Same items as listed in familiar column, but become active in their on-line communities, too

• Self-publish (web)

o Articles

o Blogs

o Newsletters

o News Releases

Outreach (proactive)

• Postal, or e-mail WITH good follow up

• Invitations of any kind

• Telephone contact (before they call you)

• Lunches, breakfasts, dinner meetings

• Seminars

• Free advice, shared generously

• Blog (share your mind, your ideas, your advice)

• Tweet (help others, occasionally point to your own content)

• Facebook, event invitations

• Linked In

o Create viral buzz

o Set up Events and Groups to continue the dialogue after an event

Firms worry about abuse of social media tools. More specifically, they worry about excessive use by individuals without a Return on Investment (ROI)

The ROI discussion can be a frustrating one. Asking “what is the ROI of social media?” is like asking “what is the ROI of a telephone?” The phone is a form of communication. So is social media. ROI for a phone can be tied to a specific campaign such as telemarketing activities following direct mail. A goal might have been stated to generate an appointment with each contact. Your ROI will relate to that campaign and that appointment goal with the “phone” as a component. Phone is measurable related to the campaign, but not as a freestanding tool. Social media is exactly the same. And I pose to you that social media tools—whichever are the popular type of the day—will become as much a part of our business routine as the telephone has.

Just the same as traditional marketing tactics, new media can be used well, overused, or potentially under-utilized. Overuse with low ROI most often results from having no plan or purpose articulated, and can also lead to burnout. Overuse is what most firms fear when opening the gates and supporting new media use, but underuse is actually far more prevalent—just like traditional marketing endeavors that get stuck in the “passive” stage.

For any marketing initiative, ROI disappointments generally stem from not doing one or more of the following:


1) Determine the goal first, before deciding which technique or tools to apply, know exactly what needs to be accomplished.

2) Have a plan based on realistic outcomes for that type of activity—align the technique with the desired outcome.

3) Execute the plan well, in a disciplined manner, with proper preparation and follow up. 4) Measure according to the plan using criteria decided before beginning 5)

All social media tools are not equal. And all uses for a single tool are not equal. Understand the goals—the driving purpose behind adopting any forms of new media. Make sure the tool suits the purpose with documented expectations. And, for good results, make sure that people bring their use well past the passive stage.

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