How Accounting Firms Effectively Stand Out in Today's Marketplace

Speaker A: Hello everyone. Thank you so much for joining us. This is Lauren Fogelman, A Business Success Solution. We are showing accounting firm owners how to be able to double their revenue while working half the time. And today's topic is how accounting firms effectively, uh, stand out in today's marketplace. And we are having Michael Haynes join us. So some of the things that we're going to be touching on is if you want to go ahead and attract better clients, quality clients without competing on price. If you may be wondering about marketing tactics that are you, that maybe used to work but they aren't necessarily the most effective way to be able to get results today. And also we're going to go into understanding how today buyers evaluate and choose an accounting firm. I suggest that you get ready to take some notes. But Michael is going to be very, very generous and what we talk about, sharing tips, strategies, insights and then we'll also let you know how you can connect with him a little bit about Michael. He is a B2B go to market strategist who helps small and mid sized accounting, advisory as well as technology firms grow by aligning how they go to market with how today's buyers make decisions. Through his buyer driven approach, he helps firms develop practical strategies for entering new markets, attracting clients, improving retention and driving sustainable growth. Based in Sydney, Michael works with firms across Australia, Canada and the United States with a strong focus on buyer insight, positioning credibility and commercial growth. So if you want to be able to check out my Michael, where he's at, he's all over LinkedIn but also you can go to listen innovate grow.com and we will have that link in the notes as well. So Michael, thank you so much for joining me. I am looking forward to diving into this conversation with you.

Speaker B: Thanks so much Lauren. Um, great to be here as well and very much as well. Looking forward to our conversation today and

Speaker A: before we do anything else, I just would love to hear how you became uh, that go to market person, especially working with accounting firms.

Speaker B: Uh, great question Lauren. So I have been working as an independent consultant working with small medium professional service organizations, particularly around the areas of accounting and advisory firms for well over 15 years. Uh, started my roles, um, my career really in big corporate, um, I had a lot of corporate roles in business strategy, uh, working for uh, banks, telecommunication companies. And Lauren, in those roles I was always working on the SME segments, the small medium business segments. How do we deliver more value to them, what do they require? And so that's where I learned a lot of my training around what Buyers require, uh, and then after my time in corporate it was good but I decided I need to be with my people. I come from a family of entrepreneurs. So I went out on my own, uh, focusing, um, working with small medium organizations, how to thrive and succeed in the business to business context. Because there's so much opportunities for small medium businesses to win in the big end of town with enterprise and mid market, uh, clients, if they know how to navigate them, what drives them, how they buy. And so I've kind of been in this domain empowering our fellow uh, SME folks ever since.

Speaker A: And one of the things that I really appreciate that you lead with is stepping into the buyer and looking at marketing from the buyer's point of view, how they choose, maybe an accounting, accounting, uh, or advisory firm. So what are some of the changes that you've seen from the buyer perspective and how they're looking at which is going to be the best option for them.

Speaker B: So uh, great question Lawrence. So the buyers of accounting and advisory services, how they buy has changed over the five years, past five, six years. If you go back to early 2020, 2021, the key underlying question that decision makers within accounting and advisory firms, ah, had were, was how do I solve problem X, Whether it be going into new markets or how do I develop right kinds of compelling products, uh, service bundles, solutions. Now um, that is still a question. But the fundamental question driving buyers of accounting and advisory services is who, who can help me solve um, uh, issue X? Whether it's acquiring new clients, growing the firm, developing compelling solutions. Now that subtle shift in terms of from how to who can help me solve has fundamentally changed buyer behaviors. Because now buyers are not just doing uh, a lot of independent research online, um, to get lots of information which they're now bombarded with. They're tapping into groups, communities, entities, experts, those trusted sources of what I call air advice, insights and recommendations. So they're going to their mastermind groups, their communities, talking to their peers, going to their industry and professional associations to find out who can help them solve those key imperatives and challenges. So it's very important that leaders of accounting and advisory firms recognize that buyers now are very much immersing themselves within the ecosystem, talking to the right, um, people reading the right publications, going to specific events where they can get that trusted sources of advice, insights and recommendations because that's where you need to be if you want to build and grow your firm.

Speaker A: So a very easy way for maybe firms to start to wrap their mind around this change in how the uh, Buyers are looking at things and making decisions. Is air looking at. They're getting some advice. So they're probably doing at least 75% of the research before they reach out to a firm. Uh, they're getting some insights as to what the best options are. They're listening to other people. As far as recommendations, there's no more just pulling out the yellow pages and going through the listings or anything like that. We want to know who someone else has had uh, experience with so that they're kind of like pre qualified and pre vetted. Uh, and the other part that you were talking about is the question has had a subtle shift, but there's uh, big difference in what the question is. Instead of how do I solve this problem, they're now looking at who can help me solve this problem. They don't want to be doing it themselves because they realize that doing it themselves isn't always the best solution for achieving what they want. Um, is that part of um, what you've been talking about and seeing also, Michael? Just make sure I got it right.

Speaker B: You're absolutely right. So it's very much who can help themselves now because there's so much information, Lauren, on the Internet there's so many experts saying you should do it this way. If you want to grow firm should do it that way. So there's information overload. So buyers of accounting and advisory services are really looking for being able to tap into other peers, experts, very knowledgeable people, trusted source that can help them navigate and compare. Should I go with strategy? Um, approach X versus Y, what is right for me. So hence they are doing more self independent research. But a lot of it is about talking to peers, talking to experts, going to events, um, things like LinkedIn lives here where they can hear from expert opinions and get those different perspectives so that they can start to distill and navigate what's the right approach for their, for their firm and who can help them solve and move towards those imperatives, those priorities that they're trying to achieve.

Speaker A: And this isn't just about firms of the future. This is happening now. Advisory is something that is needed right now. Already the marketplace is uh, aware that accounting firms can do so much more than just the data entry. And one of the things that I know was common before is marketing plans. If a firm was going to market then they usually have some type of marketing plan. Some have it very, very, uh, loosely. Others are a lot more strategic and detailed. But at some point they might want to be thinking bigger and more strategically and that's where you start talking about that go to market strategy. So tell me when's a good time to make that shift from the marketing plan over to the go to market strategy?

Speaker B: Okay Lauren, I think for all firms, all firms need to be thinking about go to market versus there's a difference between go to market and marketing plans. And all firms need to be thinking about a go to market strategy. So Lauren, your go to market strategy is your cross functional strategy. I like to call it your roadmap because it's a lot about doing. It's your cross functional roadmap about how you're going to reach, engage, acquire those clients, retain and grow those clients. So it's a cross functional roadmap which is going to involve different functions of the firm. So it's going to involve your client delivery teams, your service and support, your business development, um, whoever in your organization helps around determining the product and service offering. All of those folks have to work together because it's that cross functional plan that's going to help you bring those clients in, really retain those clients, get them to hopefully stay and spend more, refer for you and grow your business. So all folks, all firms need to be doing a go to market plan as opposed to marketing plans Lauren which tend to be very tactical focused, very short term, very tactical about visibility. Very much around lead gen which those are necessary components but they are not sufficient particularly given the way in which our buyers um, of accounting advisory services buy. So it's very tactical to very short term. Firms tend to rely heavily on email and social media as ways of doing so. There's nothing wrong with those. But again the way in which buyers are buying, they're spending a lot more time in the ecosystem with the groups, communities, talking to peers, talking to experts. So it requires that you're demonstrating that expertise. And you need to do a lot more than just getting visibility and awareness. You really have to go much deeper is what a go to market strategy can help you do.

Speaker A: And then part of what I'm hearing is that maybe uh, this is an evolution. You might, if you're first starting out, have the marketing plan where you're just doing the visibility, the lead gen. It's a great way to start out but then after all you want to be more strategic and that's where you're looking at how can your firm work together in order to reach, engage, acquire, retain and grow the clients? Because sometimes it's not just marketing m to get new clients in but it's about being able to increase the value of A client. And you might already have clients that want additional services so you can market to clients that are already working with you as well as developing, uh, the lead gen. Is that part of what the market strategy includes, Michael?

Speaker B: That is very much so. And your go to market strategy, um, and even in your marketing plans need to be grounded in delivering that advice, insights and recommendations because your buyers, that is what they're looking for. The research has shown that buyers of accounting and advisory services specifically are looking for expertise and depth of expertise to their key priorities. They want to know about the, you know, the ways to grow the business, what are the relevant solutions, uh, to develop new products and services. They're looking for that depth of expertise that will pertain to their accounting advisory practice. So your go to market, you have to be demonstrating that, delivering that to your clients and prospects in those channels, those ecosystems, those groups, platforms, publications where your buyers and prospects are seeking those advice, insights and recommendations. So that is integral and core. It's not just about to say Lawrence firm. Here's Lawrence firm. It's about delivering and demonstrating your expertise to deliver to what that accounting firm specializing in construction and trade can talk about the key issues that uh, owners of construction and building firms are looking for. You're demonstrating and delivering them advice and, and tips and value that are pertaining to those client sectors that you, that you serve.

Speaker A: Now one of the things that I enjoy talking about is what I call the golden rule of marketing, where you need to give before you expect to get. You want to focus on giving to them what they need, what's top of mind for them, what's going to grab their attention. So tell me about maybe buyers making decisions and how would that impact the conversations uh, someone in a firm might be having with a potential client?

Speaker B: Um, so buyers are very much um, very clear on what key objectives that they're trying to achieve within their organization. So they're often looking to build and grow their business. So they're looking on uh, wanting to understand, you know, what are the implications, what are the different uh, approaches in terms of financing, what are the ways they can go into new markets and grow their business. So the buyers are very much looking for um, very situation industry specific information to demonstrate that you as the advisory firm, the accounting firm, you understand my business, you understand my industry, you're understanding what I'm doing and you're going to give me um, solutions and advice, tips on the different approaches, what is best, how best to proceed. So they're really looking for that depth and specificity that you understand my business and you're going to be able to work and work with me and guide me and provide me the relevant recommendations on best practices, solution alternatives, strategy alternatives, key implications that are relevant to my objectives. If I'm looking to, uh, enter new markets, I'm looking to build and grow the business. I'm looking to acquire new clients for developing, uh, new innovative offerings that are very new to the marketplace. Um, you know, how do I go about financing those and what are the things that I need to be doing? Uh, they want that specialized, detailed advice to really help them based on what they're trying to achieve. So it's really about demonstrating that that is key criteria as to how they're going to determine whether I'll deal with your firm or I'm going to go with someone else's.

Speaker A: Okay, so anybody that's listening to us realize Michael did not say anything about managing bank accounts, closing out, uh, things at the end of the month to be able to tie it all up, wanting, uh, more reports. Michael was really emphasizing what buyers are looking for today is the advisory. They want you to be able to understand the data around their financials and then give them insights so that they're able to actually use it in a practical way to grow their own business. So once again, it is just an affirmation of what you offer is so much more than after the fact. Accounting people want you to know what those numbers mean so that you can help guide them so that they can move forward and have a stronger business. So with that being, um, said, where do you see maybe firm owners intentionally making things harder when it comes to attracting clients?

Speaker B: Um, things. Making things harder. A couple things. One, um, being all things to all people saying that you serve everyone. Uh, while that um, and I understand the mentality as an accounting advisory firm owner, doing so to the business owner and I work with a lot of growing businesses to the, to the md, CEO of a growing firm that can be a bit of a turn up because they're looking to build and grow. Um, like, um, you know, I work with a lot of technology companies. They're doing a lot of, of innovative models, new products, new, um, innovative business models. They want to know, does my accountant really understand it's going to help me because I'm looking to now scale the business, I'm looking to maybe acquire business. I need to have financing insight to what are the implications? Are they really going to, are they really going to be helping me to understand my world, what I'm trying to do? So Trying to be all things to too many people can be a big turn off because in this environment in which it's very competitive businesses trying to do lots of things, they want that confidence that you understand my firm, you understand my industry and you understand what I do and you have experience and you've got that expertise because they're really going to be relying on you as an advisor, as a partner. So being, so being all over the place is number one, I think that's, that's number one. Uh, number two, I think, um, not demonstrating enough that expertise, um, just going out and just doing some of these things on LinkedIn, some of these, you know, basic, very LinkedIn posts. Our buyers are quite sophisticated because they're looking to do sophisticated things in their business. So you have to give more, as you were alluding to, to demonstrate, you know, given the kinds of things that are priorities, for example to construction firm, construction firm owners, here are some key tips, some key approaches. You have to go deeper, uh, when you give, you have to go deeper, more specific. Demonstrating that expertise is another thing. So again that they really understand, okay, you understand my world, my business, you could be right for me. So those are two big things that I find. And the third thing is not understanding enough about their buyers. Three questions. Lauren. You must know who is the decision maker that decides which firm, what are their priorities and how do they buy, who are they talking to, what are they reading, who are they listening to, what events are they going to? You need to understand those things because irrespective of you're doing just a basic marketing plan or a proper go to market, you have to be focused on those buyers around their priorities, where and with whom m they are going to for that trusted advice, insights and recommendations.

Speaker A: Okay, so three things that uh, you can easily correct just because you now have awareness is that you don't want to be all things to all people. You want to be more discriminating about who you serve and who you don't serve and realize that yes, if you were doing bookkeeping, accounting, you could probably serve and help everybody. But uh, from a buyer's perspective, stepping into their shoes once again, they want to feel that you understand their unique challenges and situations in their particular industry. So they are looking for the specialist as opposed to the generalist. Uh, so that's the first thing and I just want to say it's counterintuitive. You feel that when you start to define your niche, it's going to make things harder, there's going to be less people trust Me, there's more than enough out there. Uh, by choosing a couple verticals, like Michael has three verticals that he works with, I have one vertical that I work with. It is more than enough. Um, and it's just a way to get started and really differentiate yourself. You can always branch out later on. The other thing is being able to demonstrate your expertise. They don't want surface solutions anymore. They're looking for you to go deeper into letting them know that you really understand their needs from their perspective, what's going on with them. Maybe some things that are trending right now or timely that's affecting their particular industry. So be okay with getting specific and going deeper and maybe even saying something that isn't common knowledge or counterintuitive to what everybody else is saying, if you know that's the best way forward. Feels risky, but it pays off. And the last thing is once again stepping into the buyer's shoes from their perspective and understanding how they're making decisions, understanding who they're going to, where they're going, what they're reading, um, so that they really feel that you have a sense of, uh, who they are, what's top of mind for them and what their priorities might be. So I really appreciate you sharing that because I think that we all need to get away from trying to be all things for all people. It's not an effective way to scale a firm and it usually is something that might backfire out down the road anyway. Um, so with that, uh, it also makes me think about so many firms when they are generalists. They all sound similar when you're looking at websites, when you're looking at what they're posting or how they're doing a lot of, uh, their marketing. And I want to get an idea as to maybe what would make a firm stand out as this is the firm that's grabbing my attention, I need to talk to, as opposed to one that might be able to solve the problem, but they're getting dismissed and overlooked.

Speaker B: So, uh, great question, Lauren. So again, that goes back to being able to stand out again if you can pick one or two, uh, industry segments, uh, areas that you particularly focus on and understand. Again, from a buyer's perspective, in terms of what are some of the key issues that their issues and or priorities that they are focusing on and grappling with, and then start creating some content around that, um, and the content that is relevant to, in terms of types of content they, they like to use. So that could be a short article, it could be doing something like a LinkedIn live here and you're sharing some five, a few tips. Uh, it could be also bringing some uh, peers together to talk about um, some of those key priorities and issues. So putting out that content and again making that available where your buyers are actually going for information. Um, so making sure so and beyond email and LinkedIn could many decision makers, leaders do not use social media. So what are those industry publications? Um, are there industry publications, industry professional association, are there online groups? And Lauren, you can take one piece of content, write a short article, but it's about the powers in the distribution. So sure, social media, your email list, but get it out to that industry publication. You can even take that same article and use it as uh, talking points. Some of those Talking points for LinkedIn Live for a webinar, sharing it with some of your strategic partners and members of your network and asking them to share in their newsletters. So it doesn't necessarily require doing a lot of content because the power is in distribution, but in those right people channels and platforms where your buyers are going for, for information. One thing I'd like to add Lauren, you need to find out how that's done and the way to do that is just have some short discussions, um, you know, some short quasi interviews with the decision makers of the clients you currently um, serve and if possible some that you seek to serve. A 20, 30 minute Zoom call and you ask some key questions will give you great insights as to what are their key priorities and challenges. Now, where are they going moving forward and gaining an understanding of where they go to, you know, where are they memberships of, you know, what mastermind groups are they a member, what are they reading, what events are they going to, who are some of the industry influencers and experts that they like to listen to, what podcasts are they listen to. Getting those pieces of information will give you guidance on what topics you want to be talking about and then where you need to be visible and attend and getting your articles involved in where you want to promote your webinars, where you might want to be speaking, etc. 20, 30 minute conversation, Lauren, with just a few of your clients will give you a wealth of information to really build that go to market strategy to drive the growth of your business.

Speaker A: Then one of the things I want to really um, reinforce is that you know, you might not need to be on TikTok, Instagram, Facebook and all those things. It depends on who, which industry you're working with and also what size corporation or business that you're working with. If it's maybe the smaller mom and pop, then social media might be the place that you're uh, going to be able to get out there and connect with uh, your potential clients. But if you're talking about corporate businesses, they're not on social media, they are going to industry conferences. Uh, one of the things that you mentioned also is masterminds. There's a lot of industry specific masterminds. So you want to be able to figure out who those people are that are leading these businesses forward. So that's something to think about. And the other thing is repurposing. If you're coming out with content, then realize that you can slice and dice it in many ways, different ways. It could maybe be social media posts, it could be then a blog post, it could be on an industry platform where you're a contributing author. There are so many different ways to be able to take one piece of content and have it be multi purpose so that it's once again you're thinking your thoughts, getting out there with your expertise. However, it's going to be a more effective use of your time because I know is it for a owner you are already stretched thin. And speaking about being stretched thin as a firm owner, any suggestions on how to get started or maybe what to focus on over the next quarter now that we're wrapping up business season so that they can start to get traction?

Speaker B: Uh, great question Lauren. I think a great plus great place to start is to pick a list of um, pick you know, half a dozen clients, um, half a dozen decision makers and set up some short, you know, 20 minute Zoom call for them or in person, whatever works best for you to have a discussion to find out where are they at now, where are they looking to go moving forward, you know, what are those key priorities and issues for them? Uh, and gaining an understanding, making sure you understand those priorities, but understanding to help them address those priorities. What are they reading, what are they membership members of, who are they talking to, where are they going, gaining that understanding because that those insights will then help you lead to what's that first piece of content? What's the right topic that I need to be talking about? Uh, that you can create that and then how best to distribute it. Because you're repurposing, your distribution needs to be driven by where your clients are going for information. And for some it may be very tight that Maybe it is LinkedIn or maybe it's just about tapping into your local uh, business association because that's where a lot of your clients Go. So starting with having a discussion with half a dozen of, uh, some of your, uh, clients, um, and if you could even, uh, as well include a prospect, one that you haven't had yet as a client, but you're hoping to get on board because you get great insights to understand what will it take to make that person come on board. So having, you know, you know, six to having a dozen, if you can get a bit more, even better discussion with buyers to understand what are their priorities, where are they at now, where are they going and then what are they doing, how do they go about getting advice and insights for those key priorities? Who are they talking to, where are they going, what are they listening to? Those insights will give you a clear roadmap of where you need to focus on in terms of what you need to, uh, talk about and demonstrate your industry expertise and where and how you need to make that visible, uh, in a very efficient, time effective manner that makes sense for your business and make sense for the clients, the buyers that you're seeking to serve.

Speaker A: And I want to say that a lot of times when I hear, uh, something like this, reach out to your clients, talk to your clients, firm owners will say, I don't want to reach out to them. They're busy. I don't want to interfere with them. I'm going to let you know that if you've been making a difference for them, if you've been working with them for a long time or you've done something impactful, they are happy to have this conversation with you so that you can get these insights into what's going on with them. The other thing that comes out of it is that you become aware of their priorities. Maybe it's going to spark something that you can do for them that we, you didn't even think about before and that can actually even lead to some additional new business or working more closely with that particular client. So think about who are your best, maybe six clients look at one particular prospect to be able to get a, uh, different point of view. Also, Michael gave you great questions for being able to have understanding about what's going on for them and their priorities and where they go for, uh, information. And then this helps to inform you how to strategically focus on that first piece of content and where it ought to go. So Michael, one more thing that's coming to mind is if these firms want to start moving away from solely the compliance work into the direction that firms are now going with, uh, advisory, then any way that you see, uh, helps them to Shift the way clients see them so that their current clients stop looking at them as just uh, a tax preparer or a bookkeeper or an accountant, and now starts to be able to see them as that strategic partner.

Speaker B: Great question, Lauren. And that goes back to understanding your buyers. So to understand, to determine where and what advisory. Because advisory can mean different things to different business owners. You need to put your business advisor hat on. So you need to talk to. Again, this is where those discussions with your buyers come in. Where are you looking to go? What would add value? Uh, you know, what are your key objectives? Mr. Or Ms. Owner, what are your key objectives? Now, what additional things could I provide that would help you achieve that? Again, having those discussions will help you identify what kind of topics and where. Do they need help? Do they need help with strategic planning? Do they need help with technology? Do you need to be a connector of them to other people in the ecosystem that will determine where they need the value add, which will then determine the kinds of advisory services that you need. Because different business owners are going to look for different things. Some want more strategic, some want more of a strategic financial. Some want technology, some want a little bit of all three. Some are looking to go into new markets. So they're looking for connectivity for other associations, peers. That is the driver. Your advisory services are determined by what your clients are seeking to achieve. That determines the nature of the advisory services, how broad or how narrow those are going to be, as opposed to just pulling out things randomly. It all goes back to understanding buyer intent, buyer priorities and direction that will determine what you need and then marrying that up with your, your capabilities. Obviously that will determine how you move forward. As to what is advisory, then the

Speaker A: main thing to look at for firms that are ready to move away from solely compliance and start to build out, the advisory side is not just think about after the fact that, uh, with the bookkeeping, the accounting, uh, the taxes, but now thinking about how can you help them achieve something that's important to them? Uh, what is something that would add value so that they can make better informed decisions? Maybe understand the key objectives so that you can think about what is that you can contribute so that they're more likely to have that success, how you can really be a partner with them as opposed to just being seen as the technician. So think about the main question is where do they need help and how you can assist them in achieving something that is top of mind and a priority for them. Michael, anything else that you feel we need to touch on that we might have Missed?

Speaker B: Uh, no, I think we've touched on all the key points. I guess the last thing I just want to say it's about maintaining relevance from a buyer perspective. Again I deal with a lot of growing companies, uh, not necessarily just necessarily scaling, but ones that want to grow, go to the next level and repeatedly. And this is from talking to clients of accounting advisory firms. Their concern, because I've done a number of depth interviews, they're often concerned is about the relevance of that current advisory or accounting firm in terms of being able to meet their objectives as they're looking down the road of phase two, phase three of the business, whatever that might be. Uh, you need to demonstrate that understanding and that relevance because that is the concern and that's what leads them often to shock alphas. Not that you're not good at what you do is that well I'm thinking about X. Can they really do it? Do they know how? Do they have the capabilities? So you need to understand that so that you can demonstrate, show your relevance, show your expertise for where they are looking to go. Because that is what I'm finding is a big gap is that clients prospects are concerned about the relevance of their current providers.

Speaker A: I absolutely agree with you Michael. We made some really uh, interesting points. I appreciate everything that you shared and some of the things we touched on is about today's bio research evaluating how accounting firms uh, are able to understand their potential clients better before reaching out what's top of mind for them, uh, that clear go to market strategy and that it is so much more than just a marketing plan, uh, and practical ways that your firm can go ahead and build trust, increase credibility and relevance to attract higher quality clients. So Michael, thank you so much for joining us. If somebody wanted to reach out to you, have a further conversation. What's the best way for them to connect?

Speaker B: Okay, there's two ways you uh, they can connect with me. Uh one on LinkedIn. I'm always very active on LinkedIn. Um, they also can uh, go to my website, listen innovategrow.com so either LinkedIn or my website, uh, on the website there are a number of tools including my free playbook. The link will be in the show notes, uh, and it's uh, a playbook which is about how to build and grow your uh, B2B professional service firm. And it's written in the context for accounting and advisory firm leaders on what are the strategic but yet very practical, action oriented, buyer driven things you can undertake to understand, build and grow your firm so you can acquire, retain, and grow those clients that you seek.

Speaker A: Thank you so much. That is so generous of you to offer that, uh, with just giving them a way to be able to kickstart this process. This is Lauren Fogelman with Business Success Solution, showing accounting firm owners how to be able to double their income working half the time.