Today’s CPAs are providing services beyond just tax and audit. They are providing personal financial planning services, assurance on sustainability efforts, cybersecurity advisory services, and more. While CPA firms are quickly advancing beyond traditional financial services, public perception of what CPAs do hasn’t moved quite as fast. So, if your firm is moving beyond tax and audit, how can you grow an audience that recognizes you for your emerging service line?

1. Do your research.

The first step is to fully understand the industry you hope to serve. That’s why Joe Kovaks, APR, Director of Marketing and Business Development for Councilor, Buchanan & Mitchell P.C., recommends doing extensive research before beginning your marketing efforts.

“A firm needs to ask itself why it would extend services. It’s easy to get excited about doing something new, but first make sure you understand the market and the market potential,” Kovaks says. He recommends industry reports such as Business Network International (BNI) for understanding specific markets.

“You have to learn about your target audience. Learn how they congregate, what communications tools they use, who the influencers are in these communities. It may not be exciting, but it is crucial. This takes time. It isn’t a rush job,” he says. Even before you are ready to market yourself, networking events are one great option for research.

“I used to belong to an alliance where the managing partner of a firm would set up a series of breakfast and lunch meetings in industries he wanted his business to make headway. He wasn’t selling, but was just learning about the industry, the businesses, and the people,” Kovacs says. “That way, when you do start rolling out marketing tactics, you already have a network of people you can invite.”

2. Establish yourself as a niche expert.

Craft breweries might seem like a narrow niche, but the firm Small Batch Standard has found a successful business line providing consulting, accounting, and financial strategy services to this industry. One way Chris Farmand, CPA, Managing Member, has established himself as an expert in this field is through free and specialized products that address breweries’ specific business needs.

His firm offers a downloadable guide for increasing taproom sales, a whitepaper to help breweries sell their business, a weekly e-newsletter, and an online course. To access these products, individuals must provide an email address that Farmand then uses in future marketing efforts.

“Start putting out a monthly or biweekly e-newsletter with articles and information about that niche. Email it to people and become known,” Farmand says. “You have to be active, and building that email list is important for building that network and establishing yourself.”

Another way to build up your niche network is by partnering with existing thought leaders within it. Volunteer to guest-write an article for an industry blog, be interviewed for a podcast, or speak at a conference. Let industry magazines and websites know that you are available for interviews as an accounting expert for their audience. By doing so, you can build up both name recognition and a potential client base, while also positioning the profession as one that offers more than just tax and audit services.

3. Create relationships.

For niche industries and startups, relationships can be just as important – if not more so – than a well-established business reputation.

“Relationship 2.0 is critical for growth in this profession and removing yourself from being just the tax return and audit guy,” Farmand says. “Marketing for CPA firms has not changed enough. We go undercut our competitor. ‘Let me steal your client’ type of thing. The younger business generation is not down with that. The younger generation wants relationships.”

How can you get out of the hamster wheel of undercutting and being undercut? Make time for face time. Be seen at networking and social events relevant to your industry. Think beyond hospital openings and chamber of commerce events to activities like trivia nights and wine tastings that are being hosted by leaders within your target audience. Or consider organizing such an event yourself.

Of course, don’t forget the basics like making yourself available, responding timely to phone calls and emails, and giving clients your full attention. That means not checking your email, replying to texts, or otherwise multitasking while talking to clients, either on the phone or in person. These steps, while basic, are critical for developing and maintaining lasting relationships.

4. Promote yourself online.

In today’s marketing environment, an online presence is an absolute must. First, make sure you have the basics covered. Your owned media – including your website and social media accounts – should be up-to-date with contact information, services offered, and logos. Information and branding should be consistent across all platforms. Also verify that any online listings, such as those on Google and White Pages, include your correct contact information.

Next, make sure your paid online efforts are aligned with your marketing objectives. Are you trying to raise name recognition in your community? Paid ads on Facebook that are targeted by location can generate many impressions. Are you trying to reach a specific business audience? LinkedIn might be a better option, since you can target by job title and industry more consistently than on Facebook.

Third, make sure your online marketing meets your target customers where they are. For example, if only 12 percent of your website traffic comes from mobile devices, a mobile app is probably not the best place to invest marketing time and dollars. In addition to knowing what devices your audience is using to find you, you also need to know what words they are using. Remember, your target audience may not associate your specific service line with the accounting profession. Thus, if you use Google AdWords, use keyword search terms that align with those your audience uses. A potential client is unlikely to search for “sustainability assurance services,” but may search for “sustainability in your business” or “how to show my business is meeting sustainability goals.”

Google Trends can help you identify specific search terms. For example, “cyber security services” is a more popular search phrase in Texas, whereas “cybersecurity services” is more popular in California.

You might also consider listing your competitors’ names among the keywords listed among your AdWords. This way, if a potential customer searches for a competitor, your firm will come up at the top of the search results list.

5. Don’t forget traditional marketing.

While online marketing is essential, don’t forget about traditional marketing efforts like brochures, up-selling, and word-of-mouth referrals. They still work.

For example, if you offer tax services, talk to your clients about personal financial planning. If you already provide audit services, talk to your clients about the benefits of sustainability reporting. These clients may not be aware that such services are even available, much less the benefits they can provide.

And don’t reinvent the wheel. The American Institute of CPAs offers free materials you can co-brand and use in your own marketing efforts. Check out the AICPA’s Private Companies Practice Section for marketing toolkits and other resources.

Finally, make sure your colors and logos are up-to-date, visually appealing, and align with the service you are trying to sell. For example, if you’re specializing in sustainability reporting, a green logo would likely make more sense than a red one.

6. Be patient.

As with all marketing, don’t expect an immediate return on investment. It could take months to years from the time a new client first hears about your firm to the time they engage you for services.

“If there is an established market or one that is highly competitive, it is going to take even more time to become known and trusted. You have to be patient,” says Kovacs.

During this time, continue publishing a steady stream of content and making yourself visible. The daily social media posts, monthly newsletters, and attendance at industry events will help keep you top-of-mind for future clients.

By undertaking these marketing efforts, you can help grow your client base and increase public perception and awareness of the CPA profession’s emerging services.

Lindsay Patterson, CAE, is Senior Manager – Communications and Public Relations with the American Institute of International Certified Public Accountants. Contact her at lindsay.patterson@aicpa-cima.com.

This article appeared in the winter 2019 issue of the WashingtonCPA Magazine. Read more here.