CPAs may know their dollars and cents, their rules and regs, their 1040s and 10-Qs and their QuickBooks and MAS 90, but when it comes to marketing, they’re too often learning by doing, which too often means learning by doing it wrong.

Marketing’s a profession unto itself, and the thread between marketing and the money-numbers game is long, thin and tenuous. Practitioners know they need to market, but they don’t always know what works and what’s money down the drain. In this slowing economy, it may pay to know the difference.

I have a feeling a lot of practitioner-marketers share the frustration of Edward Gorz, a sole practitioner, who says, “I just started and not much has worked yet.”

Richard McCoid, also of a very small firm with zero marketers on staff, reported frustration as well. “Despite flooding the print media with ads,” he said, “there has been little response.”

No doubt about it, when it comes to marketing, there’s more you can do wrong than right. Hoping to help folks avoid the cost-ineffectiveness of trial-and-error, we polled our readers in search of advice on the art
of marketing.

One big question was about plans and target markets. Out of more than 400 respondents, a strong 71 percent said they target niches or specialties rather than the barn-wide target of the general public. Only 25 percent, however, worked from a written marketing plan, and of those, only 28 percent reviewed their plan annually. Forty percent implemented personalized marketing plans.

Most firms use their partners and professionals to generate new business leads. Just under half of the respondents said that “some” of their people generate leads. While 21 percent said that all were involved, only five percent said that none were involved.

And here’s a real shocker: 51 percent said that they were less than satisfied, or not at all satisfied, with their firm’s performance in marketing and business development. Less than half (47%) were satisfied or more
than satisfied.

Hmm … roughly half of all firms don’t use all their professionals to generate business and roughly half are dissatisfied with their firm’s business development. Do I need to say something about that or should I leave
it unsaid?

We asked what firms are doing to bring in new business. The most common response was “word-of-mouth,” which could be interpreted to mean “We do nothing. We depend on others to do our marketing.”

Word-of-mouth is fine if it’s actually happening. But the vast majority of respondents said their firms were doing something more proactive than waiting for word to spread.

Joe Eckelkamp, owner of a CPA firm, makes an effort to inspire word-of-mouth. He says he does “public speaking on specific topics related to our target markets.” He also tells clients that he’d like referrals of
specific types.

Eckelkamp’s objective isn’t quantity but quality, “replacing less profitable, more troublesome, more unappreciative clients with clients who are a ‘better fit’ for our objectives as a firm.”

Several others expressed the same general idea ... networking through speaking engagements while aiming at preferred niche markets.

Jim Falgout, managing partner of a very small public accounting firm, said he stays active in “certain organizations,” and several other professionals emphasized involvement in trade associations and the community.

Ravi Chandar does telemarketing. And he’s smart. He targets “clients in certain niches who are experiencing phenomenal growth in business.”

An anonymous sole practitioner grows business by looking for resumptions from former clients. He or she also expands by sticking with existing clients who are “venturing into new exploits and new — even international
— markets.”

Sue Medicus, manager of a micro-firm, just said “guerilla marketing,” though, in the way of smart guerillas, she didn’t reveal her tactics.

The rest of our respondents’ advice could be described as “assorted.” All of it sounded sensible. Referrals from bankers and lawyers. Weekly marketing meetings with staff. Direct mail. Defining the ideal client. Running Internet ad words.

And best of all, from Karen E. Ingalls, “Good business practice resulting in good referrals.”

Fortunately, we’re in a high-demand business. But doing a good job is the prerequisite to everything else.

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Copyright © 2008 CPA Trendlines/BSG LLC. All Rights Reserved. Used by Permission. First published by the AICPA.