It's time for accountancy partnerships to be measuring the return on investment from their marketing
Gauging the return on investment of marketing activity is a fundamentally important metric
for accountancy firms looking to grow, yet practices
we meet struggle to know whether the amount of time and money they spend on marketing is producing an effective return.
Some only measure short term metrics (eg the number of people opening the quarterly newsletter, or "bums on seats" at the Budget breakfast), and at many there is almost no measurement or assessment at all.
It is a common problem, but it needn't be this way. After all, many B2B businesses have good metrics and a clear idea of the effectiveness or otherwise of their marketing spend. Similarly accountancy firms are usually really rigorous in their keeping of timesheets and measuring billable hours. So, why should marketing conversely be treated as a big unmeasurable?
Successful marketing is fundamental to your accountancy firm's growth. Without it you do not know whether you are spending effectively or whether investing more will boost growth. Discussions around effectiveness and budgets end up being dominated not by facts, but by war stories and gut feel.
Many accountancy professional partnerships consequently under-invest through not having a clear idea of what benefit their marketing is bringing, and their growth suffers as a consequence.
To help give partners the ammunition to start having better discussions about measuring the effectiveness of their marketing, and ultimately its ROI, we are writing a series of blogs looking at different aspects of marketing and providing thoughts how to quickly ascertain if your marketing activity is effective or not.
Our blogs in this measuring marketing ROI series include:
- Is my firm's website generating an ROI
- Is our PR working?
- Is my email marketing working?
- Are my firm's events worthwhile?
- Are our newsletters and content effective ?
- Is my marketing function generating a good ROI ?
These marketing ROI blogs can be accessed via this link. They are written for a range of professional firms, and especially with accountancy firms in mind.
I hope you find them interesting and useful.