|
In ways that were simply unimaginable only a few, short years ago, professional practices now have remarkably easy and affordable access to local and global markets, regardless of their sizes or locations.
The choices and opportunities, in fact, are boundless – websites, blogs, direct mail, advertising, business presentations, newsletters, public speaking engagements, press strategies, branding, publications, marketing materials and so forth.
|
|
|
As a result, the challenge is actually to narrow down the options to identify the ones that are the best fit for your practice:
-
Should you develop a website?
-
Should it be optimized for search engines?
-
Should the website be developed in conjunction with a print advertising campaign or should one be prioritized over the other?
-
Is direct mail more effective than advertising?
Customized marketing plans deliver impact
A professional, customized marketing plan will optimize your difference, your clients and your budget in order to achieve the unique set of goals you have for your practice.
To illustrate this point, we will explore two “composite” case studies, each of which explores a specific business development challenge in small to mid size professional practices.
Case study: Targeting a specialized industry
Business challenge
Miles Smith had been working steadily as an independent, corporate accountant for the past eight years. As time went by he found himself becoming more committed to his work in the entertainment industry because of a long-time, personal fascination with films and documentaries.
When he began to seriously consider giving heavier focus to this preferred area of practice, he realized that although he had a number of loyal clients and referral sources in the entertainment sector, he would need to make a more concerted effort to truly build in this direction. What he didn’t know was how to get started.
The marketing plan
Miles was a little overwhelmed with all the new technology and marketing possibilities available to him. He reviewed all his options with his consultant in order to see which would be expected to deliver impact.
Through their deliberations it became apparent that the list of companies Miles wanted to target was narrow and focused. That being the case, the easiest way to reach this audience would be by contacting them directly with a series of strategically branded, informational brochures that would be distributed by mail.
He also modestly updated his small, existing website to incorporate some of the key design features that were created for the brochures and thereby created consistency in his public image and brand identity, with minimal additional cost.
Results
The response rate to Miles’ direct mail campaign was slightly higher than anticipated. The success was attributed to a number of factors: highly relevant and current content, a well-qualified mailing list, the added credibility of his renewed Internet presence and the personal touch of his follow up, introductory phone calls.
In addition to the new enquiries resulting from the mailings, Miles was pleasantly surprised to find that he was receiving a higher than normal rate of referrals. Upon further investigation he discovered that several clients had been handing his brochures out to their own networks.
A year into this new direction Miles managed to leverage his investment in the brochure series yet again. He used them to create a public relations kit with which he was able to develop two speaking engagements at upcoming entertainment conferences.
Case study: Expanding a small, rural, personal tax practice
Business challenge
Sam, Corinne and Lila had worked as partners in their Milton, Ontario chartered accounting offices since they gained accreditation three years ago. After modest initial successes, they were committed to growth and to taking their practice to the next level.
It was clear that they needed to take a more proactive approach to building their client list.
The marketing plan
After consulting with a marketing advisor, they decided to focus on the Internet as their primary marketing vehicle.
They focused their marketing efforts on a specific target market - residents of the GTA seeking an accountant to handle their family’s personal tax requirements.
Given the ability of the Internet to reduce the impact of geographic boundaries, they were confident that with an enhanced web presence, their firm’s low-hanging fruit was actually to be found in the consumer market throughout the entire GTA.
They built a highly optimized and appropriately branded website that was easily found via Internet search engines like Google and Yahoo. In their online presentation, they emphasized their GTA presence and the firm’s practice of utilizing email and facsimile to maintain contact and meet client requirements.
In addition to developing a website, the partners also developed an informational weblog (also known as a blog) to post current news and updates about income tax along with helpful, general tax-planning information for consumers.
Cumulatively, they utilized these two Internet properties to elevate their profile and reach to prospective clients throughout the GTA (and beyond).
Results
Enquiries to the firm started to increase in a stepping pattern approximately four months after the website project was completed, mirroring the rate at which their firm’s website was climbing search engine results.
At six months post-launch, the firm was receiving approximately one call or email via the Internet from a new, prospective client each day.
Once the blog was launched, the firm also began to receive the occasional media call.
Over the next three years, Lila and Sam had each been profiled in a local newspaper and Corinne had co-hosted a call-in radio program on tax questions. This media profile, while remaining low-key, subtly increased the confidence that qualified prospects had in the firm’s capabilities.
The firm continued to receive an increasing volume of new client enquiries and its close rate with new prospects continued to dramatically improve. The practice was well on its way to achieving financial and staffing goals for their suddenly prominent Milton-based accounting practice.
In fact, they were joining the media celebrities of the Ontario accounting world!
In conclusion
Each of our “composite” firms was able to leverage a combination of its existing strengths and opportunities to develop a professional, customized marketing plan.
Their initiatives delivered impact and results.
They did it by harvesting their prized, low hanging fruit.
How can our
business and marketing consultants contribute to the development of your
practice?
At Bekhor
Management in Toronto, our difference is our ability to extract,
build and promote the existing strengths of a professional practice with
practical, compelling and enduring business
and marketing strategies that contribute to the direction and
pace of practice development.
Contact
us by email
or by telephone at (416) 969-9600 for an initial consultation without
fee or obligation, if you are professional in Toronto or the Greater
Toronto Area (GTA) and are interested in building a better practice.
|
