marketing & sales

accelerate your success by becoming a thought leader

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distinguish yourself from the competition by being the go-to pro. 

by russ alan prince

accounting services are commoditized. however, this does not mean that all accountants can deliver the same level of expertise, but it does mean that better accountants can provide better expertise. what is more telling is that clients—both individual and corporate clients—are usually unable to discern the quality of the accounting services they receive. for most clients, it can be tough to differentiate between accountants when it comes to filing tax forms or providing tax advice.

 

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for higher-margin practices, the competition for clients is intense. for example, one of the most significant growth areas for accounting firms is having a family office practice. the wealthy—especially the ultra-wealthy—are regularly choosing to work with family office practices over other providers. furthermore, the profitability of a well-run accounting firm’s family office practice is significantly better than most other practice areas. with so many accountants positioning themselves to provide family office services, even with exploding demand, some will seriously underperform.

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why accountants fail at wealth management

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due to one reason. and it’s a big one.troubled businessman adobestock_73444359 1000w copy.jpeg

by russ alan prince

a growing percentage of accounting firms have wealth management practices by one name or another. most of these practices provide investment management services, life insurance, or both.

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but an estimated 75% to 90% of these wealth management practices are severely underperforming.

the reason why is both simple and difficult.

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the four phases of service life

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chart of a product life cycleplus the effects of a late mature market.

by august j. aquila

there is an important concept in marketing that provides companies with tremendous insight as to what they can expect for their products or services in the marketplace. it’s called the product life cycle and, sooner or later, all products and services will go through the complete cycle. as they do, several external and internal factors change. the accounting industry and the services it provides are no different.

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as this figure shows, the product life cycle is divided into four distinct phrases: introduction, growth, maturity and decline. the most important thing to remember about the product life cycle is that it is intimately tied into the sales of that product or service. it’s important that a firm’s marketing mix change during the life cycle of its various products.
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