CPA Firm Marketing: Big 4 CPA Firm Marketing Nightmare Is a Bonanza for Small CPA Firm Marketing Eff

20 October 2005

The troubles at the world’s largest CPA firms don’t seem to be going away anytime soon. Lawsuits, criminal indictments, federal watchdog scrutiny and shrinking client lists — all are contributing to a “CPA firm marketing nightmare” for what were once the behemoths of the consulting and accounting world.

But while woes continue to mount at the Big 4, a growing marketing bonanza is being reaped by the smaller CPA firms that have the right marketing plans and systems in place.

Small CPA firm marketing efforts need to focus on what the Big 4 are doing wrong and capitalize on their weaknesses. Things like fee increases of over 100% in the last 24 months, the Sarbanes-Oxley Act, rising client dissatisfaction, and the encroachment of non traditional firms (H&R Block) into what was once a sacrosanct sector of professional services are all having a profound impact on client perceptions of the CPA professional.

Patrick McEvoy of CPA Marketing Best Practices (www.cpamarketingbestpractices.com/blog/) cites ten reasons why you need to “beef up” your small CPA firm marketing efforts going into 2006:

1. CPAs have always been susceptible to fee pressure. The Big 4 have raised rates more then 100% recently. Now is the time for your CPA firm marketing efforts to focus on value for money returns to the client.
2. Big 4 firms have not been able to provide attractive pricing models for all clients across their total client bases. These “gaps” open tremendous CPA firm marketing opportunities in specialty and “niche” services.
3. The Big 4 firms are focusing their marketing attention on large Fortune 500 companies. Small CPA firms to focus their marketing on the large “privately held” companies that don’t seem to hold the glamour attraction for the Big 4 that public companies do.
4. Clients are willing to switch. Grant Thornton, BDO, and RSM McGladrey have picked up 417 ex-big four clients according to a recent article in AccountingWeb. Your CPA firm marketing efforts are being received by an obviously receptive audience right now.
5. Public company audits are no longer the sole hunting ground of the Big 4. That doesn’t mean you’ll land the General Motors audit. It does mean that you can go after the hundreds of much smaller publicly traded companies out there. Put some of your CPA firm marketing budget into this sector if your firm has the manpower to do the job.
6. Aim some of your CPA firm marketing budget at the small business owners in your area. A lot of these firms are clients of the Big 4. Discuss their recent bills from their Big 4 firm. Show them how you can do better.
7. CPA firm marketing has traditionally been boring and brand driven. The large firms are still using this approach. Get creative. A creative CPA firm marketing plan will help you stand out above the “me too” blandness of the Big4.
8. Look at targeting some of the larger second tier firm clients in your CPA marketing plan. After all, Grant Thornton, BD o etc. will be raising their rates to what the “traffic” will bear.
9. Do direct marketing. Get on the phone (or hire some one else to do it). Now’s the time to contact potential clients directly and in person. They’re tired of watching TV ads about how “Big” the Big 4 are while also seeing bad news report after bad news report about their accounting firm and “trusted advisor.”
10. You’ve got a better reputation in your local community. Small, local community firms are always perceived as being friendlier. Focus your CPA firm marketing efforts on that.

All in all, make your CPA firm marketing efforts more personable. The biggest weakness of the Big 4 has been their arrogance. Now’s your chance to capitalize on your strengths.

Proven integrity and friendliness. Put that in your CPA firm marketing plan and watch things soar in 2006.

For more information about CPA firm marketing best practices and how to ramp up your firm’s growth, go to www.cpamarketingbestpractices.com or call (519) 752-2669.

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