What are the most successful marketing initiatives/strategies that are being used in the accounting professional to generate viable leads?

This was the recent question posed by the CPA Leadership Institute, of which I reside as an expert panelist.  My answer is below:

There is no doubt that one-on-one relationship building is the key to successful marketing/business development among professional service providers;  that said, at TIERNEY Coaching & Consulting, we have identified four key areas that, with regular focus and commitment, are a sure guarantee for growth as far as growing a specific niche (industry / target “ideal” client or service area) and they are:

Current Clients – this is the lowest hanging fruit for most providers;  clients should be checked in with regularly to identify additional services/needs and to ask for meaningful introductions

Hot Prospects – this would include former bids and lost clients;  dream clients that you would love to have in your client list – write down a short list, perform research and reach out – at least 5-6 times over the next 12 months and see what happens

Referral Sources – these few folks touch your target audience – maybe 10-12 potential clients each month;  having regular meaningful exchanges with a short list of folks (start with whoever recommended you over the last 24 months) will certainly lead to more business

Target Organizations – selecting one or two organizations where all of the above regularly congregate is a no-brainer to increase your visibility and grow your practice;  consider a speaking engagement, attend monthly networking events and / or joining a committee within the group

Concentrating on these four areas – by communicating regularly with them about the service you provide and the value derived from them – is a sure way to grow your business effectively.  It just takes commitment and focus.

What is a Mission Statement and Why do I need one personally?

A mission statement for a firm or a company is an explanation of the core values of the organization.  Examples of what might be included are "outstanding client service" or "dedication to the continuing education of our professional staff"...

I believe it a valuable exercise to calculate a personal mission statement as this is a means of understanding what motivates you and what your priorities are.  A good mission statement I think reflects the personal as well as the professional.  For, as I have found, when they are in agreement, life is grand.  How are your personal core values reflected in your work?  Another way to think about this having a personal ‘tag line”.

My personal mission statement is:  Using Personal Influence towards Positive Change.

TIERNEY Coaching & Consulting’s mission is to provide inspiration that motivates change. (This also serves as the company’s tag line).

Are your Core Values Reflected in Your Behavior & Actions?

As I have been putting together presentations, articles and talking points for roundtable discussions, I am reminded about how important it is to have a genuine connection between what you stand for intrinsically as far as your mission statement and how that is reflected to the outside world.  When there is a disconnect between the two, the disharmony is often spread wide and deep – almost palpable. 

Crafting a personal mission statement is a great exercise for everyone to try – I recommend it for many of my clients.  Usually a personal mission statement that is written from a personal perspective should also be carried over and apply to your professional personal mission statement  as well.

Corporate America, take note!  Your company or firm should also have a mission statement – or a short list of core values and IT TOO should be reflected by the policies, compensation structure, and in peer recognition throughout the organization.

Ask one of your professional staff – at any level in the organization – to state even part of the company’s mission statement or list one of the firm’s core values – and see what they say.

What is a mission statement you ask?  Stay tuned…we’ll cover that in the next post.

The Power of Personal Branding

If you focus in a specific area, such as SALT or high net worth individuals, how do you find your ideal client? When it comes to following through on your marketing plan-where is your time best spent?

If you think of yourself as a brand being marketed to your ideal target client, following through on your marketing plan will be a fun and painless process.

First, ask yourself "Where does my ideal client go for the kind of information that I can provide?" If they are reading blogs, then blog, if they are attending monthly networking events - physically go to those meetings each month.

Second, while we at TIERNEY Coaching & Consulting will always encourage you to step outside your comfort zone, it's important to do what you enjoy and what comes naturally to you. It was Dame Edith Sitwell that said, "If one is a Greyhound, why try to look like a Pekingese?" If you hate speaking, most likely you will not be an effective presenter; if you like to write, then go for it. People are good at what they enjoy so have a good time marketing!

There is an incredible amount of freedom in being your own brand, with the ability to change and evolve as your interests and the interests and needs of your clients change. Just imagine if Apple had not evolved!

The Importance of a Great Value Proposition

One of my clients recently introduced himself at a networking event.  It was one of those events where everyone was going around introducing themselves, staring down at their shoes  -  most before him stated their name, the firm/company and how many offices they had – nothing very earth-shattering.  When it was my clients turn, he smiled and made eye contact, moving his gaze to those around him – explaining what he did, for whom he did it, and the value he delivered.

The next guy said something like, “Well, that’s a hard act to follow!” My client explained that he had been working with a business development coach and he had worked to figure out his value proposition and had been instructed to rehearse it until it flowed naturally from his lips – with a smile.  (Truth is, I used to call him out of the blue and demand “What’s your value proposition?”  He initially laughed – then he stammered…trying to remember it.  Finally, he had enough so he crafted it perfectly to suit him – wrote it down on a post-it, and kept it all over his office.

Now he introduces himself with more confidence than ever before.

Do you know your value proposition?