Trends and Insights

Using Technology to Elevate Accounting Marketing: Exploring Digital Tactics Used by High-Growth Firms

Adopting advanced marketing technologies is transforming how firms engage with clients, develop their brands, and gain a competitive advantage.High-growth accounting firms are at the forefront of this revolution, leveraging cutting-edge digital tools and data-driven strategies to craft marketing campaigns that are innovative and highly effective in attracting and retaining clients.

The "2023–2024 AAM Marketing Budget Benchmark Study," conducted by the Association for Accounting Marketing (AAM) in partnership with Hinge, reveals that high-growth firms are expanding at an impressive annual rate of 29%—a pace five times quicker than their low-growth counterparts, who reported a growth rate of just 5.79%.

High-growth firms' marketing tactics highlight technology's role in amplifying their marketing efforts and outcomes. Using analytics, automation, social media, content marketing, and other digital strategies enables high-growth firms to target their audiences more accurately, engage with them meaningfully, and convert these contacts into lasting client relationships.

Unlocking the Secrets of Growth

The "2023–2024 AAM Marketing Budget Benchmark Study" shed light on the marketing tactics that set high-performing firms apart. These firms effectively position themselves as industry leaders by employing a multifaceted approach that includes:

• Strategic Technology Integration: High-growth firms excel in the agile integration of technology. This is reflected in data-driven marketing strategies, advanced analytics tools, AI-driven solutions, and software that optimizes campaigns. Investing in technology is a force multiplier, allowing these firms to stay ahead of industry trends and cater to evolving client needs.

• Robust Content Marketing and SEO Optimization: High-growth firms invest in creating niche-specific, valuable content that positions them as thought leaders and significantly enhances their online visibility. SEO optimization is a focal point, ensuring their content reaches the right audience, contributing to organic growth and client acquisition.

• Client Engagement Initiatives: High-growth firms use proactive client engagement initiatives, such as personalized communication, targeted newsletters, and exclusive client events strategically designed to build long-term relationships. These firms also invest in client satisfaction or loyalty programs, which creates a ripple effect of positive word-of-mouth referrals and brand advocacy.

• Innovative Social Media Campaigns: High-growth firms allocate resources to craft innovative social media campaigns beyond mere presence. Engaging content, active participation in industry discussions, and strategic use of social media platforms contribute to building a vibrant online community. This robust online presence attracts a diverse client base and reinforces the firm's position as an industry leader.

• Strategic Alliances and Partnerships: High-growth firms actively seek and foster strategic alliances and partnerships. These firms leverage their network to expand their reach and offer clients comprehensive services. This strategic approach is seamlessly integrated into their marketing messages, emphasizing the strength of their diverse network and collaborative endeavors.

• Data-Driven Strategies: High-growth firms prioritize data-driven strategies that enable them to tailor their marketing messages for maximum impact, continually optimizing campaigns to remain responsive to the dynamic needs of their target audience.

• Employee Advocacy Programs: High-growth firms recognize the value of personal connections and allocate resources for employee advocacy programs. Employees become active brand ambassadors, contributing to industry events, sharing valuable content, and enhancing the firm's online presence. This human-centric approach adds a personal touch to their marketing, which fosters trust and credibility among prospective clients.

Opportunities for Low-growth Firms

Firms experiencing low growth may find opportunities for improvement by embracing modern marketing strategies and technologies more fully. These firms could benefit from prioritizing technology integration, expanding their content marketing efforts, adopting a more active approach to client engagement, and increasing investment in programs that promote employee advocacy. By adjusting their strategies, low-growth firms can enhance their outcomes and navigate the competitive marketplace more effectively.

Technology is the Differentiator

A key factor distinguishing high-growth firms is their digital maturity. These firms utilize various technologies, including marketing automation tools and CRM systems, to enhance their marketing strategies. This digital advantage enables them to execute more personalized, efficient, and effective marketing campaigns, setting them apart in a competitive landscape.

Yet, the "Top Tech Report 2023" survey of RSM US Alliance and RSM Canada Alliance firms in July 2023 revealed a significant delay in adopting AI technologies in the accounting sector.

Despite the transformative potential of AI platforms like OpenAI's ChatGPT for content creation, only a quarter of the firms had embraced AI by last summer. Notably, almost 60 percent of these firms still rely on traditional content creation methods or well-established tools such as the RSM Content Center, Marketing by Numbers, and Thompson Reuters Checkpoint.

Nearly half of the firms surveyed produce their own content, underscoring the heightened value of original thought leadership. AI functions optimally with human input, aiding in content research, proofreading, and SEO refinements. In integrating AI into their strategies, these firms maintain a delicate equilibrium, using AI to enhance their articles without compromising their commitment to originality and quality. This measured approach to AI reflects a wider, thoughtful enthusiasm for embracing new technologies while preserving the brand’s fundamental identity as a “trusted advisor”and provider of accurate information.

With the progression of technology, the importance of leveraging digital tools for process automation and data-driven insights escalates. Effective marketing will increasingly rely on data to achieve the firm's goals, improve the customer experience, and enhance outcomes.

The findings of both studies underscore the pivotal role of technology in shaping the trajectories of accounting firms. High-growth firms provide valuable insights for low-growth firms looking to bridge the gap. By embracing innovative approaches, low-growth firms can position themselves for sustained success in the evolving landscape of accounting marketing.

The Executive Summary of the 2023–2024 AAM Marketing Budget Benchmark Study can be downloaded for free on AAM’s website. The full report is available for a discounted price for AAM members.

Eileen Monesson, CPC, MBA, PRCounts. Contact Eileen at emonesson@prcounts.com.