Topic: Technology and Growth
Reprinted with permission from Accounting Today
Now it’s time for firms to use them to drive digital demand
CPAs are not known for cheetah-like speed. But in early 2020, abruptly cut off from the in-person meetings which have been the lifeblood of their client activity, practitioners were required to pivot quickly to digital platforms, or risk being left in the dust.
Spurred by the fast-changing needs of clients—from understanding, applying for and deploying PPP funds, to complying with new tax deadlines—CPAs rose to the occasion and did what had to be done. Not all of course, and not all equally well. But many impressively made the switch to new ways of working, especially on the operations side.
For a time, managing partners have been relieved of focus on driving demand, as governmental entities have been driving it. After more than a year of this new normal, many firm leaders are seeing that the changes are not just a flash in the pandemic pan, but represent a real inflection point in accounting practice. As conditions continue to evolve, it’s time to explore using those and other tools, from Zoom to live video, enhanced websites, social media and others, in new and creative ways to spur and sustain growth.
Gary Shamis, founder and principal of Winding River Consulting, acknowledges the upside potential, but warns that we’re not there yet. He says, “There’s a huge opportunity here. A lot of firms understand what’s happening, but it really is in its infancy. Every day we’re seeing a little more momentum.” He believes that for many accounting firms, successful digital transformation will require hiring outside expertise, which is the direction he’s added in his own consultancy.
Tools unite!
Driving demand by growing and managing your digital toolbox in a cohesive way is the order of the day. For years, marketing directors have been urging their firms to get on board the digital train, eking out funding for a tech tool here, or a system enhancement there. But truly leveraging this potential is going to require up-leveling our sophistication, from individual tools to a well-oiled machine rooted in strategy.
That’s the position of David Toth, the digital marketing specialist Gary has added to lead the charge at Winding River Consulting. “Many people are still throwing spaghetti at the wall.” What’s needed is strategy, he says, “whether you’re trying to grow revenue, rank high in search engines, or drive qualified traffic to your site.”
Plain vanilla is history
As important to driving digital demand is offering buyers exciting, individualized services customized to their specific needs and specialties. If all we have to sell is the same old vanilla (read: tax and audit) ice cream that our competitors are hawking, we cannot expect buyers to rush to our firm to get inspired to order them.
Success will require leveraging digital tools to bring highly differentiated new services to different markets and establish creative thought leadership around them, resulting in a differentiated experience for the buyer, and ensuring that buyers can find you.
If your offering is limited to generic, commoditized services, even the best website will not attract a buyer in need of data analytics for senior residential facilities. Because 2020 forced them deep into online interaction, today’s buyers are even more adept digital researchers, skilled at using online tools and channels, like LinkedIn, live videos, electronic newsletters and more.
The future envisioned is one in which digital tools work harmoniously, like instruments in an orchestra, to achieve synchronous results for forward-looking firms and their clients. While the individual strains of the saxophone or violin may be audible at certain times, the overall effect is one smooth, melodious sound. And the deliverable is highly specialized, innovative services that solve specific business problems.
In part two of this article, I’ll discuss the unique capacity of digital to capture buyers at the beginning of the sell cycle.
