In an effort to distinguish themselves in a crowded marketplace, more accounting firms across the country are focusing on specialization and innovation—using these concepts as key components in their content marketing strategies.
These findings come from a number of managing partners, marketing professionals and CPAs who presented at the recent Association for Accounting Marketing Summit in New Orleans.
As an example, large accounting firm Crowe Horwath out of Chicago has achieved massive growth in recent years, and is now ranked eighth on Accounting Today’s list of the top 100 firms in the country. It has done so largely through specialization, with CEO Jim Powers sharing that the firm has chosen specific industries on which to focus, choosing to innovate in niche areas rather than simply tell potential clients why its team is the best at what it does.
Although few accounting firms have the marketing budget of a Crowe Horwath, there are still some lessons CPAs can learn as they steer the direction of their firms.
We’ve seen a lot of this in our work with numerous financial and accounting firms throughout the country. In just the past six years, a number of the firms we work with have moved into very niche areas of specialization, covering everything from automotive sales to craft brewing. By focusing in a few areas rather than being generalists, these accountants can distinguish themselves as experts on the unique challenges facing a particular business and/or industry.
Accounting industry leaders seem to generally agree that innovation and specialization will dominate how accountants and firms market position themselves in the future, and it will likely have a major impact on accounting firms’ content creation and digital marketing.
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