Virtually every CPA firm needs new target clients
The law of entropy suggests that it is impossible to stand still and make progress; every plateau on which you stand will ultimately erode.
So just to stand still, we need to be moving forward.
This alone should inspire you to get very focused on your positioning, lead generation and selling activities.
Here are six other reasons why new target clients are important:
1. New clients create energy. They inject vibrancy into your firm. A regular inflow of new target clients brings with it a ‘feel good’ factor. Good people want to work in growing, successful practices and new target clients onboarded is a great metric by which team members subconsciously measure the success of a firm
2. New target clients bring with them new challenges and new demands. When people change accountants, they usually do so because they want better service and more services. So, you will often find that new clients demand help from your firm over and above compliance. This forces you to learn and implement new skills, which is a good thing!
3. New clients require new ideas. With the same old clients year after year you can get stale. An injection of new blood can impel you and your team to do some serious thinking about ideas that you can take to the new client to delight them and help them overachieve their goals. A peripheral benefit is that you can then take those ideas and brainstorm with your team which other clients they might be relevant for
4. New clients open up a new pot of referral potential. When you take on a new target client you should pre-frame for them that in six months’ time, and assuming they are delighted with what you have done, you will be asking them for the names of two business owners who would benefit from working with your firm
5. A new angle on testimonials. We sincerely hope you have many testimonials from your existing clients talking about how they have benefited from working with your firm. What about asking new clients for a testimonial outlining why they chose to become a client of your firm? If they have chosen you, there is a reason. Capture it and leverage it in your marketing
6. New targets clients have no baggage. You have an opportunity to introduce new approaches without worrying about what the client might say. With new clients, you can change the rules. Like defining the ways in which people can QUALIFY to be a client of your firm. Or even establishing a waiting list to become a client.
What is your new target client attraction strategy?
If you're interested in more insights like these, consider signing up for our Renewsletter: https://www.renewgroup.com/newsletter. Alternatively, if you'd like to discuss your CPA firm's specific needs, feel free to schedule a call with us: https://www.renewgroup.com/contact.
About the Author:
Colin Dunn, a Chartered Accountant with extensive experience in the accounting industry, is passionate about helping accountants transform their firms and lives. With over 25 years dedicated to creating content for to help CPAs improve their profitability, Colin shares valuable insights into attracting the right clients the firm. Colin believes that CPAs can create a better work-life balance by learning from past experiences and applying these insights to their firms, allowing them to spend more time with their families and pursuing hobbies and leisure interests.
About Renew Group:
Are you tired of being on the diet but not seeing results? Most consultants to the CPA Profession do lots of talking and deal in 'fluff'. But there's no accountability and no focus on RESULTS.
At Renew, we start with your numbers. Our firms complete a Pareto for Profit analysis EVERY YEAR, set new targets to improve their profitability and then 'weigh in' regularly. We give you a roadmap to transform the profitability of your accounting firm by accessing our content, collaborating with other firms on a similar path and being held accountable by our coaching team and your peers.
Get paid what you're worth, create a better life based on a scalable business model and eliminate tax season insanity once and for all!