Marketing Metrics For Accountants: Measuring Your Marketing Effectiveness

By Posted in - Public Blog on August 6th, 2014 3 Comments

Are you clear on your accounting firm's marketing metrics?

The modern marketing strategies and technologies we teach accountants and advisors are appealing for a number of reasons:

  • Many of the marketing tools now available are very inexpensive (if not free)
  • Small accounting firms that are tech- and marketing-savvy can easily out-compete larger firms.
  • Using cloud-based apps, your marketing can become very time-efficient. Prospect/client data can pass seamlessly from your website to your CRM, eNewsletter system, cloud accounting package, practice management and workflow system without needing to re-key any data. Technology is giving small businesses ‘big business’ capabilities.
  • The Marketing = Education (not Promotion) approach we teach pre-educates your enquiries, making it easier to convert and on-board new, high-quality clients, making them High Clientshare™ clients for your firm.
  • Content-driven marketing dramatically improves your website traffic (by a factor of 20 or more)
  • Learning how to convert that traffic into subscribers (in your marketing database) and then into clients makes modern marketing one of the highest-leverage competencies your accounting firm can develop. (That’s why we teach it in The Modern Marketing Academy.)
  • A focused content-driven strategy attracts the specific types of clients you want for your firm.
  • And best of all, it’s all measurable.

In past blog posts we’ve looked at some of the potent KPIs and other marketing metrics for accountants to measure and monitor, contrasting them with the pointless measures most firms’ “practice management” approaches tend to focus on. I love a good paradox, and the fact that accountants tend to measure the wrong numbers in their own businesses fascinates me.

But let’s assume you’re up-to-speed, and know which lead measures you should monitor for your website, eNewsletters and email marketing campaigns, use of videos on YouTube, social media engagement and so on.

How can you keep an eye on your accounting firm’s marketing metrics quickly and efficiently so they’re top-of-mind for management? How can you get a snapshot of these marketing metrics so you can easily see if your marketing efforts are producing results?

Easy. You need a Marketing Metrics Dashboard that:

  • pulls in live data from your website’s Google Analytics, your email marketing system (e.g. MailChimp), YouTube, LinkedIn, Twitter and other marketing content platforms
  • displays it simply and graphically so you can see the trends and the areas that need attention.

We’re now building custom Marketing Metrics dashboards for PARADOX Members, and they’re loving the clarity and insights it gives them on what’s working and what needs attention in their marketing. Just as a financial KPI dashboard is a brilliant management tool for any business, a Marketing Metrics dashboard lets you and your management team know if your business is on track to hit your monthly and quarterly targets.

As you well know, the numbers tell a story. And lead measures (as opposed to lag measures that are, in effect, history) allow you to predict and create your future.

Just today we got a call from a PARADOX Member—Drew Grosskreutz from Otium Group. He wanted to share with us (and thank us, which was wonderful) how well their business is travelling. In particular, he shared how great it felt to have certainty over the firm’s performance because every lead measure they look at and discuss weekly was on track. All “green lights”.

And if you can achieve that week in, week out, you’ll always hit (if not exceed) your business’s monthly, quarterly and annual performance targets.

Here’s another example. By looking at the Marketing Metrics dashboard we set up for another PARADOX Member we could quickly see:

  • Their website site lacked a blog—a wasted opportunity for the main site. (We later discovered they did have a blog, but on a third-party platform and domain instead of their own website’s domain.) It meant that rather being engaging or educational, their website was “brochureware”—the typical self-promotional “choose us, we’re really good” website content most firms have.
  • People visiting the site were leaving quickly (within a minute or so). Why? Because without a blog there was no interesting, engaging or educational content on the site.
  • Their website’s Google Analytics had no Conversion Goals set up. Goals are measurable activities such as eNewsletter sign-ups, eBook or special report downloads, video plays, poll submissions, social media icon clicks, etc.

    Without Conversion Goals, you can’t truly measure your website’s effectiveness in achieving its objectives because there aren’t any.

  • The Marketing Metrics Dashboard data showed their website’s main landing pages (the web pages where people enter the site other than the home page) were generic ‘static content’ pages—About Us, Contact Us, Our People, and so on. The website has no landing pages targeting specific keyword phrases in Google.

    By way of contrast, Otium Group are number 1, 2 and 3 on the first page of Google for the main phrase they want to rank well for in Google. With our guidance on their blogging strategy and content, their website traffic increased by 2,250% and their sales pipeline is full. And all that traffic was generated without spending a dollar on advertising. It’s all due to having focused, educational content—the approach we teach firms.

There’s a well-known adage: “What you can measure, you can manage.” I love the related fact that, “What you measure tends to improve.”

So what are you measuring in your marketing? What are those numbers right now? Are you happy with them? Are they all showing “green lights”? If not, what are you going to do about them?

If you answered any of those questions with, “I don’t know,” that’s an issue for your business. You’ll be under-performing your potential. If you’d like to have a chat with us about your firm’s marketing, feel free to get in touch or request access to our Quick Tour videos that explain our services.

From there you can choose to undergo a Marketing Gap Analysis with us that will be an eye-opening and inspiring exercise for you.

Measure. Monitor. Adjust approach.

Lather. Rinse. Repeat.

A guaranteed path to improving your business’ performance.

  • Christian Borkowski says:

    Michael, I love the idea of a customised Marketing Metrics dashboard – how do I get one?

    • Michael Carter says:

      Hi Christian. In our last Member Meetup webinar for PARADOX Members (you were away on holidays I recall) we ran through some examples of Marketing Metrics dashboards we’ve set up for firms. We’re ‘soft launching’ the service currently in that it’s not yet listed on the website. We’re gradually rolling it out for members initially. It will be priced the same as our other services when officially launched. Send an email to support@practiceparadox.com.au and we’ll send you the doc listing out the various details we need (e.g. Google Analytics, MailChimp and various social media accounts) to pull in your marketing data into your own custom dashboard. You’ll love it. It’s so good being able to see the data/reality, the trends and then be able to test and measure strategies and see what’s generating the best ROI. As an accountant, you like that, yes? 🙂

  • Christian Borkowski says:

    Yes. Absolutely. If you have accurate data & take the time to interpret it, set priorities and take action then things tend to improve. The Dashboard sounds like an effective way to get the data – the rest is up to us!

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