High-performing firms excel in marketing, according to the 2018 Marketing and Business Development Strategies at Accounting Firms study by Capstone Marketing and Bay Street Group, published by CPA Trendlines.
The survey found that high-performing firms were eight times more likely than low-performing firms to have a marketing culture. These firms were also more than six times more likely to be satisfied with their marketing strategies and activities and more than four times more likely to follow a written strategic marketing or business development plan.
“Over the past 18 months, 66 percent of high performing firms have increased their marketing and business development activities (time, money, and/or resources) vs. 37 percent for low performers,” said Jean Caragher, president of Capstone Marketing, in a statement. “This investment is paying dividends in firm growth.”
When survey respondents were asked to rate their firms on a scale from 0 (poor, competitive laggard) to 100 (excellent, best in class), the average rate for high-performers was 92, contrasted with 24 for low performers.
"Clearly, high-performing firms are doing many things right, which makes them more competitive," stated Rick Telberg, CEO of Bay Street Group LLC. "Low performing firms have the opportunity to learn from the best in class firms.”
A more detailed look at the results, with analysis and recommendations, will be available in a series of 30-minute webinars, starting Aug. 7. More information is available here.
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