Only one-third of accountancy firms have a written marketing plan despite the majority expecting to increase their marketing spend, a recent survey has revealed.
Of 325 firms questioned, 72% planned to spend more on marketing, but just 28% admitted having a written marketing plan. Client surveys were named as the most important marketing activity, but only 25% of respondents had surveyed their clients for opinions about their firm, services and staff.
A significant number of firms were attempting to build a niche position in the market, with 40% targeting specific industry sectors and 44% selling themselves on a service-specific basis, such as property related tax or directors’ duties.
Phil Shohet, a Kato director, said: ‘Firms recognise that if they are going to build their practices, they have to become quite niche, in terms of both industry and service. Audit and tax work is very price driven at the moment.’
Firms covered by the survey included readers of London Accountant, the magazine of the London Society of Chartered Accountants, and clients of Kato Communications, the business planning and marketing consultancy.
Firms averaged four partners, gross recurring fees of # 1.1m and spent an average of # 28,000 on marketing, excluding partner time.