During the first half of the summer, I took a Marketing Research course that detailed the process of…well, marketing research. We applied the principles we learned in class to a hypothetical project we planned around the topic of our choosing.
For a little bit, I wrestled with several potential ideas, based on products and brands that interested me. “Soft drinks? Nah, too trite. Department stores? No, I’ve already researched department stores once before in this program. Cell phone providers? Eh, not sure I wanna spend the next few weeks with that.”
So what was a man to do? Well, I ditched the product idea and moved on to another major area of interest for me. If you’ve been following this blog, you’ve probably guessed it…accounting. Specifically, how accounting firms might decide for or against the usage of television advertising in their marketing mix. It’s actually been a topic in which I’ve been interested for quite some time now, since I used to see firms advertising on television all the time, but now, not so much.
There are some exceptions, however. Here are a few firms that have used the medium to advertise within the past few years.
Grant Thornton (they actually have a campaign)
BDO (they do, too)
PwC (their “kids” campaign launched just this year)
When I presented my research proposal to the professor of my class, she said she would be interested to see the results of the study if it were conducted in real life. However, she also said I might be “chasing windmills”, and likened the notion of accounting firms advertising on television to “a shotgun doing the work of a rifle”.
And I can understand that. Most large-scale accounting firms are B2B entities, so it really doesn’t make much sense for them to advertise on television, as doing so would blast their brand messaging across the maximum amount of people. They’re usually more successful with mediums that are more carefully targeted towards businesspeople, such as business magazines and newspapers, business radio, online behavioral advertising, social media, and, of course, the firm’s website. And as television is usually much more expensive than all of those options, firms see no reason to make the investment in it if it isn’t going to reach their targeted audiences, and if it isn’t going to give them a suitable return.
However, I believe there are some arguments for the use of television. There are particular channels, such as Bloomberg and CNBC, that are geared more towards business professionals. I believe BDO actually aired their campaign on CNBC, actually, so that’s definitely a viable option. But that doesn’t mean firms couldn’t advertise on major channels in regional markets. Obviously, research would need to be conducted to gain an understanding into how many business professionals are actually watching primetime television over the course of a given time period. Perhaps a firm won’t reach as many as they would with a more targeted medium such as Bloomberg Radio, let’s say, but only research would provide that kind of insight.
I also think there’s something to be said about generating consumer awareness about the far-reaching implications of accounting firms’ work. Accountants, for all intents and purposes, give major support to all components of an economy. Any company or brand that is favored by a consumer is able to stay in business due in great part to the work of the accountant or auditor ensuring the business’ well-being. However, if accounting marketing through television is to take form within the next few years, the connection between consumer sentiment and increased firm revenue would have to be made. And to be honest, I don’t have those answers right now. I think many people are still trying to figure that out. How do you convert people’s warm and fuzzy feelings about you to actual sales? It would be especially harder for an accounting firm, since the average person using social media would most likely not be in the market for the firm’s services. At least not at that moment, anyway.
But, there’s still the idea of brand salience. Maybe it’s not possible to have a monopoly in the accounting world, but that doesn’t mean a firm can’t be the first name that pops into someone’s mind when they think “accounting”. And who knows what that could do to a firm’s sales someday, if an entire generation is exposed to their name? When that generation becomes the target market, they’ll know that firm’s name above all others. Why?
Because that firm took the risk to advertise on TV. As we all know, no great reward comes without great risk.
What do you think about television advertising for accounting firms? Is there untapped possibility for that medium, or is it just a waste of time? Let me know.
Although I’m currently working in an advertising and marketing agency, I have gained a great interest these past couple months in marketing for professional services. If you’ve ever taken one of those Myers-Briggs personality tests, you’ll understand me when I say I’m an ENFJ, which stands for Extroverted iNtuitive Feeling Judging. I’m a very empathetic person who also exercises thorough thought and judgement in all his decisions, and I love meeting and working with new people to provide successful long-term solutions and form lasting relationships with them. This is one of the reasons why I love marketing so much. It utilizes all of these different traits in a person over the course of just a day.
If we take a closer look at the different industries that employ marketing professionals, marketing people might not frequently be seen in professional services organizations, specifically, accounting firms, which I’ll be focusing on in this post. However, marketing professionals provide invaluable services to medium- and large-sized firms, since they not only drive sales and develop relationships with key customers, but they enhance the value of the brand beyond the traditional avenues of marketing and commerce.
Here are some accounting firms that, in my opinion, “get it” in terms of maximizing brand image across digital platforms, and leveraging the customer relationship side of their business to create a more social, people-oriented company across all realms.
1. KPMG. Perhaps the biggest reason why I took such a great interest in professional services is because of an interview Forbes did with Chris Goodman, appointed last year as KPMG’s Chief Marketing Officer after spending a few years at Young & Rubicam as the Executive Vice President.
He outlines the micromarketingstrategy, which reflects a more client-centric approach to creating leads and driving conversion by tailoring the client’s experience of the company down to the specific industry of specialization, and even personality of the client. He also brought up KPMG’s sponsorship of golfer Phil Mickelson and discussed how the company leveraged it by combining digital programs and direct marketing into the overall marketing mix. I love this interview because he brings up so many great points about spreading the marketing process across all areas of a firm, from the partners down to the staff accountants. As he says, “The partner is the brand. They’re the primary face to the client every day.” This is also relevant from a public relations standpoint because every member of the firm is responsible for developing the brand’s image through their interactions with clients, as well as their actions and representations on social media. And as far as social media goes, KPMG has the second-highest number of followers on Twitter out of all the “Big 4” accounting firms, with 106,000 worldwide, and their tweets reflect the diversity of their portfolio of industries and also touch upon thought leadership with links to videos of the company’s professionals discussing practical topics.
However, as KPMG has the second-largest follower base of the Big 4, the largest goes to…
2. Deloitte. With over 167,000 followers, Deloitte is also doing very well on the Twitter front through their curation of content from major business publications. I follow David Redhill, CMO at Deloitte Australia, who is a great example of what I think the ideal C-level executive should be on Twitter. His posts not only reflect insights relevant to Deloitte, but the display of his hobbies and his informal personal interactions with colleagues and other followers generates an image of the company that is more relatable than the typical perception of an accounting firm. Thanks to him, I have a more positive, human perception of the company, and that makes all the difference to me because I personally want to do business with people. That’s the great effect of using social media for commercial purposes.
This balance between commercial and human can also be illustrated through the company’s Facebook page, on which are prominently displayed lots of photos of industry events, community involvement initiatives, and valuable infographics. The Deloitte YouTube channel is also transparent in expressing the values of the company’s employees and why they love working for the global brand. Clearly, Deloitte’s social media plan is effective. Not only do they have the largest number of Twitter followers across the Big 4, but they also have the largest number of Facebook likes with 188,000 (PwC is a close second with 185). Also, according to Accounting Today, the company generated the largest revenue in Management Advisory services among the Big 4 in 2013, with over $5.8 billion, and came in second behind PwC in Accounting & Auditing services with a little over $4 billion. All of these successes can be attributed to using social media in a firm’s marketing efforts in order to demonstrate consistency with its core values and brand image, thereby creating positive associations among a potential consumer base and eventually developing new leads from relationships.
Now, going back to YouTube, a smaller firm that does particularly well on that channel is…
3. ParenteBeard. This Philadelphia-based firm, created in late 2009 from a merger between two firms, was especially effective in creating a series of videos last year that really brought out the humanistic aspects of the company. Some of the videos depicted several members of the leadership team, including Chairman and CEO Bob Ciaruffoli, having a conversation around a table with coffee and pastries about the advantages their firm has in servicing middle-market clients. One unique element of this video campaign is definitely the naturalistic aspect of the conversation, as it enables transparency into upper-level management through off-the-cuff anecdotes, expressing why the management team feels ParenteBeard is a leading player among medium-sized firms. There’s no direct address to the camera, no formal presentation, and no hard selling. It’s just people talking, which I’ve never seen from an accounting firm before, but I think should be integrated more often because, as Ciaruffoli says, it’s “a business of people”. Furthermore, the casual attitude the managers portray in the videos is consistent with the company’s slogan, “Confidence Through Clarity”, and it reinforces one of the firm’s points of differentiation, specifically, the value it places on the relationships it has with clients who would otherwise fail to establish a relationship with advisors and auditors in a Big 4 firm. The video that mentions this particular point can be found below, and another one that discusses client relationships can be viewed below that one:
The company Facebook page prominently displays the workplace culture in Philadelphia, New York City, and all across its Pennsylvania offices, reinforcing the firm’s identification with the Mid-Atlantic region and all of the communities in which it holds offices. I also appreciate seeing so many young professionals in these pictures, as I’m around their age, so it’s great to see them making strides within their firm and the surrounding community. As a member of my local Chamber of Commerce, I understand and appreciate that kind of commitment inside and outside the office.
Finally, I’d like to discuss one firm that takes the humorous route in expressing relatability:
4. Brown Smith Wallace. On this St. Louis-based firm’s YouTube channel, one will find several videos of Kyle Dodwell, an auditor with the firm, as part of his series entitled “Kyle’s CPA Video Blog”. Although there are only six videos of him, there’s no shortage of offbeat humor here, as Kyle can be seen doing anything from using Internet meme-style techniques to outline why accountants are cooler than you think, to donning a Blues Brothers outfit and playing his rousing rendition of the “Tax Time Blues” on the ukelele, and finally, adding an inquisitive intonation to the end of every sentence. You know what I mean? Like when everything is phrased as a question? Even when it doesn’t need to be? Then it doesn’t make sense? And gets kind of annoying after a while? You get the idea.
The series is an incredibly interesting and refreshing method to attract a younger audience to the accounting world. Even if they’re not in the market for the services the firm provides, young people can definitely relate to Kyle because people like him are on YouTube all the time, and especially because he’s terrific at engaging his audience. Who knows? Maybe someday that audience could be the specific targeted consumer base. But the results for now? Well, Brown Smith Wallace banked over $29 million in revenue last year, and ranked 3rd in Accounting Today’s Firms to Watch, so I think it’s safe to say that Kyle’s videos didn’t hasten the progress of the firm. Check them out here: https://www.youtube.com/user/BrownSmithWallace
So there you have it, four firms that have maximized their involvement on social media to develop their brand image and generate revenue and relationships. What role do you think social media plays for an accounting firm? Is there another firm you think is doing something unique? Let me know in the comments below.
And thanks again for stopping by. I’ll catch you again next week!
Introspections of a marketing gentleman 