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Have you ever planned a party, and no one showed up?

It can be disheartening and leave you wondering if anyone got your invite. (Plus, what do you do with all those leftovers?)

This is the same feeling accounting firms can experience when they struggle with lead generation. The difference is that accountants can’t just write off low attendance as lousy timing. They need leads to grow their business and stay competitive in the market.

But don’t throw in the towel yet—there’s always room for improvement and growth potential in your lead generation strategies.

What is lead generation (and why does it matter for accounting firms)?

Lead generation is the process of identifying and cultivating potential customers for your business. It involves generating awareness and interest in your services and building relationships with potential clients until they are ready to take the next step, whether scheduling a consultation or signing a letter of engagement.

Ideally, your lead generation should establish a strong pipeline of potential clients. Your pipeline is what keeps new clients coming in and allows your business to continue growing. Without a strong pipeline, your cash flow and growth potential can be severely hindered. 

Lead generation efforts play an important role in attracting the kind of clients you want to work with. 

They also help your firm establish credibility and trust within the marketplace. Trust is a fundamental component of accounting firm-client relationships, and visible, proactive lead generation influences how potential clients perceive your expertise and professionalism. 

So, it’s not just a matter of getting people to show up to your party—it’s about getting the right people to show up and stay past the hors d’oeuvres.

Common challenges in lead generation for accounting firms

Lead generation can be a complicated process for businesses in any industry, but for accounting firms, there are some industry-specific factors that can make it more challenging. 

Here are some common challenges accounting firms face:

• Lack of differentiation: Many accounting firms offer similar services, which can make it hard for them to stand out among their competitors. As a result, potential clients may not readily see why they should work with you over another firm.
• Difficulty reaching target audience: Although there are some common accounting services, others are highly specialized. Target audiences for highly specialized services can be more challenging to engage, especially if firms have a limited budget for marketing.

• Failing to track leads: Without a system for following up, potential clients can all too easily fall through the cracks. And without a strategy for tracking where leads come from, conversion rates, or how long it takes to convert, accounting firms may struggle to know what’s working and what’s not.

• Not investing in a holistic marketing strategy: Accounting firms have often relied on marketing methods like word-of-mouth and referrals, but today’s leads are more digitally connected than ever before. Traditional methods alone aren’t enough to support an effective lead-generation initiative. 

• Lack of consistent communication: For busy accounting firms, taking time to communicate with leads can be difficult. However, without consistent communication, potential clients may lose interest or forget about your services.

Key components of effective lead generation for accounting firms

To get people to your party, you need to invite the right people to a compelling event, send reminders, and make it easy for them to find the location. 

How can you generate leads for your accounting firm? Well, the strategies aren’t so different. Here are some key components.

Create engaging content

Content is a core aspect of any effective marketing plan, and lead generation is no exception. Content builds trust, communicates expertise, and helps position your firm as a leader in the accounting industry.

The type of content you produce can vary. Blog posts are valuable for SEO, but you can also invest in white papers, webinars, or guides as part of your content activities. 

Great content doesn’t happen overnight, though. The key to creating engaging content is two-fold:

1. Your content should authentically reflect your accounting firm and how you work with clients. When prospective clients read it, they should get an idea of what it would be like to work with you (and how you’re different from your competitors).
2. Your content should be consistent and consistently high-quality. Creating content can be a heavy lift for busy accountants, but if it’s done well and done regularly, it can greatly enhance the trust your audience has in your firm.

Use content as lead magnets

Content is important, but on its own, it’s not enough to generate leads. That’s where lead magnets come in. When you use content as a lead magnet, you’re offering something of value to your audience in exchange for their contact information. Common types of content for lead magnets include:

• Guides
• Infographics
• Checklists
• Webinar access

Lead magnets are a way of demonstrating your expertise to potential clients and nurturing ongoing relationships with them.

Establish yourself on social media

Social media platforms are a prime source of leads, particularly when you use paid social media. 

Paid social ads can help ensure your firm is seen on crowded social media feeds; when leads click through on your ads, they’re taken to a conversion-oriented landing page. 

Getting the best results possible from social media lead generation requires a strategic approach. Here’s how to do that:

• Start by identifying which platform will help you reach your ideal audience.
• Set up clear targeting based on demographics and interests, increasing conversion chances.
• Refine your calls to action to encourage leads to engage and convert.
• Analyze your results to update your strategy continuously.

Get your email marketing going

An email list is a valuable asset for any accounting firm. It allows you to maintain regular contact with prospects, keep them engaged, and (over time) guide them toward choosing your services.

Email marketing can also be used as part of drip campaigns to keep your law firm top of mind. 

For example, you can build out a campaign tied to your lead magnets, sending a series of emails that provide valuable information related to the services you offer. This keeps potential clients engaged and helps position your firm as an expert in the field.

Email marketing can tie into your content strategy. You can grow this list and nurture your leads using the lead magnets mentioned above.

Measuring and analyzing results

An essential component of lead generation is assessing metrics, determining what progress you’ve made, and adjusting your strategy regularly. 

Here are several metrics that accounting firms should consider when trying to figure out how their lead generation is going:

• Conversion rates: the percentage of visitors who take action, such as scheduling a consultation
• Cost per lead: the average cost of a new lead
• Lead to client ratio: the percentage of leads that turn into paying clients
• Time to conversion: how long it takes a lead to turn into a client, indicating the length of the sales cycle
• Lead source: where leads originate from (social media, search engine, referral, etc.)
• Click-through rate (CTR): the percentage of people who click on a link in an email, social media post, or web page
• Return on investment (ROI): the amount of revenue generated compared to the total cost of the investment

Connect with the clients you want with FocusWorks Marketing

Businesses often partner with event planners when they’re hosting a party so they get the best results (and spend less time worrying about getting invitations out on time). It’s the same with lead generation. Working with an accounting firm digital marketing agency is like having an expert event planner by your side. 

That’s where FocusWorks Marketing shines. With a team of dedicated experts in the accounting industry, we understand the unique challenges and opportunities that come with marketing for accounting firms.

Ready to get started? Drop us a line to chat!