In the accounting industry, direct mail marketing can be very profitable. CPAs and accountants are lucky to be in an industry where they can buy a database that provides accurate information about potential clients. This makes direct mail marketing a very profitable approach to developing new customers.
The first thing a CPA Accountant will need to do is buy a list of companies that meet the criteria that a CPA Accountant establishes to qualify a client for their company. There are many criteria that a CPA Accountant can choose from, but the most common are location, number of employees, sales volume, and industry. Some listing companies will even provide limited credit information. In general, it is best to select locations closest to your office. Most aggregator companies use zip code databases to establish locations. Accordingly, the CPA Accountant should start by providing the zip code of their office that works in an outward radius until reaching the desired number of listed companies.
Once the criteria is established, the Accountant is now ready to purchase a database. Info USA and Dunn & Brad Street are perhaps two of the largest companies that collect and sell database information for resale. It is recommended to buy the list from one of these two companies. They are reliable and have been in business for a long time. Unfortunately, there are many companies selling listing information that are unreliable and have high error rates. Many other companies are basically list brokers who bought a wholesale list from one of those two companies and then resold it to them. It makes sense to always buy your list from a database building company, which has a proven track record.
With the list purchased, the Accountant now has a defined target market of potential businesses that could be good clients for his firm. Direct mailing to the defined target is profitable. The CPA Accountant incurs no marketing costs outside of their target market. Radio, television, and newspapers broadcast or publish to the general public. Advertising in these forms of media would subject the CPA Accountant to incurring communication costs outside of their target market. Direct mail focuses the cost of communication on your defined target market.
There are three basic rules that the CPA Accountant must follow in direct mail marketing. The first rule is to always use professional letterhead and envelopes. Accountants often generate their own business stationery “in-house” giving it a “homemade look.” The CPA’s direct mail piece is the first representation of your company’s work that a potential client can experience. The CPA wants their marketing piece to be of the highest quality. A direct mail marketing letter from a CPA Accountant who appears professionally to a profession or business will be opened, while a low-grade appearance letter is often simply discarded.
The second rule is to never use bulk mail or mailing labels. When unsolicited mail is received, the business owner will look at it and make a decision. Does this look like something he or she should open? The decision is then based on the visible attributes of the CPA’s direct marketing envelope labeling. If the envelope labeling was with a pre-printed mailing label accompanied by a mass mailing stamp, the letter will most likely never be opened and thrown away. However, if the Accountant directly labeled the postage-paid envelope through a regular or metered first-class stamp, the envelope will appear to be an important influence in the decision to open the letter.
After the business owner decides to open the letter from the Accountant, he or she will always scan the piece to quickly discern if it is of interest to them. The third rule is to always keep the letter brief and to the point. The prospective client will quickly determine if it is interesting and short enough to read without consuming too much time. A common mistake CPA accountants make is trying to write long letters to “sell themselves.” This is a very costly mistake. The purpose of the letter is to initiate a positive response. Once a prospective client responds positively, they will be given the opportunity to convey those things in subsequent conversations and meetings, enticing them to use the services of the CPA Accountant.
In addition to the three basic rules, it is always recommended that the CPA Accountant include a business card with the direct mail letter. This will allow the prospective client to locate the CPA Accountant’s contact information and retain it for future reference. It is also recommended that the CPA Accountant refrain from using postcards in direct mail marketing for the accounting industry. They have a commodity appearance that diminishes the perception of the quality of the CPA Accountant firm. Finally, whenever possible, use industry-specific direct mail pieces.
In short, direct mail marketing for CPA accountants can be very profitable. Using target markets avoids spending advertising dollars outside of the target audience. It’s important to always follow the three basic rules for direct mail marketing for CPAs and accountants. The costs of violating those rules can be enormous. Marketing for CPA accountants doesn’t have to be expensive, but it can be very profitable if implemented correctly.