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Marketing makes key difference

Opportunities for winning audit business away from top 20 firms was the theme of an MGI training day focusing on the role marketing has to play.

Presented by Jo Edwards, of marketing specialists JE Consulting, the training day, held in London in March, was designed to enhance MGI UK and Ireland member firms’ capacity to target and win larger businesses as audit clients, through a structured marketing strategy.

Jo highlighted the strengths of MGI and member firms in wooing audit clients away from the big accountancy firms, including a strong ethos of personal service, independence and the access to a wider pool of expertise and knowledge that MGI membership brings.

The session also explored reasons why audit clients of top 20 firms were likely to be ready to change, including lack of personal contact, lack of continuity and rising costs.

Delegates were challenged to brainstorm opportunities in their areas for potential new business and focus on the expertise and other unique selling points of their practices in attracting top 20 firm clients.

A case study on a successful marketing strategy highlighted the potential rewards. The firm involved won eight new clients from top 20 firms over 18 months, earning an extra £120,000 a year in fees. Delegates were then tasked with drawing up their own marketing action plan.

Jane Mee, Rowley’s marketing officer, attended the training day and the practice has since invested in a database of Leicestershire businesses with a turnover of up to £20 million, to complement an existing, in-house database built up by Jane over almost a decade.

Now Jane is cross-checking the databases to identify potential targets for Rowley’s to focus on in the future. The database will also be useful for Rowley’s campaign to target companies with pension funds – the firm has specialist expertise in managing these – which has already paid won them a couple of new clients.

Jane said: “Something I found particularly interesting was the different options for following up an initial mailing. Our mailing side is working really well but we’re always looking for new marketing ideas, so this was really useful.”