According to Spotio, “B2B buyers are 57%-70% through buying research before contacting sales.” Undoubtedly during that effort, they have eliminated from consideration some of the potential service providers they began researching based on a website, LinkedIn page or wherever else they are coming into contact with a brand. When it comes to CPA firms, it can be particularly challenging to set yourself apart from the crowd. So, I wasn’t surprised when MassCPAs asked me to speak on brand differentiation during the 2022 Practice Management Conference.
During the presentation, I shared my strategy for creating a research-backed approach to brand differentiation that truly gets at the heart of what makes a firm unique. If you’re struggling to help buyers see how your firm is different from your competitors down the street, then this is for you.
The Cost of Not Standing Out
Here’s some language from three different CPA firm websites. If you were a customer, which would you choose to solve your problems?
- “Our staff is continually learning and studying the changing tax code…”
- “Our highly-trained, Charlotte accountants and business consultants are well-versed in fundamental and innovative strategies business owners can use…”
- “Our firm is one of the leading firms in the area. By combining our expertise, experience and the energy of our staff, each client receives close personal and professional attention.”
If you said, “I can’t tell them apart!”, you would be correct. And this is what buyers are encountering in the marketplace everyday. So they will probably go with the cheapest of the three. If you don’t want to be the cheapest option, keep reading.
Why Research?
While it might seem easier to sit in a conference room with a firm owner or managing partner and create a snazzy new tagline and add splashy colors, it would ultimately be a waste of time and money (and not really easier, as you will see). Your firm already has a brand- and it’s what others have to say about you. A brand study isn’t about changing who you are, it’s about defining and refining the way you go-to-market based on what you are already doing well.
The Methodology
Hearing directly from those who know you best paints the clearest picture of how your firm fits into the competitive landscape. During our process, we sometimes hear from as many as 100 people, in both interviews and written surveys. We like to speak with firm leaders, the firm’s best clients and most enthusiastic referral sources. It’s not a customer satisfaction survey! I’m not interested in pointing out weaknesses, I’m actively seeking out what people love about your firm, your services and your team. We ask questions about why they chose you and why they stay. As we collect this data, patterns start to emerge. We codify these themes into brand pillars, which help create a road map for the brand strategy.
From there we deliver new brand language, which could take the form of a tagline, brand promise, internally facing language and even content for the website or proposals. The pillars also come in handy when it comes to making business decisions and determining whether something is “on brand” or not.
A Brand Study Story
During the presentation I shared the story of a Maine based firm that was starting to feel the pressure of national firms coming into their space. It didn’t take me long to see that this firm with an impressive client roster and strong niches was a perfect candidate for a brand study. While the firm leaders are quite modest about their work, I was in no way surprised when their clients passionately expressed the ways the firm had helped their businesses grow or achieve a goal. It quickly became clear their “pragmatic sensibilities” and “industry expertise” made the firm a “valuable partner” to their clients. Today, the firm is winning clients across their region and the firm leaders have developed nationally recognized reputations within their industry niches.
Key Takeaways
Typically I wouldn’t recommend a firm embark on a brand study on their own. This is the time to work with an outsourced professional. Not only are they an objective third party with an outsider's perspective, they can also elicit responses that the client or team member may not share directly with the firm. However, there are some points to consider as you think about your firm’s brand.
Cut through the clutter- A strong brand will set you apart from the crowd, and the competition.
Your brand sets expectations- When a client chooses you, they expect you to deliver on whatever expectation the brand sets. This is why it’s really important to accurately represent your firm in your branding.
Shine a light on who you are- Your firm is unique and special! Make sure that’s reflected in a meaningful way to your prospects, clients, referral sources and even your team members.
Listen to those who know you best- You’re not trying to be everything to everyone. Listening to your best clients will help you attract more clients like them who can serve well.
You can change perception- By focusing on what you do well, and only promising on what you can deliver, you can affect negative or simply inaccurate perceptions about your firm.
A strong brand sets you on the right course internally as well as externally- If everyone’s not playing from the same playbook, your team will struggle to win. A brand study can help align your firm goals and galvanize your team around a shared vision of the firm.
In Conclusion
Whether your firm is facing a turning point, or you’re looking for some clarity about the future, a brand study may be right for you. Contact me anytime to discuss your firm and where you would like to go!
