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CASE STUDY: PROFESSIONAL ADVISORY SERVICES FIRM

The Client:

A mid-sized CPA firm located in Southeast Michigan, in business for over 33 years. While primarily servicing small to mid-sized businesses, they specialized in manufacturing, construction & real estate, transportation & distribution, and engineering & professional service firms.

This firm had superior client service as evidenced by client-value and client-satisfaction surveys conducted over several years.

The Challenge:

While being a well-established and well-respected CPA firm, they faced several challenges in their “Lead Generation” activities. They included:

• Being located in a region that has been confronted with a "down economy" for several years, especially due to the decline in the automotive industry, which was being serviced by many of their clients
• As a result, their rate of business attrition was exceeding the rate in which new clients were being added
• So, while continuing to use their resources to service their clients effectively on a day-to-day basis, they were struggling with developing effective tools to bring in new business

In short, they were not only at risk of stagnation, but also potentially a decline in business, which would adversely affect the long-term success of the firm.

The Solution:

So, what we needed to do was:

• Provide effective sources for Lead Generation inside their Target Markets and beyond
• Develop "Closed-Loop" systems that would keep track and educate prospects over a long period of time to capitalize on an ever-changing business environment
• Develop an overall "Strategy" that would keep leads flowing in, while they were focusing on servicing existing clients with the same success that they had been

As with all of our clients, we started by conducting an Internal Audit to assess the inner workings of the firm. This helps us to identify the best way to develop lead generation programs and allows us to communicate with clients and prospects more effectively. We then evaluated Industry Trends to determine which industries would provide the maximum results from a marketing campaign. We Analyzed the Competition in the industry to see where we could make inroads in capturing more market share.

We then clearly identified their Target Markets and carried out Client Research & Analysis. By talking to their clients and prospects, we clearly identified the things that were most important to them when selecting a CPA firm. We determined what information they would need to have in order to make an informed decision about working with a CPA. Finally, we determined where the prospects might look to find the type of services that our client provided.

By taking the information above and linking it with Evidence to support our claims, we were able to identify their Unique Selling Proposition, which included different aspects of expertise in their field, accuracy of work, timeliness of work and accessibility to the right people. We also developed a compelling argument for the "ease of changing CPA firms." From there we constructed a Strategic Marketing Plan, the basis for successful tactics, along with an effective Strategic Message.

Here is a list of the things included in the Tactical Plan that we carried out over a period of time that proved to be very effective:

• We developed a brand new website that was very specific about the niche offerings for each of their target markets. We were able to effectively communicate the advantages of working with this firm to their clients and prospects
• A client-interface system was added to the site that made it much easier for their clients to communicate with them
• We instituted an "opt-in" mechanism that allowed us to collect contact information from prospects and educate them over a long period of time about the benefits of working with this firm
• We developed Educational Information that was delivered to prospects on a continuous basis via email, so they had all the information that they needed to make the best possible decision about deciding to work with our client
• We enhanced the website through Search Engine Optimization (SEO) techniques, which gave them favorable rankings for the specific keywords that their target markets commonly use
• Additionally, we implemented a Search Engine Marketing (SEM) campaign, also known as pay-per-click marketing, using Google Adwords
• We created additional free resources that their clients and prospects could download from the site to learn more important information
• We leveraged outside advertising opportunities designed to be drive prospects to Landing Pages where they could get more educational information about working with our client
• We developed several Direct Mail campaigns, including post cards and letters, some targeted toward specific markets that we knew had room to grow and others more general in nature, that opened up more effective lines of communication
• We worked with their sales department to incorporate effective messaging in their dealings with prospects and showed them how to use the Educational Marketing System™ (EMS) to their advantage
• We are currently working to include them on several CPA listing sites that would drive more traffic to their website
• We conduct monthly Customer Satisfaction Surveys to keep in touch with client needs and concerns
• We implemented monthly reporting systems that effectively gauge our on-going performance

The Result:

After implementing the changes made by Luftig Warren as discussed in this Case Study, the CPA firm gained numerous new clients who, in terms of actual NEW revenue generated, represented an 84.5 % ROI (Return-on-Investment).

Not only has the Educational Marketing System™ (EMS) put over a quarter of a million dollars in their pocket, when the Lifetime Value of these clients is calculated, they anticipate an estimated $2.1 million in revenue from these new customers.

This, all in a region that has been in a "down economy" for years. Imagine what will happen when the economy improves…

This is what the Client had to say about Luftig Warren's services:

"When you first began to gather the statistics to differentiate our CPA from (our competitors), we wondered if the results it would generate would be worth the hassle….When we finally delivered the information you asked for, many of the Principals here did not believe we would ever see anything come of it.

Needless to say, I am thrilled to see the results of your work by converting prospects into leads. The results your firm has helped deliver are clear and significant. We are excited as we continue to see how Luftig Warren's expertise helps us grow our firm."

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