The flywheel method of marketing and generating referrals is probably different than anything you have done in the past. It changes the way you think: instead of focusing on acquiring clients, it forces you to consider the experience of the client. Many companies before yours have used the flywheel method to keep the momentum and excitement alive long after a deal has closed.
Energy Keeps the Flywheel Going
Energy certainly helps to attract client referrals and acquire new clients. You expend this energy by engaging those in your networking circle, attending events relevant to your industry, asking your family and friends for referrals, and making sure that your current clients are delighted with your products or services.
Another aspect of expending energy is taking a critical look at client communication, touchpoints, and services. If clients are leaving, do you know why? It could be that one of these factors is not what it should be. Even in the world of accounting, clients want and need to feel special to your firm. The first thing you should do to meet this ideal is identify and remove any points of friction in the client experience.
Flywheel marketing means that you add energy to serving your clients, the one thing that matters the most. As engagement increases, friction decreases. You now have happy clients who spread the word about your accounting firm without any prompting at all. The result is a noticeable uptick in client referrals.
The Three Stages of Flywheel Marketing
Step One: Attract
CPA organizations often choose to use content marketing to find new clients. Whether it’s a blog post about making tax season more efficient, a how-to video on upselling financial services to clients, or a free eBook on specific aspects of financial planning, these are the tools your accounting firm will use to attract new clients. This will require an investment of time and resources since the content is free for people to access. However, this also gets them into the early pipeline by turning them into prospective clients.
Step Two: Engage
Once you have connected with a prospect, continue the relationship by proactively offering him or her financial solutions. The ability to present an answer to a problem before it causes greater consequences for clients will endear you to them. When the next financial need arises, your accounting firm will be the first place they turn.
Step Three: Delight the Client
This will be unique for every accounting firm, but it starts with offering a unique, authentic experience and then continually repeating it. When you build long-term relationships with clients that improve their lives, they won’t be able to hold back from sending you client referrals.
Need more marketing tips for your accounting firm? Join the Professional Accounting Small Business Association (PABSA) today. Hear from these professionals on what a PABSA membership has meant for their organization.