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Spring 2021 The Journal of Accounting Marketing and Sales
Gr wth Strategies
For the Client Experience
accountingmarketing.org
Volume 9 • Issue 1 In This Issue Spring 2021
Focus
6 Features
Onboarding: First Official Client
Experience Take 5 3
Leverage the first real CX to increase long-term profitability
Trends and Insights 4
10 Partner POV
By the Numbers
8
9
Beyond NPS
Are you getting all you can from client experience surveys?
TechNOWlogy 15
Business Development 16
12 Q&A 18
How Mastermind Groups Drive
Growth and Engagement Consultants’ Corner 19
Firms benefit when they bring peers together
AAM Headquarters Editorial Board Katie Cauley Geoff Jones Richard Shippee
201 East Main Street, Dana Bottorff Mauldin & Jenkins AICPA Whitman Business Advisors
Suite 1405 Committee Co-Chair
Mathew Conlin Hannah Kubik Mary Yanocha
Anadon Marketing Communications
Lexington, KY 40507 BerryDunn EisnerAmper Global Tax Management, Inc.
781-856-3262
859-402-9769
editor@accountingmarketing.org Kim Cooley Eileen Monesson
info@accountingmarketing.org Maddy Rojo, Publication Designer
HHM CPAs PRCounts, llc
www.accountingmarketing.org
Heather Kunz Brittany Olsen Christian Moises
Stacy Dreher
Rhonda Clark Committee Co-Chair James Moore & Co. Kingsbery CPAs AAM Board Liaison
AAM Headquarters Williams Benator & Libby, LLP Ericksen Krentel
770-512-0500 Jessica Hekmatjah Bonnie Buol Ruszczyk
editor@accountingmarketing.org BPM bbr companies, llc
Growth Strategies: The Journal of Accounting Marketing and Sales is published four times a year by the Association for Accounting Marketing, Inc. (AAM). It is a benefit of membership in AAM. The
views expressed in any article do not represent the official position of, or endorsement by, AAM or the author’s employer. Association membership for executive and affiliate members is $350
annually with a one-time $50 initiation fee. Association membership for student members is $150 annually with a one-time $50 initiation fee.
Copyright © 2021 by Association for Accounting Marketing, Inc. All rights reserved. Article reprints for Growth Strategies: The Journal of Accounting Marketing and Sales must receive
approval from the Association for Accounting Marketing.
2 Growth Strategies Spring 2021
What is your most successful client
experience (CX) strategy?
Soliciting ongoing client feedback, listening intently and acting on it should be at the heart of
every CX program. If you aren’t already engaged in a client feedback program, this is the
time to launch one.
Alyson Fieldman, chief marketing strategy officer, Marcum LLP
Embrace the important connection between client experience and employee experience.
As we see the virtual work trend continuing well into this year and the demand for
more flexibility, it is as important as ever to keep all team members connected
to the firm and to the ways we help our clients achieve their goals.
Saari K. Gardner, CCXP, director of client experience, Dixon Hughes Goodman LLP
Have deeper and broader conversations with your clients to understand their challenges
and the opportunities. Also, make sure you are taking care of your own employees.
Employee experience and CX are critically connected.
Leisa Gill, MSM, director of growth, LBMC
It starts and stops with looking inward. Do we truly a have top to bottom culture that is being
passed down and around from onboarding to day-to-day service that transforms?
That starts with a compelling and courageous mission and vision.
If we don’t have that tackled, the rest is noise.
Angel Morgan, chief business development officer, Cherry Bekaert, LLP
The key strategy all firms should be focusing on is journey mapping to understand
where the emotional hot spots are along the client lifecycle.
Mitch Reno, principal and director of CX, Rehmann
Interviews by Christian Moises
accountingmarketing.org 3
Trends and Insights
Firms Expect Growth in 2021
Despite the Pandemic
Accounting and “We were able to see the correlation of the number of businesses that
between BD and the growth outlook have been forced to close during the
advisory firms are in the fall survey,” Dobek said. COVID-19 pandemic.
taking advantage “Investment in growth is a mindset,
More Communication
and firms that are equipped with the
of the lessons they capacity and capability to manage The pandemic and related legislation
gave firms the opportunity to
learned in 2020 to business development and marketing
communicate with clients more
in a virtual environment are likely to
better meet their come out ahead.” than ever before. Firms that didn’t
previously have an established
clients’ needs in 2021. The respondents also reported content creation program took
Many believe the investments they anticipating challenges with changes advantage of the opportunity to
made in content marketing will to business development and create one. The increased contact
continue to pay off, according to marketing, staffing capacity, retention, with clients also led to cross-selling
the second of two Growth Outlook efficiency and client retention because opportunities.
Surveys conducted in 2020 by
Inovautus Consulting in collaboration
with the Association for Accounting
Marketing (AAM).
Improvement in 2020
Inovautus Consulting’s second
Growth Outlook Study, conducted
in November 2020, showed that
95% of accounting shareholders and
marketers are optimistic about job
security, compared to 84% in the first
survey conducted in the beginning of
May 2020.
“Overall, CPA firms are doing much
better than in the spring,” said Sarah
Dobek, president and founder of
Inovautus. “The growth outlook
improved, services are evolving
and firms have used the Paycheck
Protection Program (PPP) to build
momentum. Firms with existing
advisory services have the strongest
outlook on growth and are making
faster shifts here.”
Dobek said nearly half of the firms with
a positive outlook indicated an increase
in business development activity.
4 Growth Strategies Spring 2021
economic downturns. Less than 40%
expected budget cuts and nearly half
of the firms expected no impact.”
Dobek said the outlook had shifted
in the second survey, with 56% of
firms stating the pandemic had no
impact on their budget and just 17%
expecting budget cuts.
“We believe this is a good sign and
further evidence of the mindset shift
for many firms,” Dobek said. “We did
find that larger firms with budgets
“For smaller firms just entering services to continue to be relevant over $10 million were significantly
the content marketing and email well past the pandemic.” more likely to cut budgets.”
marketing space, the pandemic
While there was a marked decrease Reduced budgets, however, are not
provided a good opportunity to reach
in demand from industries that necessarily an indication of lower
out more consistently to clients,”
were hardest hit by the pandemic, demand for marketing services. It
Dobek said. “The larger the firm,
particularly hospitality and is more likely an acknowledgement
the more likely a balance between
entertainment, respondents indicated that the costs for digital marketing
COVID-19 content and other firm
other industries were creating and virtual business development are
content.”
demand for new services, including lower than more traditional in-person
Expanded Services nonprofits, construction, professional marketing and BD activities.
Looking to 2021, one-third of the services, healthcare and individuals.
“The key takeaways are that many of
survey respondents expect to create, “Accounting firms are considering the moves towards digital marketing
launch or package new or enhanced changes to their industry niche and virtual selling we believe will
services, with three-quarters of those strategies because of the pandemic,” be permanent. We do not see firms
respondents being firms of $10 million Dobek said. going backwards,” Dobek said. “The
or greater. pandemic built the business case
Rethinking Budgets (for digital marketing) and firms
“When we examined the findings
Another outcome of the pandemic are seeing results. In-person and
closely, we saw firms with a greater
is the redistribution or resizing of traditional forms of BD will come
input of revenue from advisory
marketing budgets to support digital back, but we anticipate a truly hybrid
services reported feeling more
marketing. environment going forward. We
optimistic about their budgeted
anticipate the budget adjustments will
growth. Services like client accounting “In our surveys, we asked participants
be a more permanent shift.”
and cash flow analysis, risk advisory to weigh in on the pandemic’s impacts
and HR consulting are under to their budgets,” Dobek said. “In The fall survey had 57 participants,
consideration,” Dobek said. “Services the spring, the main takeaway was divided almost evenly between
to help the increasing number of that firms were staying on course. smaller firms with revenue less than
entrepreneurs, like outsourced CFO, Marketers did not cut budgets the $10 million and larger firms $10
are expanding. Firms expect these way we have seen them do in other million and more.
“While the number of respondents
was lower than in the spring, the
mix of participants in the fall was
very good and the data anecdotally
matched what we were hearing and
seeing in the market,” Dobek said.
Eileen Monesson, CPC, principal,
PRCounts. Contact at 848-459-3130 or
emonesson@prcounts.com.
accountingmarketing.org 5
Focus Article
Onboarding and Beyond: Use the First Official
Client Experience to Increase Profitability
Heather Kunz and Brittany Olsen
Accounting and the beginning of the
According to Hubspot,
relationship is when the
advisory firms client potentially is the customer-centric
historically have happiest with their choice
companies are 60% more
of a firm, but it is also
approached onboarding when the firm can make profitable than companies
new clients with one mistakes that can undo the
that aren’t.
relationship building that
objective in mind: what’s took place during the sales
the least amount of process. Lax practices and Rehmann’s CRM (Salesforce) makes
workflow around data integrity often that a breeze, he said. In 10 minutes,
information they need are the culprit, he said. Reno said he can input all the data, set
to collect to get them “Throughout all the relationship
tasks to remind the team and create
a service plan that fulfills the firm’s
into the billing system? building we’ve done to get to the point
promises to the client. He admitted
of onboarding, our CPAs and BD teams
But client experience (CX) the process isn’t perfect yet, but
have gathered a lot of good intel,”
professionals in accounting and other progress in workflow steps is being
Reno said. “Clients assume everything
industries agree this firm-centered made.
we know about them at this point
approach represents a significant has been captured and shared with “Firms typically think in terms of
missed opportunity that could cost everyone who will be involved with launching a project or engagement,
firms thousands, even millions, of their engagement. But that information not launching a relationship,” Reno
dollars over the life of the client said. “Our goal is to co-create what our
usually is only in the salesperson’s head.
relationship.
It never gets migrated into an action relationship will look like in the future.
How are accounting and advisory plan. At many firms, the download of We want the client to understand what
firms retooling their approach to everything we learn during the sales it will be like to work with us.”
onboarding, especially in a virtual process isn’t being institutionalized.”
In a recent CPA Trendlines article,
environment, to launch successful and
Good CRM and practice management Jody Grunden, CEO and co-founder
satisfying client experiences?
systems support a collaborative of Summit CPA Group, said good
First Impressions Last approach and are key to a successful communication is imperative during
A well-planned and executed onboarding experience. Reno said onboarding. Summit Group uses an
onboarding process, one that also marketing and sales’ involvement can’t eight-week onboarding checklist. It
feels warm and personal, signals to a stop at the engagement letter. outlines exactly what new clients can
new client they made the right choice expect as the stewardship of their
“I work with every department in
in the firm they selected and helps relationship with his firm transitions
the firm to make sure we’re studying
them establish a high level of trust. It from the sales team to the service
and approaching everything from a
also communicates the firm’s intent delivery team.
client-centric point of view. When we
to form a lasting relationship. Poor
enter the onboarding process, we are Grunden recommends having a
communication and frustrating or
empowered to capture the client’s dedicated onboarding specialist to
redundant interactions can put that
priorities and goals. We can then serve as the main point of contact and
new relationship at risk.
translate those into our service plan to coordinator throughout onboarding.
Mitch Reno, principal and director demonstrate how we are going to help The specialist will ensure client
of CX at Rehmann in Michigan, said them meet their challenges,” Reno said. information is gathered, assist the client
6 Growth Strategies Spring 2021
with setting up apps or other new consumer expectations across different new client and ask them to help you
technology, and facilitate a smooth product and service categories. evaluate and improve it,” Reno said.
transition. Consumers no longer compare brand
“Listening is the foundation of learning.
experiences between two different
Virtual World Success You should be measuring CX and using
companies in the same industry.
The COVID-19 pandemic made face- that data to make better operational
Rather, they make comparisons
to-face meetings, a mainstay of typical and strategic decisions,” he said.
between their brand experience of,
onboarding processes, impossible. for example, a mobile service provider If your firm is accustomed to
Maria Haggerty, owner and CEO of with an airline. sending out post-engagement client
Dotcom Distribution in New York, said satisfaction surveys, consider adding a
creating an onboarding toolkit is a Reno understands some accounting
post-onboarding survey.
great way to get everyone organized. and advisory firm marketers will have
a hard time trying to convince firm “I think we really need to start
“It should be easy to follow and include or department leadership to study measuring onboarding effectiveness of
components such as your service and upgrade the client onboarding the client experience.”
agreement and scope of work, client experience. Marketing’s role, he said,
intake forms, checklists (with timelines), is to initiate the conversations and Use the feedback from your
terms and definitions, training advocate for the business case for the onboarding pilot project to refine
guidelines, material requests, next accretive growth potential of better and roll out a department or firmwide
steps and plans for scheduling a follow- onboarding processes. onboarding process. Include new
up call to make sure everything is clear.” clients and new engagements for
“Advocate for going directly to clients existing clients. Reno suggested
These tools can help firms create and who have joined the firm in the putting the engagement manager in
schedule distribution of consistently past six months or year to interview charge of making sure the team has
formatted, branded documents them about what’s worked and what gathered all the client data, held the
such as proposals, invoices and has been challenging,” Reno said. meetings, and shared or gathered the
engagement letters. Many integrate “Marketing’s role is to bring the clients’ information referenced during the
with practice management software voice into the process. It is far more onboarding process.
and QuickBooks, as well. powerful to tell firm leaders what
clients say they want, rather than what Finally, make sure onboarding includes
Onboarding Checkup you think they want. Then you can familiarizing new clients with all the
According to “Closing the CX Gap: help departments identify what their firm’s services.
Customer Experience Trends Report” workflow looks like today and how
conducted across industries by Acquia, “So many clients think of us in terms of
it can improve based on their clients’ the one service we currently provide
a digital CX platform, 80% of leaders needs.”
say they are delivering superior CX, them,” Reno said. “During onboarding,
but only 8% of consumers agree. This “The next step should be to pilot the we should be telling clients ‘Over the
disconnect may be because changing new onboarding process with the next next few months, we are going to
introduce you to a tax accountant,
a business consultant and a client
There are a number of software programs and
accounting expert.’ Clients who are
technologies available to help optimize client happiest aren’t hiring us to be a good
organization and communication during audit or tax services vendor; they
onboarding. These include: want us to be great business advisors.
Bringing the power of the firm’s
• Practice Ignition • PandaDoc
resources and service philosophy to
• Acquia • HubSpot them is the part of the experience they
may appreciate the most.”
• GetAccept • ActiveCampaign
Heather Kunz, manager, Williams
These tools can help firms create and schedule
Benator & Libby. Contact at 770-512-
distribution of consistently formatted, branded
0500 or hkunz@wblcpa.com
documents such as proposals, invoices and en-
gagement letters. Many integrate with practice Brittany Olsen, marketing coordinator
management software and QuickBooks, as well. at Kingsbery CPAs, (303) 444-2240
ext. 809 or bdo@kingsberycpas.com.
accountingmarketing.org 7
Eric Majchrzak
Shareholder, chief strategy officer
BeachFleischman
Eric Majchrzak is a shareholder and chief strategy officer of BeachFleischman in southern
Arizona. In December 2020, he was named CEO-elect of the firm and will take over as CEO
in January 2022. It is rare for a non-CPA, let alone a marketer, to become a CEO or managing
partner of an accounting and advisory firm, but it’s a trend Eric thinks will — and should —
grow. Following are excerpts from a conversation with Eric. Read the full interview on AAM’s
blog at www.cpagrowthtrends.com.
What does a marketer and business the fact to being head of my firm’s M&A committee. Partners
appreciate when you say, “I want more responsibility. I want to
developer bring to the role of CEO that an
take more ownership.”
accountant might not?
Marketers and salespeople tend to see things holistically. We Where do you look for inspiration?
have an inherent ability to identify with clients because our Uber, Airbnb, Apple and Amazon are disruptors and are built
work is to figure out ways to fulfill their needs and desires around the customer’s experience (CX). They found a way to
through marketing messaging and the delivery of products make their customers’ lives easier. They learned if people have
and services. Marketers can help firms transform the mindset a choice when they’re buying a commodity service, they’ll pay
from an input, time-based model to an outcome-based, client- more for a better experience. Accounting is not that special as
centric business model. an industry that CX doesn’t impact what we do.
When did you decide you wanted to become How can improving CX be disruptive?
an accounting firm CEO? Start by asking how we can eliminate friction between
About three years ago I was feeling an enormous sense of ourselves and the client. Often the solutions are new tech
responsibility for the sustainability of the firm and the growth innovations or a new business model. We know clients don’t
of our people and clients. There was no pushing it aside. like getting surprise bills, so we’re looking at pricing work in
advance, and perhaps subscription pricing down the road.
Did your partners always support your
Advance or upfront pricing eliminates friction because clients
professional development? know what they’ll pay before the work starts, and everyone is
I’m lucky I have supportive partners. My marketing team is also committing to that price throughout the engagement.
incredibly supportive, and I really rely on them. I’ve benefitted
from trusting relationships that fostered and encouraged a Advanced pricing is a great example of
culture of innovation and risk-taking. innovation clients will need to adjust to. How
Marketers typically don’t have a clearly defined growth path. do you make that transition easier?
To some extent, we’re left out on an island to develop our own Our message to clients is, “We’re doing business in a different
roles. By getting involved with AAM and other organizations, way, one you’re probably used to in other aspects of your life.
I gained knowledge and formed relationships that helped We want to talk to you about your goals and how we can get
forge my career path. I was determined everything I learned you there.” We’re planting seeds for future buyers — millennials,
would translate to value for my firm. If my partners had been entrepreneurs — who want things done differently. An hours-
unsupportive and had said “no,” I would’ve thought twice about based business model that is 100 years old won’t take us into
my commitment to the firm and profession. the future.
Were you encouraged to “stay in your lane?” How important is CX in winning new work?
Early in my career, yes, but as my career progressed, no. If you’re CX is a growing decision factor. Professional services
told to stay in your lane, offer to help define what your lane purchasing is based on logic and emotion. Give the prospect as
should be. For example, years ago, I made the case that M&A much insight as possible into what they can expect when they
was essentially a marketing/growth function and that it made come to your firm. The more certainty you create, the more
sense for marketing to be involved. I asked for a role in the people will feel emotionally connected. The more confidence
process. Over time, I went from being notified of mergers after they have, the easier it will be for them to switch.
Interview by Heather Kunz
8 Growth Strategies Spring 2021
by the
What Will
You Offer? Numbers
More than two-thirds of firms are
already offering coronavirus-related
services, and that should rise to
three-quarters in 2021, according to
Accounting Today’s 2021 “Year
Ahead” survey, which reached 170
firms in late October and early
November 2020. TAKE MY
MONEY!
DEI and the 66% of customers say
Small Firm they’ll pay more for a
great experience.
29%
Source: Salesforce
of respondents from smaller practices
What They Really,
said they are not doing anything to
increase and improve diversity and
Really Want
inclusion. Only 11% of medium-sized 87% of accountants say clients expect more
practices said the same. flexibility and better service levels without an
increase in rates.
Source: The Practice of Now report,
The Sage Group plc Source: The Practice of Now report, The Sage Group plc
The Biggest Issues…
Large Medium Small
Acquiring and retaining new clients 26% 25%
Economic health of clients 40% 44% 28%
Keeping up with regulatory changes 22% 29% 36%
Keeping up with technology 22% 21% 20%
Pandemic-related issues 31% 54% 28%
Recruiting/retaining good employees 47% 45% 20%
Source: Accounting Today 2021 “Year Ahead”. Small firms are those with up to $200,000 in revenue; midsized firms
have up to $1 million; and large firms have more than $1 million.
Compiled by Christian Moises
accountingmarketing.org 9
Focus Article
Beyond NPS: Are You Getting All You
Can From Client Experience Surveys?
Richard Shippee
Automated client demographics and how they might creating compelling narratives that can
affect scoring. Staff may become more be turned into marketing and selling
satisfaction surveys, concerned with receiving a high score strategies. Building on the collaborative
such as ones offered by than in exhibiting behaviors that would
make clients genuinely satisfied. NPS by
nature of the survey, business
development teams can promote a
Clearly Rated, CX Pilots, itself may not reflect actual interactions new service to existing and prospective
Ask Nicely, Alchemer and experiences. clients by saying, “You told us what you
wanted, so here it is.”
and Qualtrics, are A better approach to developing a
client satisfaction survey that actually Jack Kolmansberger, chief marketing
now a common tool measures a client’s experience is to start officer at Herbein + Company in
in most accounting with strategy. Reading, PA, asks direct and specific
questions in his client surveys.
and advisory firms’ Iyoob suggests starting with a
firm’s mission, vision and goals, and “We asked our clients for their top
client experience (CX) developing questions that measure concerns going into 2021 and used
how the firm or team is meeting those
toolboxes. goals:
the data to create a webinar to
specifically address those concerns —
While these surveys often ask many especially targeting tax, accounting
• What is it like to be a client?
questions about a client’s satisfaction and financing,” he said. “We also ask
with particular staff, services or • What is it like to speak to or email open-ended survey questions, like
outcomes, the question that has with a member of the team? ‘What keeps you awake at night?’ We
received the most attention for a expect the replies to directly inform the
number of years is the one that yields a • What additional help would be components of new services.”
net promoter score (NPS): “On a scale of appreciated?
In addition to being strategic
0-10, how likely are you to recommend If it’s true that “client service is what about which questions are asked,
our firm to a colleague?” you deliver, client experience is how Kolmansberger uses a strategic
what you deliver is received,” then it is approach to determine which clients
NPS is one of the easiest and fastest
imperative to truly find out what that are surveyed.
ways to measure client satisfaction.
experience was.
It helps firms categorize their clients
“We intend client service always to be
based on their scores into detractors, Many accounting and advisory firms ‘over and above,’ so we use satisfaction
passives (or neutral) and promoters. are asking more complex questions data to help us concentrate on
Firms can then compare their scores to and following up client satisfaction critically important clients. We don’t
their competitors to see how they rank surveys with telephone or video let lower revenue clients wag the dog,”
against the competition. interviews to help deepen client Kolmansberger said.
relationships and develop new
But NPS has its shortcomings,
products and services. For Jade Reichling, director of client
especially as a gauge of the overall
experience at EisnerAmper in Miami,
client experience, said Jim Iyoob, Marketers often are the first to use
client satisfaction survey data informs
chief customer officer for Etech client satisfaction survey data and are
their Business Transformation team as it
Global Services. Because NPS is based in the best position to uncover new
develops new revenue-producing audit
on a response to a single question, client needs. It’s not enough to simply
and tax products based on client needs.
its biggest drawback is the need report numbers and percentages;
for additional research. A narrow marketers must aggregate survey “From our survey we also learned
focus on NPS fails to consider client results and contextualize them, that clients using our portal wanted
10 Growth Strategies Spring 2021a mobile platform sooner rather than
later, and to satisfy that need we sped
up the development of a mobile app,”
How to get more mileage from
Reichling said. favorable client satisfaction
Other firms, such as Friedman LLP in
New York, have had success in using
survey responses:
client satisfaction survey data to
measure their clients’ engagement
with their content and other marketing • Place client compliments throughout proposals
programs, such as blogs, events,
newsletters and webinars. • Train partners to use testimonials during pitches
“We invite clients to send ‘shout-outs’ • Use them as a starting point for case studies and white
to professionals who have made a papers
difference for them,” said Jill Jacobs,
chief marketing officer at Friedman. • Invite satisfied clients to co-present a webinar about a
“Hundreds flooded in and we shared solution that worked for them
them immediately with our staff. They
provided a real morale boost.” • Post client compliments broadly over social media
Yet, with all the investment in client
satisfaction comes the logical question:
does it increase revenue? “All services perish once delivered,” deployment of individualized client
said Steven Keith, founder of CX Pilots interviews can help close this gap.
“We have measured that,” Reichling in Raleigh-Durham, NC. “The goal is to
said. “Looking at the data against have your client’s recollection of their “Too often we ask mediocre questions
our financial performance we can experience with a service live on and which produce mediocre answers,”
see a direct correlation between influence future buying decisions. Savvy Keith said. “The purpose of imaginative
the engagement strength, client firms are aggressively competing on questions is to bring to light client
satisfaction scores and financial the basis of client experience. Through relationship friction, uncover
performance. Strong CX equates to more effective questioning they’re opportunities to innovate, rescue at-risk
revenue strength.” rigging the memory of the experience revenue, and find areas of potential
so that their most important clients are service enhancements.”
Kolmansberger agreed that client thinking favorably about them when it
satisfaction and revenue are directly Some of Keith’s favorite imaginative
comes time to re-engage.”
linked. questions include:
Clients, if asked the proper questions,
“I look at the big picture. The additional • If you were CEO of our accounting
are likely to articulate what their needs
service needs we identify, and what we firm, what two changes would
are. For client service providers to
potentially save in at-risk client fees in make in your first 100 days?
address those needs, they must be
one year, easily cover what we spend on actively listening. So, what’s going • What would make people back at
survey costs by a factor of 10,” he said. wrong with many surveys? your company want to preserve
Another benefit of thoughtful, specific
“There is a colossal gap between the our working relationship?
client satisfaction surveys is to cement
internal beliefs firms have about CX Using surveys to reveal the true CX your
positive experiences in clients’ minds.
and what the client truly believes,” Keith firm is delivering can help your firm
said. “Over-indexing on develop new approaches and move
NPS can give leaders a the revenue dial.
Brands that improve CX: false sense of security
in the experiences their
• Increase revenue 10-15% clients have.” Richard Shippee, consultant, Whitman
Business Advisors. Contact at 212-600-
• Lower costs 15-20% Moving beyond 1432 or rshippee@whitmanbiz.com.
the cookie-cutter
Source: McKinsey Insights
automated survey
questions and into the
accountingmarketing.org 11Focus Article
How Mastermind Groups Drive
Growth and Engagement
Bonnie Buol Ruszczyk
The complexity of today’s business issues, brainstorm with others, set goals and be held
accountable for what they intend to do.
world often compels CEOs and
• More than coaching: It is all about members sharing
CFOs to seek advice and guidance with each other, not about the facilitator coaching
from trusted advisors. individuals in a group setting. Everyone is expected to
contribute, and the collective experience of members
But some of the best input can come from those who are in leads to ideas, advice and support.
similar situations and have overcome the same issues and
challenges themselves. Here’s how three firms approached the concept differently,
all with positive results.
Because of this, and a variety of other reasons, it is no
surprise there is a rise in peer gatherings, mastermind Rea & Associates
groups or CEO roundtables. Each one gives members a Rea, and in particular principal Kyle R. Stemple, CPA, CGMA,
place to connect with like-minded colleagues where they CEPA, hosts a CEO peer group for clients. He points to three
can offer — or receive — support and encouragement. primary reasons for launching his roundtable:
Moving from the role of advisor to facilitator and connector, 1. It is lonely at the top, and most business owners aren’t
CPAs who have started these groups have seen positive comfortable talking to their leadership team about the
results. There is no right or wrong way to host a group, and challenges they are facing. Yet, by talking to other CEOs,
firms have taken different approaches to them. However, they quickly realize their issues are no different than
there are some common elements in most groups. what others deal with on a daily basis.
Successful groups offer:
2. Most owners spend more time working in their
• More than networking: While these groups tend to businesses, rather than working on their businesses.
lead to members making connections — and in some
cases working together — that is not the primary focus 3. CEOs needed a safe space to talk about the challenges
of the meetings. they face with others who understand where they are
coming from.
• More than training: Again, members certainly will
learn by participating, but these groups are much When initially forming the group, Stemple decided to
more than a typical CPE opportunity. Some even bring focus on those in the Amish and Mennonite communities,
in guest speakers to cover a pertinent topic, but the where the firm does a good deal of business. Because these
main goal is to give members a safe place to share their business owners avoid technology, the firm created a paper
12 Growth Strategies Spring 2021newsletter for them, and he included In addition, Stemple suggested three to five minutes to talk about what
an article in it inviting business owners charging a nominal fee so members is going on with their businesses and
to join. have some skin in the game. He uses ask questions of the group.
that fee to cover the cost of breakfast
“I had about 12 business owners reach as well as any books he may share with “These discussions go beyond financial
out and wound up with eight to 10 at the group for future discussion. matters and cover difficult personnel
our meetings,” Stemple said. issues as well, such as laying off people
He advises that others keep Lance, Soll & Lunghard and furloughing employees,” Jacob
membership to less than 12 so When the partners of Lance, Soll & said. “We found members were very
Lunghard (LSL) noticed their clients open about sharing their challenges
members can get to know each other
were panicking over reduced cash flow because it is a safe space, which made
and grow comfortable enough to share
and the other negative impacts of the the time spent valuable for all involved.”
in each session. Now in its fourth year,
pandemic in mid-2020, they decided to
Stemple said maintaining a structure is While it wasn’t the impetus for starting
create a roundtable to help.
important. the group, the firm has expanded the
“We saw this as an important work they do for participants.
“In each session, one person brings a
marketing initiative to retain our clients
challenge they are facing, the member “We have added a good deal of PPP
and help them through this difficult
who shared their issue in the last loan work from group members,” Jacob
time,” said Cami Jacob, marketing
meeting gives an update on what they
coordinator. said. “The additional revenue is nice,
did, a third person shares a tool that
but we were really looking to solidify
they find valuable in their business, To get started, partners sent personal
our place as their advisors, and we have
then we have an open discussion,” invitations to those clients they felt
definitely done that.”
Stemple said. “Not once have I worried needed the most help and would
about having something to discuss benefit from a close-knit group of The results speak for themselves.
in our meeting. We’ve covered the others facing similar issues.
election, tax issues, PPP loans and “Members are very appreciative
“We were looking for business owners and thank us regularly. It is scary to
much more.”
who were willing to share and would make new and difficult decisions on
Stemple did not originally create this be open to new ideas,” said Jill Zozula, your own,” Jacob said. “Getting the
group to expand his client base, but it director of marketing and business perspective of others facing similar
has happened organically. development. issues, as well as the input from our
“Half of the original participants were Initially they had 20 people attend, and partners facilitating the group, is
clients and now they all are,” he said. now have 8-10 regulars who participate invaluable.”
“It is very rewarding for me personally, every month. Beyond the benefits group members
too. This group has made a real, have experienced, these discussions
The LSL roundtables typically meet for
measurable impact on these CEOs and have created content for the firm’s
an hour, and each one focuses on a
their businesses.” webinar series, too.
specific topic. Each participant is given
Stemple offered his thoughts to others
who want to create their own groups:
The concept of the “roundtable” goes back
• Keep groups diverse in terms
of the types of businesses to the days of the legendary King Arthur.
represented but avoid including As the story goes, he wanted to put his
direct competitors so everyone knights and barons on equal footing, so no
feels safe sharing openly.
one could claim precedence over others
• Interview potential members to based on how close they sat to the king.
ensure they are in it for the right
reasons and ask them to make a
Whether King Arthur and his roundtable
commitment to participating. of knights existed has been debated, but
• Poll members on their best time to the concept turned out to be a pretty solid
meet and meet at the same time strategy and has stuck centuries later.
each month so it becomes a part of
their routine.
Continued on page 14
accountingmarketing.org 13How Mastermind Groups from page 13
“We invited a labor attorney to Rachel Pompeani. “The feedback has you require members to sign a non-
talk about employment issues, a been great. We started by meeting disclosure agreement or be less formal
commercial real estate expert to in person but eventually had to go about it?
discuss how to renegotiate leases and to a virtual model. At that time, we
created our own webinar on cash flow, surveyed the group to see if they still Pick a committed facilitator. The
all based on issues brought up during found enough value to continue, and person leading the group must be able
these roundtable discussions,” Jacob 90% said yes.” to navigate meaningful discussion,
said. keep members on track and recognize
Barnes Wendling does not charge a fee learning opportunities as they arise.
LSL decided not to charge a fee for for its roundtable and has not added They are not there to teach; they
group participation, though they did any new business yet, but that wasn’t are there to direct the conversation
consider it. When asked for advice to the original goal. and ensure all participants have an
share with others, they offered: opportunity to share.
“It was important for us to build
• Meet once a month. LSL started rapport with the next generation of Be open to different points of view.
out meeting every two weeks, but business leaders so they could get to There are no right or wrong answers,
that was too frequent to expect know us and the firm, we could solidify and everyone should feel safe giving
regular participation. our role and keep them as long-term their opinions and sharing their
clients,” Pappas said. perspective without judgment.
• Make sure the partners
facilitating the groups are Pompeani shared her advice for other Decide if you are going to charge for
passionate about it and always firms considering this offering: don’t be participation. There are pros and cons
have thoughtful questions ready afraid to start out small. to charging a fee for membership. For
as this is key to keeping it going some it ensures participants have skin
“The value comes from the
over the long haul. in the game and increases their level
collaboration and if it gets too large it
of commitment. For others, it can limit
• Create recaps of the discussion to can lose value,” Pompeani said. “We’ve
participation, especially for business
share with those who can’t attend. found that participants in smaller
groups tend to be more transparent owners or others in a tight financial
Barnes Wendling and participate more.” crunch.
Barnes Wendling works with a large Involve marketing from the
number of family-held businesses, and Ready to Get Started? beginning. While most of the work will
firm leaders spend a lot of time helping The benefits a firm can receive from be done by the facilitator — who most
them with succession planning. creating its own group depend on often is a partner — marketers can
Recognizing the new generation of how it is structured and the goals of provide valuable input on the topics to
leaders often have questions but no the facilitators. If you are considering discuss, draft member communication,
one to talk to, the firm decided to starting your own group, here are a few create recaps for those who can’t
create its “NextGen to Lead” roundtable things to keep in mind:
attend and share discussion outcomes
series in 2020.
Define your audience. Do you want to in other ways for a broader audience.
“We saw the need and wanted to create a roundtable for CEOs or CFOs
In the end, only you can decide
create a space where these up-and- that cross industries, or do you prefer
what will bring the most value to
coming leaders could meet others in to focus on a more targeted group
your firm and benefits to those who
the same situation and learn about specific to a particular segment of the
participate in a group. But with solid
topics they may not know anything market?
initial planning, carefully considered
about,” said Director Michael Pappas.
Decide on a meeting structure. Will all structure and consistent participation,
Invitations were sent to all family members be required to share in each roundtables can be a valuable way to
business clients so they could decide session? Will there be an established support your clients and differentiate
if they wanted to participate. Roughly topic of discussion or will participants your firm.
25 people expressed interest, and determine each session’s focus? How
they decided to cap the group at this long will each session last and how Bonnie Buol Ruszczyk, marketing
number, yet still share insights with often will you meet? strategist, bbr companies llc.
others via email. Contact at 404-423-4433 or bonnie@
Create a safe space. The beauty of
“The benefit of this roundtable series these groups is they allow members bbrconsults.com.
for our clients is not only to listen to to share openly and gain input from
us but to collaborate with other family others in a similar situation. How will
businesses,” said Marketing Manager you create that safe environment? Will
14 Growth Strategies Spring 2021Back in the good old days of in-person team meetings, whiteboards and sticky notes played a significant role in brainstorming and
strategy. These visual collaboration components are missing from most virtual meetings, but it doesn’t have to be that way. Online
whiteboards and digital sticky notes allow teams to collaborate and brainstorm in real time just as if they were in the office.
Paid Option Free Option
Lucidchart is a visual workspace that combines diagram- Miro is one of the more popular online whiteboards with
ming, data visualization and collaboration. It is fluid and more than 10 million users, including companies such as
easy to learn, with well-stocked libraries of templates and Netflix and Twitter. Miro’s online whiteboard features an
objects. Lucidchart is worth the spend for organizations infinite canvas that allows users to add images and sticky
that require a more robust platform as it includes com- notes, along with embedding documents, spreadsheets and
plex diagramming tools, real-time co-authoring, in-editor PDFs. A popular Miro feature is the ability to digitize hand-
chat and integration with niche applications. Its interface written sticky notes, because sometimes you just need to
is straightforward, making it accessible to even the most brainstorm and write on something tangible. With Stickies
technically challenged team members, and it has some Capture, you can snap a photo of your whiteboard or sticky
great value-added features such as revision history, free- note, and Miro will instantly convert it into an editable
hand drawing and sticky note conversion. Lucidchart plans format. Miro’s utility goes beyond just brainstorming to
start at $7.95 per month. provide a quality presentation for stakeholders of every-
thing you’ve worked on so far. Highlights of the free plan
Another paid option to check out is Stormboard, which include three editable boards, templates and basic integra-
offers features such as built-in business processes and tions with platforms such as Slack and Microsoft Teams. For
instant meeting notes. It also provides sales management a subscription that starts at $8 per month, you get unlimited
tools to coordinate cross-functional efforts and features a boards (instead of three), custom templates, high-resolution
unique “Buying Motivations” template that allows users to exports and other features that are good for larger teams.
identify their target customer and break down their moti-
vations for purchasing to craft more targeted marketing Whiteboard Fox is another free, easy-to-use virtual white-
plans. board tool. It does not require any setup or download
and opens easily in your browser. The tool begins with a
blank canvas and allows team members to collaborate and
coordinate.
Geoff Jones
accountingmarketing.org 15Business Development
Does Client Experience Impact
Buying Decisions?
Is client experience calls and delivering “service with a constitute CX to prospects in ways
smile.” that convey the value of working
a deciding factor for with a firm. Concentrate first on the
“Client service and client experience
prospective clients (CX) are not the same. Client
experience of potential clients:
as they consider experience, as widely defined, refers • What are their initial
to all of the client’s experiences with interactions with you like?
engaging a new a firm and might include thought
• Are you helpful?
accounting and leadership, expertise, flexibility, costs,
and reputation,” Frederiksen said. “For • Do they gain insight as they
advisory firm? some folks it is almost akin to your interact with your firm?
It seems like a simple question, but brand experience. We see them as
very different concepts, with ‘client Clients are looking for a firm that
marketers and business developers understands their industry, has the
have long struggled to accurately and service’ as a subset of CX.”
expertise to solve their problems and
definitively define the role CX plays in “That doesn’t mean that service is not helps them achieve their business
client acquisition.
important for retention and referrals, goals. Frederiksen said how you
Some of the trouble stems from what just that it is a mistake to use it as a communicate that part of the CX
we mean by “client experience,” said differentiator. It is table stakes. It is absolutely will have an impact.
Lee Frederiksen, Ph.D., managing certainly important, but not a good
When a prospect is looking for a firm
partner at Hinge Marketing. For approach to winning new clients.”
to do audit, tax and advisory work,
example, an excerpt from Hinge’s
On the other hand, Frederiksen said the actual services are forefront in
2018 publication, Differentiation
CX can be used as a differentiator (to their minds. But marketing can add
Guide for Professional Services Firms,
the extent that there is something value to the engagement proposal by
may seem to claim that buyers of
different about a firm’s CX) since it illustrating the firm is proactive rather
professional services don’t consider
can encompass many aspects of how than reactive and giving examples.
their relationship with the firm as a
service is structured and delivered, Discussing the value the firm places
buying criterion.
some of which may be quite relevant on communication, client education
“In our research of professional to firm selection. and planning can convince prospects
services firms, we have found another that working with the firm will bring
reason to reject client service as a Define CX for Prospects benefits over and above the actual
differentiator — buyers don't even “I think of client experience as a services provided, and that the day-
consider it a selection criterion. A passive buying decision criterion,” to-day working relationship will be an
lack of customer service may be a said Sarah Gray, marketing manager easy one. Testimonials from existing
reason you lose a client, but it rarely at The Doty Group, P.S., of Tacoma, clients help drive home the point.
plays into the initial selection process. Washington. “While client experience
Unless a buyer has been burned may not be an easily identified “Client experience has value in client
recently by poor service, it’s just not deciding factor for a buyer, as retention, client growth and client
relevant to them yet.” professionals we can't afford to treat it referrals,” said Kari Bakus, consultant
as though it’s not important, especially with Inovautus Consulting. “More
Service is Part of CX if it was the reason a prospect left their
than half of new work for most of
Frederiksen said the quote refers our CPA firm clients comes from
former service provider.”
specifically to “client service” as increased services to existing
being parallel to “customer service,” Marketers and business developers clients or in the form of referrals or
concepts such as returning phone need to articulate the elements that testimonials from a client. So how can
16 Growth Strategies Spring 2021we not view the CX as part of the BD are tailored to the client’s needs rather
process?” than one size fits all? Heather Kunz, manager, Williams
Gray agrees, noting CX can be a lead If the client relationship is firing on all Benator & Libby. Contact at 770-512-
cylinders, the client is likely to convey 0500 or hkunz@wblcpa.com
generator through referrals or brand
reputation. Clients are unlikely to pass their experience to others when they Dana Bottorff, principal, Anadon
a firm’s name on to their contacts pass on referrals. Marketing/Communications.
unless they are happy with the day- “Client experience can position your Contact at 781-856-3262 or dana@
to-day feel of working with the firm. firm to be immediately considered anadonmarketing.com.
Are phone calls and emails responded by the buyer and be an advantage
to in a timely manner? Is the firm to you if a buyer implicitly trusts that
proactive in spotting trends and their referral source has had positive
challenges? Does it offer solutions that CX with your firm,” Gray said.
accountingmarketing.org 17Becky Livingston
CEO Becky Livingston and her firm, Penheel Marketing, help CPAs and small business owners build marketing muscle through big-
picture thinking and strategic initiatives. After a decade in business, Livingston shared her insights on creating high-quality client
experiences in 2021 and beyond.
How are you approaching client service in What should firms know about the new
a work-from-home world? .CPA domain?
We talk a lot about personalization. The accounting industry I think it could work well for some brands. For example, let’s
created an unprecedented amount of content last year, say your firm’s website consistently generates leads each
for both businesses and individuals. To keep audiences month. When you move it from one top-level domain like
engaged, we need to go beyond the basics of, “Here’s a .com to .cpa or another top-level domain, your website’s
regulation and here’s how you apply it.” Instead, we need to search engine optimization (SEO) may drop, and it may
provide our audiences ideas on how to prepare for change not pick up for six to eight weeks. Knowing that, your sales
and approach it in ways that work specifically for them. team should be prepared for any temporary drop and your
Include words like “you,” “we” and “us” to help their content marketing team should be ready to do some rebranding.
feel more personal and to build empathy.
When it comes to existing clients, they may
Although CPAs typically may communicate be confused at first if the new domain
with their audiences through email and seems unusual or redirects a previously
social media, some are starting to bookmarked page. Informing your
use text messaging and chat bots clients about a domain name change
to provide immediate responses, is the best way to reduce any of
especially during non-business hours.
confusion.
Professionals should remember that
not every meeting has to be through Any advice for accounting
video. Clients will often say to me, marketers in 2021?
“I feel like I’m on Zoom all day long!” Technology, for sure. Whether it’s AI,
Voice-only conference calls might chatbots or building content on the fly,
seem outdated by now, but they can be ask yourself, “How can I do this better,
a great opportunity to multi-task without
faster, stronger?” A marketer’s goal should
feeling the pressure of someone staring at
always be to move the bottom line. Don’t
you from a screen.
spend all of your time creating content – make the
What are the top trends right now in machine do that for you.
accounting marketing? Personalization. How can you personalize content to meet
Using artificial intelligence (AI) for content curation is key. your customers’ needs? Are you segmenting your audience?
It’s increasingly important to provide an online experience Are you breaking them down by topics? Focus on leveraging
that meets your audience’s needs in real-time. For instance, your data to help you create the kind of experience you
most website visitors don’t want to search or filter lists of want your users to have.
blogs to find the information they need. Whether it’s payroll
regulations, tax tips or something else, they want your Similarly, you need to know the story your data is telling
website to recognize the topic they’re interested in and you. If you don’t fully understand Google Analytics,
build them content based on it. Clients are excited to start Google Search Console, SEO or social media — any of the
using AI, and I think their clients will be excited about the technologies that are driving data — it’s time to up-skill
results, too. yourself. If you buy advertising for your firm based on a
hunch or on something someone else told you to do, you’re
Voice search is another big one. Voice search tries to identify
not providing value.
content based on intent, which can often come in the form
of questions like, “How can I do this? Where is this? How
much is that?” Those intent phrases — words like “how,”
“where” and “why” — matter a lot because they drive which
content your audience is fed.
Interview by Mathew Conlin
18 Growth Strategies Spring 2021You can also read
