Are you tired of working with Vampire clients that suck the life out of you? Is your firm struggling to find and land high-value clients? Here are the common mistakes you’re probably making and their remedies.
It’s no secret that many accounting firms constantly struggle to attract high-value clients. And most of the time, it happens because these businesses focus on stability rather than growth. In other cases, it’s a lack of vision.
Not all firms go after the right clients. They focus on quantity over quality and don’t nurture long-lasting relationships. Others may even worry so much about pricing that they forget about everything else that’s important.
Many factors can affect your ability to attract the right clients for your firm. But you need to understand these factors to position your firm as VITAL and start working with your ideal clients.
You also need to understand that there are a few crucial mistakes that you must avoid.
If you make these mistakes a lot and don’t remedy them in time, here’s what happens…
Instead of working with high-value clients, you end up working with vampire clients.
You get calls, appointments, and work from clients that overwork you. And they don’t even pay you enough for the time you put in to help them.
If you focus on understanding the five primary mistakes made in this niche, you can turn things around. You can position yourself as VITAL to the right audience and engage the clients you really want to work with.
Mistake #1 – Making Your Content All About You
So, one of your biggest goals is to position your firm as VITAL to your audience members. And your content does a lot of work towards achieving that.
But are you sure you’re creating the right content?
Let’s talk about content positioning and perspective. What’s your main focus?
If your content is all about you, then you’re making a huge mistake.
Your readers want to know how you can help them. They want to understand how you can help them overcome their pain points. More importantly, they want to see if you’re the answer to their problems.
Of course, to look the part, you have to talk about your accomplishments. You must convey that you provide VITAL services. It all helps you gain the confidence and trust of your audience members.
But the big problem here is that it’s so easy to lose focus when writing your content. It’s likely you end up talking about you, not them. Remember that you can do all those things with your content without putting the focus on you.
Try positioning your writing differently. Consider telling your readers how great you are by explaining how your expertise can fix their problems. Make your readers, and their pain points, the main topic of discussion.
You should provide the solution.
Talking too much about the amazing qualities of your services can lead to losing your audience’s engagement.
Mistake #2 – Not Defining Your Ideal Client (Or Your Hunting Niche)
Another grave mistake is marketing to the wrong people. Yes, you want to attract high-value clients. But do you know who they are? Do you know where to find them?
If you’re not clear who your ideal client looks like, you won’t like who may come calling.
Whenever you create a message for your prospects, you must be certain who it is you’re addressing. You always want ideal clients that come from your hunting niche.
If your ideal audience members don’t receive your message, you can’t get them to schedule an appointment.
So how do you go about fixing this?
Start by defining your ideal client. What kind of businesses can you help the most? What problems can you fix based on your expertise? Or that of your team members?
Also, think about the type of client you want working with you. How much should your clients pay you for you to have your dream business?
Now figure out where to find those clients. Research the best social media platforms, groups, or blogs. Find out where they hang out so that you can relay your message directly to them.
If you’re not doing that right now, you have a problem.
There’s no discussion about supply and demand if you can’t figure out who makes the demand.
Once you know who your ideal audience is and where to find it, you get closer to landing high-value clients.
Mistake #3 – Not Being Clear About What You Offer
Here is another widespread mistake in the marketing approach of many accounting firms:
You don’t know how to present your offering in a clear message.
You already know that you must position your content to speak directly to your audience members. And you also see the importance of defining who your ideal clients are. You understand why you have to find your ideal hunting niche.
Unfortunately, you may also think that all of that is enough to attract high-value clients. It’s not. It’s a big mistake to assume that you don’t need to do more. What you need is more clarity in your message.
If your clients can’t understand what you offer, high-value clients won’t come calling.
So how do you ensure you can position yourself as VITAL to your ideal audience?
Start by making a list of your main attributes and areas of expertise. Figure out what you can offer your clients that’s of great value to them. After that, refine the list.
Stick to the things you do best. Identify which of those services best serve your ideal clients. Then, create a message or conversation around those key services and solutions that you can provide.
Mistake #4 – Focusing on Features Instead of Benefits
It’s great if you can offer your clients a long list of features as a reward for them choosing you. But here’s a common mistake. When you communicate with your audience, you probably focus on those features, not the benefits.
The thing is, your readers and potential clients don’t care about features as much as you think. And some may not even care about you that much. What they truly care about are benefits.
What benefits do they get from becoming your clients? What do you provide them with that’s better than the alternative?
How can you make their businesses and lives better through your services?
That’s what clients expect to understand as a result of your communication. And that’s what your marketing campaign should focus on the most.
It goes like this: benefits first, features second.
To understand the difference between features and benefits, take a simple example from Apple.
When the company launched its first iPod, one gigabyte of storage was a feature of the device. The benefit at the time was enough storage for 1,000 of the user’s favourite songs. See the difference?
You can highlight your services and process. But you won’t attract high-value clients unless they understand what it all means. They need to know that your unique approach provides specific benefits that directly address their pain points.
Mistake #5 – A Poor Pricing Model
New accounting firms often rush to find clients. But in this rush, you can develop a poor pricing model that hurts your business.
A big mistake that deters high-value clients is not being able to separate price from value.
It’s tempting to lower your prices to get the edge over your competitors. And why wouldn’t you? Many clients jump at the opportunity to pay less for accounting services, right?
But that doesn’t help you get your ideal clients. It can also prohibit you from raising your prices in the future to increase your revenue and grow your business.
Furthermore, high-value clients don’t look at low offerings too fondly.
Your audience members may dismiss your offer if it’s too cheap. Why? Because a cheap offer is easy to associate with mediocre or average services.
It’s always best to match your price to your value. If you’re great at what you do and you can help your clients, they will pay.
Given a choice between an average cheap accountant and a high-value cheap accountant, clients chose the latter. And they do it every single time, without question.
So, differentiate between price and value. Your price is not what defines your ability to transform your clients’ businesses. The value that you bring to the table and your experience do that.
Price your offering accordingly.
High-value clients will become intrigued to see if you can deliver. They’ll want to know more.
And higher prices deter low-quality or vampire clients from contacting you. This can save you a lot of time from having to vet additional prospects.
Stop Creating a Business That Draws In Vampire Clients
Your content remains a driving factor in acquiring new business. But it’s not the only thing that proves lucrative for growing your accounting firm.
Working on your pricing, defining your hunting niche, and putting readers first is also important.
Remember that it’s critical to strike a balance between talking about you and talking to your reader. Try to separate features from benefits to convey a clearer message.
Stay away from slashing prices to avoid putting forward a weak bargaining position.
Focus instead on developing that VITAL position in front of your ideal audience.
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