As chartered accountants serving businesses of all sizes across London, many business associates often assume that it is very easy for us to get new businesses, because all businesses, large or small, need an accountant. Well, the truth is the accounting profession is a great example of business that relies heavily on word of mouth and referrals. Over the years, we have built up a solid reputation, one that is synonymous with dedicated accounting services, no-nonsense tax advice, and top-quality payroll service, this is why our clients are always happy to recommend us to their business contacts.
But we are also gearing up for the next generation of customers.
Next Generation Of Client Does Business Differently
It’s true that business networking groups take the centre stage these days. The benefits are tangible – you build relationships and relationships bring in new business, as “people do want to buy from people”… although they are most definitely checking you out online first.
Amidst this, the word-of-mouth channel is changing, driven by demographics, technology and information consumption trends. This has been dramatically exemplified over the past few years by the growth of social media. Once scorned on as a business medium, it’s now a key part of many larger brands marketing and PR strategies. Today, social media is the new word of mouth and one of the preferred modes of research and communication by today’s main business demographic – Generation X.
Adapt or …
Many companies, particularly in the professional service industry, have realised that the reliance on the ‘Baby Boomer’ clients as a prime source of business is drying up. Baby Boomers (born 1946 to 1964), have retired or are retiring, enjoying the fruits of their labour and investment. They have handed over their businesses to their next generation family members or business prodigies, or have simply sold out.
The new market lies with the later generations – GenX and GenY (the Millennials). It seems obvious, but there are still companies operating at a level that doesn’t connect with these new generations, in relation to how they communicate, research, buy products and services, and interact with one another.
Create A Competitive Digital Marketing Plan
The younger generations – not forgetting that GenX members who are well in to their 40’s – almost certainly do the primary research online before stepping in to a shop, picking up the phone, or arranging to meet face-to-face. Their word-of-mouth channel is through Facebook and Twitter. So, create a competitive digital marketing plan for your business and target your new clients in the channels they are most likely to engage.