Most advisers would recommend that clients who are strapped for time consider outsourcing tasks.
We recommend that accountants consider this advice and outsource basic marketing tasks.
What tasks are we talking about?
At a bare minimum, professional advisers should be undertaking the following, basic marketing tasks:
- Inform clients of the advisory services they provide,
- Send clients targeted alerts and reminders.
- Send prospects alerts and information on a complimentary basis that will help to distinguish the adviser’s practice from competitors,
- Keep staff abreast of practice marketing strategies.
- Use these processes to update and push traffic to your website.
Using these simple strategies firms can then set up and manage social media campaigns using the content produced.
And the outcome?
If you could create and maintain this level of activity you should be able to increase prospect conversions and cross-sales to clients. You will also have staff, fully-informed, who are actively supporting your marketing efforts – now they know what this activity is…
How much would this cost if managed in-house?
Deciding on services to create and promote would probably take a major fee earner at least two days a month to research, document and write the relevant deliverables (updates for clients and prospects and monthly campaign material). At say £150 per hour this would amount to £2,100 per month – the cost of lost chargeable time.
Organising the delivery of updates and campaign material would take a £20 per hour part-time marketing person say one day a week or on average £560 per month.
Updating your website and managing social media campaigns would probably add a further one day a week of tasks for your part-time marketing person. Say an additional £560 per month.
In-house costs and lost fee income would be – on this basis – £3,220 per month…
How much would this cost if outsourced?
Landmark’s Fee Builder services provide weekly alerts and monthly campaign material to promote advisory services to clients and prospects, with updates for staff.
The monthly cost of the Fee Builder Plus option – which covers the above – is £55 plus VAT.
We are working on a delivery option for Fee Builder that will automate the broadcast of alerts and campaign material. Our price point for this add-on is presently estimated to be £100 plus VAT per month.
Other in-house tasks that would still be required are:
- Reviewing content for distribution to clients say one hour a month at £150 per hour – £150
- Updating distribution lists – two hours a month at £20 per hour – £40
- Updating your website and managing social media campaigns – no change here unless you decide to outsource – which in both cases would cost approximately £560 per month.
In-house, outsourcing costs and lost fee income would be – on this basis – £905 per month…
Time to consider your options
Every practice needs to be stepping out and promoting its services; particularly those of an advisory nature. The days of relying on compliance income may be approaching a “mass-extinction” event.
Based on the assumptions we have made in this post, there appears to be an argument to outsource . Reductions in costs of almost 70% seem to be available.
Bob Edwards, Landmark’s Founder director, would be willing to discuss your marketing outsourcing needs and to explain what the Landmark Fee Builder service options could offer. Call any time 07879 896073 or email firstname.lastname@example.org.