| One of the biggest complaints I hear from CPAs is a | | | | to understand why institutional ads are just plain bad |
| poor return on marketing dollars. The reason these | | | | marketing, and direct response is just plain good. |
| CPA practitioners get poor results is because they | | | | What Is an Institutional Ad? |
| don't understand the difference between good and | | | | Most common form of advertising (unfortunately) |
| bad marketing. Following just one basic principle can | | | | Also known as Image Ads |
| help you start on the road to better marketing: Give up | | | | Lots of blank white space |
| on bad advertising and invest your money in good | | | | Ad talks about you and how great you are |
| advertising. | | | | Doesn't direct the potential buyer to a buying |
| You might be thinking: I do the same kinds of | | | | decision |
| advertising as all the other CPAs in my market-surely it | | | | Hopes to build "brand awareness" |
| must be the "good" kind of advertising. But the worst | | | | Most times it is a waste of money |
| mistake accountants make in marketing their CPA | | | | What Is a Direct Response Ad? |
| practices is assuming that because a lot of other | | | | Ads that asks the prospect to respond directly |
| practices use a particular kind of advertising, that kind | | | | Focuses on the customer and his or her needs |
| of advertising must produce results. So, like lemmings, | | | | Purpose is to stimulate a phone call, letter or visit. |
| they all keep wasting money on a traditional kind of | | | | Can be tracked and made accountable |
| advertising that really doesn't produce results. | | | | Direct response advertising makes a complete case |
| Are you throwing good advertising dollars into a black | | | | for the practice and the services it provides. It |
| hole? | | | | overcomes sales objections. It answers all major |
| You are, if you spend your advertising budget on | | | | questions. It promises results, backing up the promise |
| institutional ads (also known as image ads). You know | | | | with a risk-free, money-back guarantee. Direct |
| what they look like: the name of your firm in a tasteful | | | | response advertising is all about your customer and his |
| font, a few lines of text or bullet points listing the | | | | or her needs. Its purpose is to stimulate a phone call, |
| services you offer, your phone number and address. | | | | letter or a visit. Best of all, unlike an institutional ad, it can |
| We are so surrounded by institutional ads that we | | | | be tracked so you can make every dollar you spend |
| might come to think of them as "standard" ads. | | | | on it accountable. This then helps to measure the |
| They're in the yellow pages, the newspaper, local | | | | effectiveness of each ad. |
| newsletters and magazines, and even now on the | | | | The bottom line is this: Direct response advertising |
| internet. | | | | turns prospects into clients, and institutional ads don't. If |
| Don't be an advertising lemming! | | | | you are going to spend money towards marketing |
| Just because everyone else takes out institutional ads | | | | your accounting practice, make sure you've taken the |
| doesn't mean you need to do the same. Sure, you | | | | time to understand "good" marketing techniques. The |
| probably want to be in the phone book. But any | | | | results you will get from the latter will be dramatically |
| money you spend on institutional ads could probably be | | | | different than following what most of your competitors |
| better spent on direct-response advertising. A quick | | | | do i.e. institutional advertising. |
| comparison of these two kinds of ads should help you | | | | |