In the ever-more competitive world of accountancy, relying solely on traditional methods of client acquisition, such as referrals, can limit the growth and expansion of your firm. While referrals offer trust and credibility, their reach is limited. This is where PR for accountancy firms becomes a powerful tool, expanding your firm’s visibility, building credibility, positioning you as a thought leader, and even attracting potential investors.
As Joint Managing Director at Midnight, an award-winning PR agency with extensive experience in professional services, I’ve seen firsthand how public relations for accountants can be a game-changer. Here’s how your firm can leverage PR to grow beyond referrals and position itself for long-term success.
The limitations of relying on referrals
Having spoken to several accountancy firms over the years, I know that many depend heavily on referrals, which has obvious advantages. When a potential client comes through a referral, trust is often pre-established, making it easier to close a deal. Referrals also tend to bring in clients who are more likely to value and appreciate your services. It’s definitely a good way to win new business – we do it at Midnight too.
However, there are significant limitations to this approach. Referrals often come from a narrow network, which can cap the growth of your business. If market conditions shift or your primary sources of referrals dry up, this model could leave you vulnerable.
Additionally, relying exclusively on referrals limits control over your firm’s narrative and market positioning. To grow and remain resilient, it’s therefore essential to look beyond referrals.
Why accountancy firms should embrace PR
PR provides a way to increase your visibility and establish authority in your field while positioning your firm in front of a wider audience. Here’s why it’s crucial for accountancy firms:
- Brand awareness and recognition: Strategic media placements in trusted publications help ensure that your firm is seen by potential clients. By sharing your story through articles, interviews, and expert commentary, your firm gains exposure to a broader audience.
- Credibility and trust: Earning media coverage in respected national outlets and trade publications adds weight to your reputation. When potential clients or investors see your name in trusted media, it influences their decision-making process.
- SEO benefits: PR can have a direct impact on your search engine visibility. Mentions in high-authority publications, particularly those that link back to your website, can significantly boost your SEO efforts, driving more traffic to your site.
- Competitive advantage: PR allows you to set your firm apart from competitors by elevating your ‘share of voice’ in the marketplace. The more your firm is quoted and mentioned in the press, the more it will be seen as an industry leader.
- Promoting your employer brand: As accountancy firms grow, attracting and retaining top talent becomes critical.
PR not only attracts clients but can also position your firm as an attractive place to work, helping you to recruit the best candidates.
This is becoming an increasingly popular objective for our client’s PR campaigns and we’ve seen great results increasing the number and quality of candidates via strategic PR tactics.
PR strategies for accountancy firms
Implementing a PR strategy requires careful planning and execution. The first question we always ask a client is ‘who is your target audience?’. This may sound simple, but we often need to delve a little deeper into your strategy to work out exactly who we should be targeting and putting audience profiles together to better understand how to reach them through the media they will likely consume.
For accountancy firms, these three key PR tactics can deliver results:
- Thought leadership: Establishing your firm’s expertise is one of the most effective ways to gain media attention. This can be achieved through writing articles, securing speaking engagements, or hosting webinars on topics that are relevant to your audience.Accountancy firms have a wealth of knowledge that can be shared with a broader audience, positioning the firm’s partners and leaders as experts in the field.
- Media relations: Building and nurturing relationships with journalists is crucial. By consistently providing valuable insights and commentary on industry news, your firm can secure regular mentions in key publications. When journalists know they can rely on you for expert analysis, your media exposure will naturally increase.We often start a campaign by media training your spokespeople to make sure they’ve practiced your key messages and to ensure they feel confident in speaking to journalists.
- Social media engagement: While social media might not seem like a natural fit for accountancy firms, it offers a platform to share insights, showcase achievements, and engage directly with clients and stakeholders. It also amplifies your media coverage, ensuring that your firm’s successes are seen by an even wider audience.Since the 2020 pandemic, LinkedIn’s usage has exploded and it’s now the ultimate B2B social platform with nearly 43m users in the UK in July 2024.
Building a PR plan for your accountancy firm
Embarking on a PR journey starts with a solid plan. Here’s a step-by-step guide for accountancy firms looking to implement a successful PR strategy:
- Set clear objectives: What do you want to achieve with your PR efforts? Whether it’s increasing brand visibility, attracting a particular type of client, or preparing your firm for acquisition, your objectives will guide your strategy. If you don’t have easy answers to these questions do not worry, you’re not alone. We can help you decide on these objectives with a strategic workshop.
- Identify target audiences: PR works best when it’s tailored to specific audiences. Are you trying to reach small business owners, high-net-worth individuals, or potential investors?Defining your audience will help you craft messages that resonate, and it means we can match your audience with the media that will be most relevant, e.g. if you’re looking to reach a particular business sector such as retail, tech or sport we can develop a list of top-tier publications and websites that are read by decision-makers in those sectors.
- Craft your message: Once you’ve identified your target audience, develop key messages that will appeal to them. Whether it’s your firm’s innovative approach, a unique service offering, or a recent success story, these messages should align with your overall business objectives.We will also involve your key spokespeople in this process, meeting with them and agreeing what they’d most like to talk to the media about (and what subjects they’d rather avoid).
- Choose the right channels: Determine which publications, websites, and social media platforms your target audience engages with. This is often a combination of national media, trade and sector publications and local press to give you the best coverage.
- Measure success: We’ll agree KPIs at the start of your campaign and measure success through targets such as number of items of media coverage, backlinks and social media engagement. You should also ensure you’re set up with the right analytics to be able to track your website traffic and have systems in place to identify where new enquiries came from.
PR for accountancy firms – attracting investors
PR doesn’t just attract clients—it can also position your firm as an attractive investment opportunity. Whether you’re looking to grow through acquisition or preparing for an exit, strategic PR can highlight your firm’s strengths and successes.
Investors look for firms with credibility, visibility, and consistency. Highlighting key hires, award wins, growth milestones, and corporate social responsibility (CSR) initiatives through PR can make your firm more appealing.
Demonstrating that your firm is committed to people, diversity, and sustainability can also be a major draw for investors.
A case in point is a regional law firm that we worked with at Midnight. They sought to attract national attention and potential investors. Through a targeted PR campaign, we secured coverage in top-tier national media outlets, leading to significant visibility and ultimately, the successful sale of the firm. As one the firm’s partners put it, “If it wasn’t for the national press attention that Midnight got us, we wouldn’t have got as many millions for the firm as we did.”
And finally…
In today’s competitive market, referrals alone aren’t enough to fuel long-term growth for accountancy firms.
PR offers a powerful way to expand your audience, build credibility, and set your firm apart from competitors. Additionally, when it comes time to exit or seeking investment, PR can enhance your firm’s appeal and maximise its value.
If your accountancy firm is looking to grow, attract new clients, or prepare for the next chapter, it’s time to think seriously about the power of PR.
