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Our experience has proven that the most significant factor in acquiring new clients is a direct result of referrals from our existing client base. In 2005, more than 80% of our new clients directly or indirectly resulted from a referral by an individual or business client. Client retention is essential. Receiving referrals from them will determine our success or failure. People ask other people they know, trust, and share a similar financial position to tell them what firm or CPA to use. It is as simple as that. Our marketing mix will consistently work to optimize the volume and quality of those referrals.

Product Marketing

We need to fulfill the promise we make to each client - to provide them with the resources they need to reach their business and personal financial goals, with unwavering confidence in our firm throughout that process and, ultimately, throughout their lives.

Pricing

Franklin & Moore will seek to provide a premium product at a premium price that offers the best overall value to our clients. Ultimately, our clients will realize greater wealth as a result of their ability to optimize profitability and minimize their tax obligations.

Client billing rates reflect the level of expertise required to perform the work. Our average hourly billing rates are shown in the Price List table, below.

As mentioned in our marketing strategy, we will also work to bill more of our work on a fixed-fee basis, particularly the work that can better utilize our computerized capabilities. These fees will be based on the value offered the client, not the internal time required to complete the task.

Price List

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Price List
   
ItemDescriptionPer Unit Price
Partnerper hour$165
Staff CPAper hour$110
Accounting Staffper hour$65
Bookkeeping Staffper hour$45
   

Promotion

We will promote the firm through these critical marketing components:

  1. Leverage referrals from professional contacts and individual clients to make this an integral part of how we conduct business.
  2. Enhance our profile within our targeted industries and areas of specialization by increasing our reputation for possessing unique expertise in these areas.
  3. Have the expectation that all employees will take on the task of marketing the firm as they approach their other areas of responsibility. We will track, give feedback, and acknowledge efforts, accomplishments, and results from these actions.
  4. Continue to use the technology we have, including our in-house computer capabilities and our website. Both possess incredible potential for future differentiation in an increasingly competitive market.

We will focus on getting referrals from:

  • major banks
  • credit unions
  • major law firms
  • brokerage firms
  • current clients

Our referrals hinge upon key relationships with other companies in financial and professional services. Often a client will be with their lawyer, banker, stock broker, etc. and realize that they need accounting and financial planning help. Sometimes the professional they are with might want to suggest that they see an accounting firm. By building these marketing relationships we will also build a sales pipeline for new clients.

Advertising

We will advertise only in local newspapers and trade magazines, as we want to attract local clients. We are not big enough to spend money on national advertising in national magazines.

We will also advertise on "Local" portals online making sure that people always find us when they are looking for an accounting and finance firm in this area. Our website needs to clearly communicate our brand and positioning so that when we drive traffic to it -- it results in leads into our office.

Advertising Milestones

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Milestones
      
AdvertisingStart DateEnd DateBudgetManagerDepartment
Print Ad1/1/20066/15/2006$5,000JohnMarketing
Brochures1/1/20061/15/2006$5,000JohnMarketing
Total Advertising Budget  $10,000  

Public Relations

It will be important for us to use PR to maintain our image in the community, and to remain known as THE experts in our industry. We will issue Press Releases whenever one of our partners speaks at an event, or teaches a class. We will also issue press releases when we get big clients on board, assuming we have the client's permission.

We will use our PR agency to book interviews related to topics in our industry to continue to build the image of our expertise. We must stay focused in our PR efforts, as we do not want to spend more then a few thousand dollars a month on PR expenses.

PR Milestones

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Milestones
      
PRStart DateEnd DateBudgetManagerDepartment
Press Kit1/1/20064/15/2006$4,000MaryMarketing
Press Releases1/1/200612/15/2006$3,000MaryMarketing
Total PR Budget  $7,000  

Direct Marketing

We will send out direct marketing mainly to current clients. We will send out a quarterly tax and financial planning newsletter, as well as tax planning information twice per year. We will use a direct marketing agency to make sure that our mailings look professional and use professional designs and high quality content.

Direct Marketing Milestones

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Milestones
      
Direct MarketingStart DateEnd DateBudgetManagerDepartment
Newsletter1/1/20065/15/2006$10,000PeterMarketing
Tax Brochure1/1/20064/15/2006$6,000PeterMarketing
Financial Planning Brochure1/1/20066/15/2006$6,000PeterMarketing
Total Direct Marketing Budget  $22,000  

Web Plan

Our website is currently live and working, but needs some revamping, both of content and features. The main focus of our Internet presence is to serve as a permanent, always-accessible information and branding tool for prospective clients, with a secondary goal of providing client-only features.

Website Goals

Our website goals are as follows:

  1. Convey professional, expert, yet personal brand
  2. Communicate with current clients
  3. Prospect future clients

Website Marketing Strategy

Our web site marketing strategy is very simple. We need to have an up-to date very professional website that reflects the brand and image of our company. When a lawyer, or banker or stock broker refers a client to us, we want them to be able to visit us online and get a very good sense of who we are, what we do, and why we are the best.

We will do some very basic pay-per-click online advertising in local portals in order to attract clients who are searching for our services. Other then that our website will be used mainly to attract word of mouth referrals and will be used to continue to market and communicate with our existing clients.

Development Requirements

Our website is already up and running. We need to have:

  1.  A client-only secure area where clients can access relevant information to their account
  2. We need to be able to send regular newsletters to clients and prospective clients
  3. We need to have fresh updated content relevant to our industry
  4. We need to revamp our "About the Company" section of our website.

Pay-per-click ROAS

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Pay-Per-Click ROAS
         
NetworkMonthly CostClicksLeads GeneratedOrdersMonthly RevenueROASCost-per-clickCost-per-lead
Google$5005021$2,000400%$10.00$250.00
Yahoo!$2502011$1,000400%$12.50$250.00
Other$0000$00%$0.00$0.00
Total75070323000267%$7.50$166.67

Website Milestones

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Milestones
      
Web DevelopmentStart DateEnd DateBudgetManagerDepartment
Secure Client Log-in1/1/20033/15/2003$10,000ChrisWeb
Updated Content1/1/200312/15/2003$10,000ChrisWeb
Newsletter Capability1/1/20031/15/2003$4,000ChrisWeb
Total Web Development Budget  $24,000  

Service

Our business and individual clients judge our competence based on how we treat them. This is their primary - and in many cases their only - measurement of our capabilities. We must ensure that each of our clients will answer positively to these questions:

  • Do they act in a professional manner?
  • Do they know who I am?
  • Do they remember my name?
  • Are they genuinely concerned about my best interest?
  • Will they defend their advice and council if needed?

Implementation Schedule

The milestones graphic illustrates key implementation activities. Each partner understands the programs, and they have been assigned to oversee specific actions involved with each. We will track plan-vs.-actual results for each program. Status and progress will be addressed at the monthly partners meeting and reported to all of our staff in our monthly bulletin.

This will be a topic of focus at the end-of-the-year partners' meeting to evaluate annual results and validate or challenge the marketing plan for the upcoming year.

Milestones

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Milestones
      
AdvertisingStart DateEnd DateBudgetManagerDepartment
Print Ad1/1/20066/15/2006$5,000JohnMarketing
Brochures1/1/20061/15/2006$5,000JohnMarketing
Total Advertising Budget  $10,000  
PRStart DateEnd DateBudgetManagerDepartment
Press Kit1/1/20064/15/2006$4,000MaryMarketing
Press Releases1/1/200612/15/2006$3,000MaryMarketing
Total PR Budget  $7,000  
Direct MarketingStart DateEnd DateBudgetManagerDepartment
Newsletter1/1/20065/15/2006$10,000PeterMarketing
Tax Brochure1/1/20064/15/2006$6,000PeterMarketing
Financial Planning Brochure1/1/20066/15/2006$6,000PeterMarketing
Total Direct Marketing Budget  $22,000  
Web DevelopmentStart DateEnd DateBudgetManagerDepartment
Secure Client Log-in1/1/20033/15/2003$10,000ChrisWeb
Updated Content1/1/200312/15/2003$10,000ChrisWeb
Newsletter Capability1/1/20031/15/2003$4,000ChrisWeb
Total Web Development Budget  $24,000  
OtherStart DateEnd DateBudgetManagerDepartment
Name me1/1/20031/15/2003$0ABCDepartment
Name me1/1/20031/15/2003$0ABCDepartment
Name me1/1/20031/15/2003$0ABCDepartment
Other1/1/20031/15/2003$0ABCDepartment
Total Other Budget  $0  
Totals  $63,000  

Sales Plan

Our sales plan hinges on making a good impression from the moment clients or potential clients walk in the door or call. It costs us much more to gain a new client than to retain an existing one, so our main sales goal is to increase billable hours from existing clients.

Sales Strategy

We should focus our strategy on increasing billing hours with current clients while still giving them a lot of value for the money they spend, as well as converting new clients.  

Sales Process

Once we get a new client referral we will make sure we set up a welcome meeting for them at no charge. This way the new client will have an opportunity to spend at least one hour with the relevant professional asking questions and understanding the services that we offer.

All prospective clients will also receive a packet with relevant information:

  1. How much we charge per hour
  2. What services we offer
  3. How we implement those services
  4. Which account manager will see them though all services and will be their "go to" person
  5. Happy client testimonials

Sales Account Plan

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Sales Account Plan
      
Target AccountsHistoryStatusAnnual Sales PotentialKey Account Manager 
Bid Company Anoneinternal services$80,0000% 
Bid Company Bnonecompetitor$55,0000% 
Bid Company Cnonenone$75,0000% 
      
Existing Key AccountsHistoryStatusAnnual Sales PotentialKey Account Manager 
Client 16 yearsstrong, loyal$45,0000% 
Client 22 yearssatisfied$35,0000% 
Client 31 yearexremely satisfied$20,0000% 
Total  $310,000  

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