Drives home the importance of branding to a CPA firm, explaining what constitutes a brand and what does not, the power of a strong organizational brand, and how you can tell if it is time for a refresh of your brand.
by Meredith Foster Mar 18, 2022, 11:23 AM
Your firm’s brand plays a more significant role than you think when it comes to its value. A common mistake that many firms make is neglecting to treat their brand like the asset it is. According to Forbes Councils member Blair Brady, “A company’s
brand is its single most important asset.”1 Like any asset, your brand has to be prioritized and protected to help it grow; if done correctly, your brand can be a powerful tool in your firm’s success.
Branding is commonly misunderstood. A brand is not a logo. It’s not a name, nor is it a jingle or a mascot.
A brand is the core of what you deliver to your customers. It’s what your customers feel about you and what you’re
selling. It’s a promise. How you deliver upon that promise dictates the level of trust and loyalty you build among your customers. Your logo, name, and tagline are tools you use to communicate that promise.
Brands are generally built by customer experiences and perceptions, so the customer actually dictates your brand.
Given that CPA firm work revolves entirely around services, customer experience will heavily influence branding. Each time
a team member interacts with a customer, your brand is either being strengthened or weakened.
Building your CPA firm’s brand is not a one-way street. A strong feedback chain from your management team to your customer service
team, to your customer, and back to the management team is crucial. You should be adapting your offerings to meet customers’ needs – which can only be learned through feedback – while also making sure you deliver upon the brand goals
set forth by management.
Statistics show that 80% of a firm’s revenue comes from just 20% of its customers.2 This means a large portion of your business’s revenue comes from loyal repeat customers. The best way to create a loyal customer is through a great
customer experience, or from strong brands.
In addition to becoming a sustainable revenue source, loyal customers of strong brands turn into no-cost influencers for your business. They help bring in new clients for you just by word
of mouth.
Meredith Foster is marketing coordinator for Communicate By Design-x in Charleston, S.C. She can be reached at meredith@cbd-x.com.
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