The Association for Accounting Marketing and Hinge Research Institute have again joined efforts in a research study examining marketing spending for accounting firms.
“Drawing on the success of our inaugural Marketing Budget Benchmark Study in 2014, AAM again partnered with Hinge researchers to learn more about how our industry’s fastest growing firms are marketing themselves,” said AAM President Kerry Sullivan-Lechner. “In a competitive industry, we learned what marketing strategies are really contributing to growth—and what aren’t.”
The Marketing Budget Benchmark Study compared marketing spending against organic growth in 67 firms. Researchers focused on contrasting the marketing strategies of High-Growth firms (the fastest growing 20% among the sample) and Low-Growth firms (the slowest growing 20%).
“The most striking difference came not in the size of the marketing budget, but in how differently the budgets were allocated,” explained Lee Frederiksen, Managing Partner at Hinge. “High-Growth firms were much more likely to prioritize online and content marketing, and to call on outside and external resources. They were less likely to focus on traditional areas like advertising and sponsorships.