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“Leaders of accounting firms must answer two questions each year – “How much should we spend on marketing?” and “What should we spend our marketing budget on?” Fortunately there is data on how the fastest growing accounting firms answer these questions.
A recent study conducted by The Association for Accounting Marketing (AAM) and the Hinge Research Institute analyzed data from 100 accounting firms across the U.S. with a total annual revenue exceeding $3 billion.
The Marketing Budget Benchmark Study compared marketing spending against organic growth. Researchers contrasted the marketing strategies of high-growth firms (i.e., the fastest-growing 20% among the sample) and low-growth firms (i.e., the slowest-growing 20%). What the research revealed was that high-growth accounting firms grew nearly 10x faster than their low-growth counterparts and generated nearly $1 million more revenue per equity partner.”
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