Spending Rises for Accounting Marketing
In a recent study carried out by the Hinge Research Institute and the Association of Marketing Accounting, it was established that accounting firms are now spending more than ever before on marketing and are also shifting in priorities even as the discipline gets embedded in this profession. The marketing mean firm budget has now increased by 3.94 % in revenue. Included in the 3.94 % is the market staff compensation whose basis are the spending standardized categories.
Competition is now on the rise which has necessitated firms to differentiate themselves hence resulting to more spending. Moreover, organizations also increase the services of quantity consulting which they are offering and are project based. The overabundance of available new tools is another contributing factor for greater cost of marketing and greater effectiveness. For most firms, technological increase is a blessing in as much as it is a curse. In 2014, there was a big spending in Web sites which is an average of 2.9 % of a company’s firm budget while in 2015, this rose to 7.6 %.
Undoubtedly, some of this increase was because firms scrambled in implementing responsive designs in making their websites mobile friendly to Google in its search rankings. With high growth in firms, the survey results focus more strongly on website expenses and online content and high spending on tactics of the old school like group membership and advertising. There are some marketing tactics that offer higher returns and hence they can indeed prove that they are making great impact.
It was noted that advertising is a big area of spending. However, they are now re-evaluating and pulling back their budgets and establishing out where they will receive most of their buck. From the study of bench marking that included of about 70 firms of various sizes from around the country, it was established that there is one full time employee in marketing for every 54 employees even though the ratio drops significantly at high growth organizational firms to 34 per employee. The Accounting market is quite young. Marketers are now taking a role that is more strategic and finding their way which most firms are taking note of. They notice where marketing has had an impact and now try to emulate these firms.
- Xero to Acquire HubDoc in Deal Worth $70m
- FRC Imposes Fine of £18m on Audit Firms during the Previous Year
- More than One Million Married and Civil Partnered couples Failed in taking Advantage of the Marriage Allowance
- SEC Fines the Swiss Investment Bank $30m Over Bribery Charges
- Simplified Contract to Aid SMEs Wanting to Apply for Government Work
- Commission Opens an Inquiry against Charity over Poor Financial Controls
- EU Introduces New Laws Regarding Money Laundering Sanctions