FIXYR’S VIEW: Sponsored by the Association for Accounting Marketing (AAM) this study was completed in the the fall of 2020.
Growth Outlook Improving – With more time living with the pandemic and better understanding of client, employee, and firm needs, respondents of the survey had a better outlook on growth going into 2021. CPA firms are more likely to anticipate no impact to revenue or some increase in revenue due to new service opportunities. Potential opportunities and barriers to growth exist, and firms are anticipating revenue from projects like the Paycheck to Protection Program (PPP) to continue, while client retention and staffing issues could be hinderances.
Increased Spending on Marketing Tech at the Expense of In-person Activities – Firms found themselves communicating with clients in greater rates than ever before thanks to the pandemic and related legislation. This increased their client exposure and opened them up for greater cross-sell opportunities. For some firms, this meant greater investment into marketing technology and virtual communication tools, given the nature of the pandemic, than what they’d done before. It also forced some firms to establish a content creation program if they did not previously have one in place, giving them a solid entry point into consistent client communication.