Traditional face-to-face techniques are—and continue to be—the best methods to bring in valuation business, according to the BVR Firm Economics Survey. Over 170 valuation firms, sole practitioners, CPA firms, and other entities with business valuation practices responded to the survey conducted during this past summer.
Get out there: Three of the five marketing methods most frequently used all require the knack for personal selling. Those techniques are: one-on-one meetings with prospective clients (cited by 89% of respondents), public speaking (81%), and joining business organizations such as associations, committees, and boards (77%).
Rounding out the top five are: updating the website (79%) and using social networking sites such as LinkedIn, Twitter, and Facebook (66%). Social networking continues to be the fastest growing marketing method, with its usage almost double the percentage in 2010 (the last time the survey was published). Of course, prevalence of use is one thing but effectiveness is another, so the question is: Which methods really work?
One-on-one is best: The most-used method—the face-to-face meeting with a prospect—is deemed “very effective” by 35% of those who use it, and 70% say it’s more than just moderately effective. Other methods that rank high on the “very effective” list are public speaking, cross-marketing to existing clients, attending or sponsoring events with prospects, updating the website, writing for journals or industry publications, and the use of e-newsletter and blogs.
For more details, see the article “30 Field-Tested Ideas to Bring in More BV Business” in the January issue of Business Valuation Update.
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