CPA Site Solutions Releases 2023 State of Accounting Marketing Report

By David Lemon.
Updated Feb 7, 2023

COLCHESTER, Vt. (PRWEB) February 07, 2023 - CPA Site Solutions has released the 2023 State of Accounting Marketing Report, providing essential insights into the current state of accounting firm marketing and where firms are headed in 2023, and many findings may surprise firms.

Given the economic backdrop of 2022 and recession predictions for 2023, one might understandably expect that accounting firms would be cutting back on marketing budgets. Yet most surveyed firms are planning to increase their marketing budgets in 2023 or keep them the same, and these findings align with recent findings by Gartner showing the average marketing spend for financial service companies increased in 2022 (10.4% of company revenue, up from 7.4% in 2021).

Evidencing the increasing shift by firms toward more digital marketing, the report examples a dramatic shift in how firms view word-of-mouth advertising, which firms have traditionally viewed as the best way to attract new clients. Where 80% of surveyed firms considered word of mouth most important in CPA Site Solutions 2022 report, favor dropped by half (40%) in the 2023 report, ranking third behind online reviews (42%) and websites (49%).

In an increasingly online world, says Tiffany Isbell, VP Brand and Content Marketing, the expanding shift toward digital marketing reflects goals by firms to keep step, stay competitive, and grow in an increasingly competitive accounting and financial services market.

Paralleling firm growth trends in digital marketing, the report also shows that firms' average revenue grew in 2022. Where 10% of surveyed firms reported annual firm revenue of $500,000 - $750,000 in CPA Site Solutions 2022 report, for example, 25% of surveyed firms reported the same annual firm revenue in CPA Site Solutions 2023 report. This upward trend aligns with evidence showing that even in economically difficult times, theres historically been a demand for accounting services by businesses and individuals. Businesses rely on accountants to help them survive and thrive, and individuals want to ensure their investments are stable.

Adding to this, trust in accounting and financial professionals remains high. Despite low public trust toward other industries, accountants ranked sixth in Statistas recent rating of Americas Most & Least Trusted Professions, just below nurses, medical doctors, pharmacists, high school teachers, and police officers.

As busy as firms are (particularly during tax season), the report unsurprisingly shows the number of surveyed firms using an online marketing provider has more than doubled (23% in CPA Site Solutions 2022 report to 55% in CPA Site Solutions 2023 report) to keep their marketing goals on track.

Get the essential insights to hone a sharper marketing strategy for your accounting firm.

>> Download the 2023 State of Accounting Marketing Report

About CPA Site Solutions, a ProSites Company

ProSites helps thousands of community-based professionals accelerate growth through innovative marketing and productivity solutions. Financial professionals can access website design, client communications, and marketing solutions specifically tailored to their needs through ProSites line of business, CPA Site Solutions.

Whether youre looking to increase referrals, attract new clients, update your firms branding and online reputation, or improve client loyalty, our all-encompassing solutions are created by experts and proven to deliver a higher return on investment.

To learn more about ProSites, please visit https://www.ProSites.com. To learn more about CPA Site Solutions, please visit https://www.CPASiteSolutions.com.