5 tips from Stephen Lansdown’s entry on The Accountancy Rich List 2015

I was intrigued by elements of the Accountancy Rich List 2015 published by economia magazine.

The magazine itself, as distinct from the online list, contains pen portraits of ten of those on the list, described as “inspiring entrepreneurial chartered accountants”. In each case a sentence or quote has been given explaining ‘How he made it”. One of the quotes stood out as offering important lessons that are more widely applicable.

Stephen Lansdown – ranked 5th on the Accountancy Rich list 2015 – is one of the founders of Hargreaves Lansdown which began life in 1981. It has since grown into one of the UK’s best-known financial services firms.

In the box summarising ‘How he made it’ Stephen is quoted as saying: “It was a combination of marketing our business, getting clients or potential clients on board and then convincing them to do business with us.”  Having been on the receiving end of Hargreaves Lansdown’s marketing for some years I am inclined to extrapolate some specific tips from this quote:

  1. Marketing is key. People need to be aware of your business before they can buy from you.
  2. Prospects need to know exactly what you can do for them and how they can benefit from using your services.
  3. You need to make it easy for prospects to decide they want to do this.
  4. You need to keep in touch with clients so that they keep coming back and doing more business with you.
  5. You need to follow up. Getting in touch once and hoping someone will remember you when they need your services is rarely sufficient. Following-up effectively is key and this is why it is one of the 7 key elements in my STAND OUT framework.

 

 

 

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The 3 factors that will determine your social media success

It’s all too easy to get caught up in the game of chasing followers, likes, connections and social media klout. It may be fun to keep track of these metrics and to keep increasing them. But, in real life, they are not important by themselves.

There is little point in simply pursuing these metrics. You need to have key business focused targets instead. It may be that you want to raise your profile and to become a go-to person for media comment in your area of expertise.  Most accountants and lawyers for example, are experimenting with social media to generate additional fees.

And that is the key metric that you need to measure. How much of the additional fees you generate can be attributed to your online social media activity? There will rarely be a quick or short payback in this regard.

It is also important to note the 3 factors that will influence the speed with which you can gain a payback. These factors are all relevant whether your social media activity is focused around facebook, online forums, blogging, twitter or Linkedin.

The 3 factors are:

1 – Effective use

How effective is your use of the social media platform? How consistent and congruent are your messages, your profile and your online activity?

2 – Your website

Most accountants using social media will include links back to their website.  Your social media activity may be exemplary but your website could be a turn off. Does it reinforce the messages you have been promoting on social media? Does it engage visitors? How easy is it for them to get in touch with YOU (as distinct from a faceless ‘admin’ person)? Does your website even reference your name and profile?

3 – Offline follow up

Just like with any other form of networking, personal contact is crucial. If you are not leveraging your use of social media to meet with people face to face or at least to speak with them on the phone, you will wait longer to secure a valuable ROI.

Agree? Disagree? Are there any other factors that will determine your success of your social media activity?

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