An accountant recently sent me a direct message on LinkedIn asking a simple question:
“Is there a low-cost formula for generating leads?”
The short answer? Yes.
But the honest answer? You probably won’t like it.
Let’s unpack this, because I’ve seen far too many sole practitioners fall into the trap of chasing cheap leads – only to be disappointed.
You’ve likely heard the old adage that when it comes to professional services: Many clients start out looking for services that are: Cheap, Fast and Good.
At some point they come to realise that they can only get 2 out of 3.
– Good and cheap will rarely be fast.
– Fast and cheap will rarely be any good.
– Fast and good will almost never be cheap.
This triangle of trade-offs applies just as much when it comes to lead generation for your accountancy practice.
What’s really behind the question?
When someone asks for a low-cost lead generation formula, they’re usually hoping for something that is also low effort, quick and that will generate good prospects.
That’s like wishing for a unicorn. If you want a low cost solution than you have to accept that it won’t be fast and will involve a degree of effort.
Frankly all the best lead generation options (even those that come with a hefty price-tag) are much the same.
Yes, there are ways to generate leads cheaply and quickly – but the clients you attract that way are often more trouble than they’re worth. They’ll haggle on fees, absorb too much of your time, question your advice, and drain your energy.
Most of the 65+ accountants I’ve interviewed on my podcast have expressed regret at having taken on too many of the ‘wrong’ clients; those who were problematic, unpleasant and unwilling to pay decent fees.
I’ve also spoken to many other accountants who’ve told me they regret starting out by taking on the “wrong” sort of clients. It’s an expensive lesson to learn.
Despite all that I’m sure you still want to know what about a low-cost approach to securing decent clients. The thing is, it is NOT fast. It won’t generate clients for you overnight. It only works if you’re prepared to play the long game.
Here’s what you need to do – and it’s REALLY low-cost:
1. Get clear on who you really want to work with.
Not just anyone who needs an accountant. Who are your IDEAL clients? What problems do they have that you’re well-placed to solve?
By the way, if you’re prepared to PAY for leads, do bear in mind that anyone who charges a fee to help you here will almost certainly start by wanting to help you to clarify your IDEAL target clients. Anyone who doesn’t do this is more interested in your money than in your success.
2. Use your real-life connections and LinkedIn to find prospective clients
Talk to people you know who can introduce you to these people. Or simply search for them on Linkedin by job title, industry and location (e.g. Durham, if that’s your patch). Look for both potential clients and introducers.
3. Connect and engage
Don’t pitch. Just connect. Then observe. Look at who’s active. Read their posts, leave thoughtful comments, and start to build real relationships.
4. Take it offline (or on Zoom)
Once you’ve engaged a few times, suggest a coffee or virtual catch-up. Get to know them properly. This is where trust is built – and leads start to flow.
Ask good questions that help reveal their issues and challenges; not all will be serious prospects for you of course but they could be potential introducers – especially if you have found out enough about them to offer to introduce them to their target clients.
When they look to reciprocate or they express interest in your services, you will need to match and share credible stories that reference how your clients have benefitted from your support and advice. You will establish more credibility through such conversations; more credibility and more prospective clients than you will achieve with adverts, posting randomly online or sitting back and hoping that someone (suitable) searches online, finds your website and gets in touch.
Don’t let your website sabotage your efforts
If your website screams “cheap accounting services” or a focus on start-ups – guess what kind of clients you’ll attract?
One accountant’s website I looked at recently ticked a few boxes, but the homepage was all about their low fees. Not value. Not outcomes. Just cost. That might attract someone browsing for the lowest bidder, but better clients are looking for something – and someone – more credible.
If your site and LinkedIn profile don’t reflect who you really are and the clients you want to serve, then they’ll hold you back.
I’ve addressed these and related issues many times on this blog.
You don’t have to go it alone
Lead generation doesn’t have to feel like a dark art. And it doesn’t have to cost the earth. But it does require clarity, consistency and the confidence to show up as the expert you are.
If this has resonated with you and you’re tired of second-guessing what might work, perhaps we should talk. I’ve mentored dozens of accountants through this phase and helped them find their voice, develop appropriate client stories, attract better clients and build a practice they actually enjoy running.
