Link Between Marketing and Accounting

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In this paper I will be discussing the link between marketing and accounting as I am a marketing/accounting major. There are many connections between the accounting business and marketing. The marketing business is something that should not be overseen and many times is more helpful and detrimental to a business.

It is absolutely true that all businesses, including professional service firms, need to distinguish themselves in their marketplace. This is accomplished by creating a compelling message that differentiates the firm from its competitors. Imagine this scenario: You could close an additional $275,000 in revenue in just one day. And on that same day, you could identify over $500,000 worth of additional revenue opportunities. It might take a little planning and some hard work, but it's possible. In fact, Clark Haley, president of San Antonio-based Business Computer Systems, did just that by holding the company's annual user conference. Although Haley feels that all marketing efforts have some value, "the event that is the most measurably effective is the user conference." Each client conference costs about $10,000 and demands more than 200 plus man-hours for developing content and planning. However, the firm closes $150,000 in new business from each one. (Caragher)

Public accounting firms that want to advance to the next level, becoming and remaining profitable, are adopting many of the proven concepts that have worked so well in corporate America. This includes recognizing and embracing the importance of structured, integrated marketing efforts.

Marketing is critical to the success of every business. Unfortunately, many businesses discount the effect it can have, and they forego their marketing efforts for other activities. Or they make one or more of these mistakes, and their marketing efforts become ineffective. Perhaps this is why nine out of 10 businesses end in failure.

Effectively communicating the firm's distinctive capabilities, its special skills and hard-to-duplicate expertise, is one of the key roles that accounting marketers play today. In a world of intangibles, marketing can take the firm further than ever before, helping contribute to the firm's growth by reinforcing the brand, position, and image that separates it from the competition. Marketing accomplishes this by creating and implementing a balanced strategy that integrates a variety of tactics like, research capabilities, planning/execution, and working together. Preliminary market research enables today's firms to make informed decisions, helping them assess obstacles, challenges, and opportunities as well as analyzing the firm's personality and culture, goals, strengths, and weaknesses while reviewing the available resources and skills.

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