Marketing in OFCO – A Myth or a Reality?

Strategic Plan

OFCO 2005 What do we want to achieve over the next 5 years?

What do we want to achieve? Clear focus and goals Fulfilment and fair reward A plan that documents our objectives and identifies how we are going to get to where we want to go

OFCO 2005 The need for a strategic plan Information gathering – seek views of key components of our businesses Senior Staff Clients Partners

Client Survey 2005 Interview Format – independent consultant Perception of OFCO re: –Expertise and knowledge –Delivery of service –Added value –Pro-activity –Knowledge of OFCO’s services –Quality of people –Use of competitors

Summary of Results OFCO well regarded by clients Client base is loyal Strong personal relationships Service is reactive rather than proactive Little or no perceived added value services being offered

Summary of Results cont’d No pressure from OFCO for extra business Lack of knowledge of OFCO services Criticism over speed of delivery Good people but concerns about strength and depth of management team

Recommendations Gaps in the service to be focused on: –Proactive advice and services –Value added services – client wants! –Make clients aware of OFCO services –Target extra fee earning opportunities from existing clients –Develop client relationships with others in firm

Recommendations cont’d Service timelines to be improved Business development focus to be instilled Need to develop a sales and marketing plan

Areas of Focus Client Needs and Wants Review Current Product and Service Offerings Sales and Marketing Plan Operating Structures and Information Systems Building a Value Culture

Growth Objectives Increase profits and fees- target 10% p.a. minimum cpi x 1.5 p.a. Improve Service offering and staffing to match client needs Improve efficiency of services Attract new clients Increase the number of times clients buy services from us Look for premium pricing opportunities

Agreed Strategic Objectives Improve client service rating Strengthen management team Increase innovation within firm Written sales and marketing plan Improve practice profitability through planned investment programme Future Growth focus on non compliance value based income areas

Action Plans Practice Strategic Plan Sales and Marketing Plan Review and monitor KPIs

Sales and Marketing Research Define Goals and Unique Selling Points Put a marketing plan in place Review and monitoring Set meaningful budgets

Marketing Plan Make marketing of the firm a firm wide issue Produce publications to advertise services and target business Take on a marketing consultant on a retainer basis Have monthly marketing meetings involving all senior staff

Marketing Plan cont’d Target events to entertain key clients Encourage one on one meetings with clients Set marketing budgets for staff Include marketing on training courses

Achievements to Date - Growth

Achievements to Date Succession plan in place –From 1 partner in 30’s to 3 partners in 30’s –From 2 partners in 40’s to 2 partners in 40’s –From 4 partners in 50’s to 3 partners in 50’s Quarterly Newsletter and more client seminars and events

Achievements to Date (Cont’d) Annual Client Survey shows noticeable improvements: –Awareness of services offered by OFCO –OFCO people looking for more business –Fees agreed at outset of engagements more often –Firm more proactive –Relationships with more people in the firm –Clients buying more services from OFCO

Marketing Lessons Take on people with marketing expertise Define your goals and unique selling points Trial and error – not everything works Successful planning is specific Target specific areas - markets

Marketing Lessons Seek firm wide support – staff awareness, training, buy-in Implement, review, monitor, amend Marketing is only part of the package!

Marketing Lessons May you have the hindsight to know where you’ve been, the foresight to know where you are going, the insight to know when you need to change!

Pastor’s Ass Out Front

Bishop Scratches Pastor’s Ass

Nun Has Best Ass in Town!

Nun Sells her Ass for $10

Nun’s Ass is Wild and Free

Being concerned about public opinion can bring you much grief and misery…..even shorten your life

So be yourself and enjoy life and stop worrying about everyone else’s Ass and you will be a lot happier and live longer! Have a nice day!