HANDOUT Making a Molehill into a Mountain: Building Awareness for an Unknown Company or Brand Business Marketing Association – Milwaukee Chapter January 14, 2010 Edmond V. Russ – Partner, Chief Marketing & Sales Officer Grant Thornton LLP. Who is Grant Thornton LLP ?.
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HANDOUTMaking a Molehill into a Mountain: Building Awareness for an Unknown Company or BrandBusiness Marketing Association – Milwaukee Chapter January 14, 2010 Edmond V. Russ – Partner, Chief Marketing & Sales OfficerGrant Thornton LLP
Who is Grant Thornton LLP ? U.S. member firm of Grant Thornton International audit, tax, advisory services target prospects: public & private companies, typically $100 million through the Fortune 1000. Big 4 clients. decisionmakers: CFOs, CEOs, boards, controllers, tax directors, other C-level executives
Marketing Strategy on-a-page NATIONAL and LOCAL OFFICE TACTICS OBJECTIVE STRATEGY Brand Awareness Capture Market Share Leads Help Close
What is a brand? “Ultimately... a brand is the things people say about you when you're not there.” – Jeff Bezos, Amazon.com
What do we want people to say about Grant Thornton when we’re not there? personalized attention, superior client service resources in 100+ countries you get better service from people who like what they do “Find out how it feels to work with people who love what they do.”
Grant Thornton brand awareness “When you think of accounting firms, which first come to mind?”
Why Brand Awareness is important…before the sales call I don’t know who you are. I don't know your company. I don't know your company's product. I don't know what your company stands for. I don't know your company's record. I don't know your company's reputation. Now – what was it you wanted to sell me?
Some event triggers need for a solution Client becomes aware we spark their interest Client takes action Align your marketing approach with the Client's Buying Cycle Reasons to buy now Tailored solutions Persistence Information of value Get appointments Brand familiarity Marketing: build the brand, generate leads • Short & sweet proposals • Scoping, pricing • Sales strategy • Reasons to buy …from us • Networking • Seminars • Events • Webcasts • Mail + call • Advertising • PR/publicity • Newsletters • Website • Mail • Build relationships • Ask questions • LISTEN! • Qualify opportunities Sales resources:generate leads, work to win engagements
Some event triggers need for a solution Client becomes aware we spark their interest Client takes action Align your sales approach with the Client's Buying Cycle Reasons to buy now Tailored solutions Persistence Information of value Get appointments Brand familiarity Marketing: build the brand, generate leads • Short & sweet proposals • Scoping, pricing • Sales strategy • Reasons to buy …from us • Networking • Seminars • Events • Webcasts • Mail + call • Advertising • PR/publicity • Newsletters • Website • Mail • Build relationships • Ask questions • LISTEN! • Qualify opportunities Sales resources:generate leads, work to win engagements
Many build awareness by integrating message and balancing across channels PR Advertising Direct Mail Newsletters # OF PROSPECTS REACHED Web site (contact) Telemarketing Events, Seminars (appointment) Sales Calls Few Ads <$0.25 Mail <$2 News- letters $8 Phone Contact $50 Mail/Phone Appointment $400 Sales Call $600 Partner Sales Call $1,500 PR <$0.03 Seminars $325 PERSONAL INTERACTION
Campaign #1 CFO magazine Business Week Financial Executives • client service
2001 Revenue = $340 million 2003 Revenue = $459 million “When you think of accounting firms, which first come to mind?”
client loyalty measurement…to ensure integrity of the brand promise
The Ultimate Question, by Fred Reichheld “Would you recommend…?” xx% 9-10 promoters - yy% 0-6 detractors zz% = Net Promoter Score * client loyalty…2 years later *Net Promoter stars exceed 48%.
Campaign #2 • client service • global resources • The Rose: • “Find out how it • feels to work with • people who love • what they do."
tested spot radio in 6 markets……and tracked unsolicited feedback "I received a call from a CFO looking for a new auditor … he'd remembered hearing our radio adsa few months ago."– Grant Thornton sales executive "Saw a Wachovia VP in the coffee shop. Said they'd heard our ads on WBT. They talked about them in their management meeting. "I am constantly hearing about this from our people, our clients, and competitors." – Tax Partner in Charlotte “You're from Grant Thornton? Your radio commercials are really good! Great message. Great frequency. I hear them every day in the car… it'sreally irritating." – accounting firm competitor
test results justified budget for network radio AM Drive:CBS news, CNBC news, World News Roundup, Charles Osgood, CBS MarketWatch 1500 stations nationwide NPR Morning Edition
2001 Revenue = $340 million 2006 Revenue = $886 million “When you think of accounting firms, which first come to mind?”
Success justified even greater brand investment expanded reach and frequency in all media integrated campaign – similar message, copy, layout and visuals print radio direct mail, newsletters web site television online
Expanded PR/publicity to build the brand 1. Provided media with subject matter experts, tax information, survey data, other information of value 2. Took vocal, aggressive thought leadership positions 5 Point Plan for accounting reform Sarbanes Oxley documenting Internal Controls of clients expensing of Stock Options Revenue Recognition regulation Principles-based accounting International Accounting Standards
Expanded reach and frequency… online Sites where our target client contacts visit for information
Expanded reach and frequency… print Publications our target client contacts subscribe to
Expanded our reach and frequency… broadcast Broadcast media that reach our target client contacts
Win/Loss and Client Loyaltyresearch answered…"What is distinctive about Grant Thornton?" easy to work with responsive advice experienced knowledgeable accessible personalized approach partner involvement
Client Research confirmed their selection criteria Clients of large accounting firms are looking for… 4 key selection criteria
anecdotal results employee pride client encouragement “We’re getting calls from companies we never got calls from before….” – Grant Thornton partners
Unaided Awareness trend “When you think of accounting firms, which first come to mind ?” source: CFO.com/Harvey Research, FEI surveys, BusinessWeek Research Services surveys
Client loyalty results “Net Promoter Score leaders outgrow their competitors by an average of 2.5 times.” – Fred Reichheld
Net Revenue growth = 203% in 7 yearsC.A.G.R. = 18% $1.2B $886M $1.1B $565M GROWTH $728M $367M $459M TIME FY 02 FY 04 FY 05 FY 06 FY 07 FY08-09 FY 03