Success in marketing and selling professional services such as WebTrust depends on knowing the market and service, planning, and hard work.

CPAs are already adept at selling compliance-related services such as audits and tax preparation. However, since the prospective client must first be convinced that WebTrust is beneficial, marketing and selling the service presents some unique challenges.

The first step in persuading a prospective WebTrust client is recognizing the challenges inherent in selling a professional service. Some background is in order.

The Client's Viewpoint—Characteristics of Professional Services

From our client's perspective, professional services such as WebTrust are:

·       Inseparable from provider. From the buyer's perspective, the service and service provider are closely linked. Creating a good impression and providing quality service are key to acquiring and retaining clients. The positive is that CPAs enjoy a good reputation for honesty and integrity. For a web site seeking to build up its image as trustworthy, the CPA's reputation provides value.

·       Intangible. Unlike a product, such as a car or DVD player, the buyer cannot touch or taste a service. As a result, some clients may find a professional service somewhat difficult to understand or appreciate. It's hard to appreciate the work involved in a financial statement audit if you have never done one. Education is the key to overcoming this concern. Another method is to establish results. Results obtained by placing a WebTrust seal on a site help establish the value of the service. And, the electronic WebTrust seal of assurance is a very tangible symbol of the service as well.

·       Variable by provider. Services provided by one accounting professional or consultant will vary according to differences in education, training, disposition, and so forth. Clients understand this very well. To differentiate you and your firm, it is helpful to establish a list of satisfied clients who can serve as references to address this natural concern of prospective clients. Of course, obtaining the WebTrust license also shows your firm is forward-thinking and multi-talented.

·       Perishable. Services, unlike products, cannot be stored. A track record of accomplishments can be measured and recorded. WebTrust has proven itself for clients.

Overcoming these and other obstacles takes planning and execution. In this segment, we have provided some tips and recommendations.

Develop a WebTrust Marketing Plan

Every accounting firm, no matter how large or small, can benefit by developing a marketing and sales plan. Whether formal or informal, the marketing plan should identify who you are trying to reach, how you will reach them (or instance, using advertising, public relations, strategic alliances, a Web site, direct marketing, etc.).

The firm should also create a sales plan. The plan should identify who will contact prospective WebTrust clients, how the firm will qualify them as potential buyers, how the firm will determine their needs, and objectives. Selling a compliance-oriented service such as an audit or tax preparation typically takes less planning and persistence than selling a service such as WebTrust. In developing a plan, consider using the following steps.

Step #1—Understand your e-Commerce Market

The key to developing any marketing plan is understanding the market. For WebTrust, this means understanding electronic commerce. A working definition of electronic commerce for WebTrust is "businesses exchanging information, goods, or services of value". Sites that sell toys are one example. Sites that collect email addresses and other personal data while providing valuable information are another example of e-Commerce.

Numerous market research studies of e-Commerce have shown that improving consumer and business partner confidence in e-Commerce can enhance business opportunities. That is the reason for WebTrust.

A primary candidate for selling WebTrust should be your existing client base. They need the guidance and assurance you can provide. Start by identifying which clients are engaged in electronic commerce? Next, ask "how many more clients do not have e-Commerce plans but should? The e-Commerce movement is truly changing the way business operates. Most industries will be affected and some will be radically altered. As a business advisor, you owe it to clients to help them identify ways to thrive in the new environment.

Beyond your own clients, evaluate the opportunities to expand the practice by contacting other businesses either engaged in electronic commerce or that are likely to be.

The planning process is also a good time for a little self-appraisal. You should understand your own firm's strengths, weaknesses, opportunities and threats. Often known by the acronym SWOT, the process and product has proven valuable to many CPA firms. Strengths and weaknesses are internal to the firm, and they are largely under your control. Opportunities and threats are external and less controllable, but need to be factored into your plan.

Lastly, be sure you understand the competition and the positioning of WebTrust. Simply stated, WebTrust is the most comprehensive assurance service for ecommerce systems available and is clearly differentiated in the market as it provides independent verification that a web site meets rigorous standards.

Step #2—Identify Target Audiences and Companies

WebTrust is about building confidence in e-commerce. While the end user, your business partner or customer is the concerned party, the buyer of the WebTrust service from a CPA firm is often the business owner or key member of management.

As for the target audience, WebTrust and its concepts are often best understood by the sales and marketing departments whose job it is to reach the business partner or consumer and build confidence.  However, some issues (such as security) may be the responsibility of a security officer or even the CFO.

This situation poses two challenges for the CPA:

·       Public accountants often don't have any contact with the sales or marketing departments or security groups of their clients because historically they have worked with the owner, accounting or tax department, CFO/Controller, and or internal audit.

·       Sales and marketing people as well as security professionals get "pitched" to on a regular basis. A one-time sales pitch on the part of the accountant is not likely to win a new client. On the average, it will take at least three to five sales calls to the same prospect to win an engagement. Persistence and a plan to repeatedly call on the same person are essential.

On the positive side, CPAs:

·       Have established professional relationships with nearly every business owner and manager in the US and abroad and the respect of the financial community, professionals, and government officials

·       Are widely known and respected for bringing good standards to business

·       Represent a national "sales force" in the US of over 300,000 members. Materials provided by the AICPA are available to help market this vital service

As such, CPAs selling WebTrust have been successful in targeting:

·       Existing clients who have started e-Commerce divisions or are planning to

·       Key internal influences such as the CEO, company president, CIO, CFO, Controller, Brand Manager, or Category Manager

·       Chief technology, privacy, and security officers

·       Key external influencers like bankers, Web site developers, or other technology providers

In terms of the target companies, CPAs should assess their local market. In some markets, online financial services are hot. In others, it's retail. In some it's business to consumer sites. In others, business to business sites are most prevalent.

Step # 3—Decide on the Most Effective Marketing and Sales Approach

As a general rule, firms spend roughly 2 percent to 3 percent of their annual revenues on marketing. Whatever the budget, the marketing plan should identify the best vehicles for reaching the target audience. Sometimes, a letter to clients will suffice. Other times, you may decide to adopt a more comprehensive and integrated plan that includes elements such as direct marketing, event marketing, advertising, public relations, and direct sales.

With any approach you adopt, the marketing plan should include methods of communicating the WebTrust advantage:

·       Improve customer acquisition and retention rates while lowering operational costs

·       Independent verification of the business to bolster confidence and trust

·       CPAs are the acknowledged providers of assurance and trust

·       International network for building trust

·       Meets the needs of consumers, merchants, ISPs, and business-to-business markets

Your budget, experience, and target audience will guide you in the marketing planning.

Step #4—Develop and Implement a Sales Plan

As part of the marketing plan, you should also establish a sales strategy and objectives to measure progress. This sales plan should include:

·       Who sells and who generates leads. Plan a coordinated approach. For instance, agree that managers working at the target prospect reports who is contemplating e-Commerce and sets up a meeting with the partner

·       A list of targets to contact. For larger firms, you can build a sales contact and activity reporting database

·       Set sales goals and objectives (e.g., call 15 prospects per week, sell five engagements in the next quarter, follow up inquiries from the Web site within 24 hours, and so on.)

·       For firms with more than one person selling WebTrust, hold a periodic meeting to discuss activity, review status, and analyze changes to the sales process.

·       Provide incentives for staff and sales goals for partners.