Arvid Mostad, President and co-founder of Mostad & Christensen, Inc., Professional Marketing Services, has spent over 20 years helping accountants understand how important marketing is in improving net profit. Over the years, Arvid has talked to thousands of accountants about marketing, fielding their questions and sharing his ideas and expertise. Here are the eight questions he's most frequently asked, and the down-to-earth answers he has given.

Arvid: Most accountants who feel they have all the work they want don't have all the net profit they want. Or deserve, for that matter. Marketing will increase the demand for your services. You'll be able to choose the clients you want to serve, and you'll be able to bill at higher rates. As a result of marketing, you'll like your work better and you'll earn more for doing it.

Arvid: Yes! The truth of the matter is this: the most effective way to gain new clients or to get new engagements from your current clients is by marketing. Effective marketing will enhance the firm's image, improve name recognition, and promote professional goodwill.

Arvid: Everyone doesn't know you, even if you practice in the smallest of communities. And those who know you don't know all the services you can provide. Many people wonder what you do after tax season is over! Marketing is your way of informing them about your full range of services.

Arvid: Marketing will enhance the value of the good word. Marketing establishes your permanence and therefore aids in client retention and client referrals.

Arvid: Confucius said, "Dig the well before you are thirsty." In other words, market before you want new clients. You already do many things to enhance the image of your firm. Your office decor, the way you dress, the way you conduct yourself in public are all done to put your best foot forward. And you don't just do them during tax season or on certain days of the week. Your marketing needs the same continuous, persistent efforts. A couple of newspaper ads now and then, a speech here or there, or a client newsletter which is sent "when the staff has time" will not give you the results you want.

There is no quick-fix in marketing. Marketing is a lengthy process of creating the right conditions for business to take place. You want a client or prospect to think of your firm when a future need arises for the services you can provide.

Arvid: If you could come up with a new client service which was guaranteed to improve your bottom line, you would most likely spend time and money learning such a specialty. Well, marketing is that new specialty. And the real plus is that it can (and should) be done by someone other than a partner.

Managing your marketing program should be a scheduled part of someone's work and not something to be done by anyone who's available and only when time permits.

Arvid: Direct mail is excellent. It's the kind of marketing your staff can oversee, so it uses very little of your time. And the return on your dollar investment can be excellent. But keep your expectations reasonable. One accountant called me, disappointed that a mailing he did resulted in only one new business client worth about $3,000 a year in fees. I asked him how much the mailer had cost. He told me $350. That's an 850% return on his investment, and if he retained the client for more than a year — which is typical — his return was even better.

Arvid: Sending your clients a survey to see where you can improve your services, using newsletters and information brochures to keep your clients informed — in fact, anything that tells your clients (or prospective clients) that you are willing and able to solve their problems — is good marketing. You need to do all that your competitors are doing — and a little bit more. Make your clients feel they're in good hands with your firm — and they'll stay with you forever and tell their friends and business acquaintances how great you are.