Where to Invest Marketing Resources?
According to Dr. Berry investing resources to strengthen all three types of bonds is the most effective way to retain clients. However, due to a CPA firm’s limited resources, many firms may need to assess the effectiveness of the various types of bonds in terms of client retention. Clearly, the most effective type of bond in client retention is structural bonds. However, it also is the most difficult to create. Can a CPA firm create a “superior solution to the customer problem that is embedded into the system”? How difficult is it for competitors to imitate this solution? If a CPA firm can develop a creative solution in a cost-effective manner, this is a good choice. Developing industry-specific expertise may be a successful way to create a structural bond. However, if the structural bond involves the investment of a considerable amount of resources, this may be beyond the reach of many small to mid size CPA firms. Financial bonds, on the other hand, are the least effective. Reducing f
