Marketing Strategy And SWOT Analysis of KPMG
The 143 countries and territories where KPMG firms operate were served by their combined workforce of more than 265,000 partners and employees in FY22. KPMG firms also serve the capital markets through their audit and assurance activities. KPMG is dedicated to providing customers with the finest quality and service possible while gaining the public’s trust via their professional and personal actions and behaviors. KPMG is a network of professional companies offering audit, tax, and advisory services on a global scale. This blog will focus on the general marketing tactics of KPMG to better understand the story behind its success.
Mission and vision of KPMG
The mission statement of KPMG is as follows.
“To turn knowledge and understanding of information, industries, and business trends into value for our clients, people, and capital markets.”
In addition to having the interests of its clients and the industry it works in mind, the statement makes clear what the company aims to do. This makes it possible to connect the following traits to the mission statement: life improvement and growing sector.
KPMG is committed to making a difference in all it does, as demonstrated by the advances it has brought about across numerous industries. The introduction of innovative management systems that handle a variety of management difficulties in the banking, energy, and automotive sectors, among others, demonstrates the influence KPMG has globally.
Providing for the needs of its clients is one of many priorities for KPMG. The company is more than that; its influence extends to creating platforms promoting market expansion. It has proven via the resources devoted to research to comprehend the dynamics facing the audit industry that it is committed to attaining this characteristic in its mission statement.
Let’s move to the vision statement of the company.
“Distinguished by the learning opportunities offered, through a platform which shares the expertise, knowledge, and experience of professionals across a global network.”
KPMG aspires to be known as an emulateable firm by the market it services and the other players, which is emphasized in the vision statement. A closer look at this claim exposes numerous essential elements, including being distinguished by learning opportunities and a global network.
KPMG fills this necessity by showcasing its extensive range of endeavors that it provides more than simply regular services. The business has committed resources to projects developing fresh approaches and engaging institutions to empower and spark change. It acts as a change agent by providing absolute knowledge.
KPMG’s operations are not constrained to a single country or area. The business has broadened its influence, becoming a global juggernaut with 153 countries feeling the effects of its power in various sectors, including governments, capital markets, and other diverse institutions.
KPMG positioning
To do so, let us look at the Instagram post below.
This is a pretty simple Instagram post with the main points emphasized in the picture and a detailed caption.
“The future delivered together” again reflects the company’s mission statement and immense orientation towards a better future.
The company is operating across the different spheres of its business to aid its customers in capitalizing on the remarkable transformation that they are undergoing.
The post’s caption directs the company’s Instagram followers to visit their bio link to read about their Global Review.
Audit, advisory, and tax services are beneficial because their field is complex and chaotic. With this post, the company stands for the latter once again, and it is also one of the hints we need for unraveling the alleged archetype.
Secondly, the company offers assistance and information for maintaining a better future.
These points guide us to the archetype the company has chosen to target, the Ruler.
What do we know about this archetype?
Desire: authority
Aim: create a thriving, prosperous family, community, or company
Strategy: exercise leadership
These are the messaging levels of the archetype.
Level One: the scarcity of resources, demand, or connection
Level Two: taking accountability for your life’s multiple stages at the given time
Level Three: supervising your household, company, community, or workplace
Level Four: turning into a leader in your field, community, or society
The Ruler’s identicalness might be suitable for your company if you have the following:
- a high-status item utilized by influential individuals to improve their power
- an item that guides people to be more organized
- an object or service that can suggest a long-term guarantee
- entities that provide information and technical assistance for keeping your power in balance or improving it
- a company with a protective or regulatory function
- an item with an average to above-average price range
- a company aiming to distinguish itself from a more populist obvious market leader one
- a domain that is relatively stable or an object that pledges security and predictability in a disorderly sphere
16 Personalities (what is for your business?)
Guidance is not a big deal, but KPMG helps its customers immensely. Its audit, advisory, and tax services are preferable for consumers for multiple reasons. Their decisions automatically get a lot better with KPMG. The company has targeted Rulers and thrives off of its success.
Rulers are a segment of authorizing, successful and responsible individuals aiming to maintain power. They think of themselves as authoritarian and bossy and wish to be more organized and stable. They search for methods that will guarantee them long-term success.
Segmentation strategies of KPMG provided them with an understanding of how to construct their brand and general marketing strategy. Targeting Rulers meant that the KPMG consumers are ambitious and want to maintain their success, which are essential consumer behavior factors to pay attention to.
Other than Rulers, there are more buyer persona categories. Each buyer persona in our e-book “16 Personalities” represents a different segment and its characteristics. You will also get suggestions throughout the book for improving your negotiation skills and marketing effectiveness.
SWOT analysis of KPMG
Strengths
Wide-ranging Geographic Reach: KPMG has a sizable clientele in many global industries. KPMG has partners and 236,000 employees spread throughout 650+ offices in 145 countries.
Brand Identity: Being a member of the Big 4 has elevated this business to the top of the list for audit, tax, and advisory services. KPMG is known for providing top-notch services all around the world.
Core values: honesty, excellence, courage, and unity. According to Bloomberg Businessweek, KPMG is also ranked fourth among the “50 Best Places to Launch a Career” list for 2009.
Revenue Growth: KPMG reported a 10% increase in US dollar revenue in FY21 over FY20.
High Customer Satisfaction: KPMG has a client-centered strategy. For its customers, it offers loyalty programs. Customers remain loyal as a result of its customer-focused approach. Employees enjoy working there, and management-led cultural change is present.
Awards & Recognition: KPMG has received numerous honors, including the experienced risk management award, the 2009 top consultancy rating, the 2011 World’s best outsourcing adviser, and many others.
Sponsorship: The KPMG brand has a special sponsorship agreement with numerous events worldwide. They are increasing market transparency by doing this. It has supported Brain Bar strategically as of 2016 as a sponsor.
Weaknesses
Unapproachable: Due to its expensive fees and extensive knowledge, KPMG needs to be more approachable due to its global operation.
Lack of Differentiating Factor: KPMG lacks a distinct USP that differentiates it from the other Big 4 firms.
Reputational Issues: KPMG has been involved in several issues that have damaged its reputation, such as the episode involving its former partner’s insider trading.
Difficulty Expanding Service Segments: KPMG faces problems and has yet to have much success in launching new service segments, despite doing well in the areas where they currently provide services.
Lack of Coordination: Teams may need help communicating and coordinating because multiple sectors work simultaneously. While KPMG has been attempting to assist some mid-sized businesses, it is up against fierce competition, which could further impede growth.
Dependence on Consulting: Despite working across various industries, which can be detrimental to businesses in the long term, consulting is a significant source of revenue for KPMG.
Investment in R&D: KPMG needs help to keep up with the leading companies in the sector in terms of innovation and R&D spending. It appears like a seasoned company eager to release items with tried-and-true features.
Opportunities
Easy Acquisitions: Since KPMG is already well-known globally, acquiring companies with a smaller market share is simpler for them.
Talent Attraction and Retention: Everyone enjoys working for companies with positive work environments; KPMG may utilize this to its advantage when choosing the best human resources available.
Big 4 Label: This label will enable them to seize chances and guarantee success in international emerging markets.
Technological Advancement: Automating their task with the help of technology would save them money. Additionally, because of their substantial income, investing heavily in technology is made simpler. Constant Requirement of Services: The need for audit, tax, and advisory services will always exist due to the frequent changes in numerous rules and the expanding size of businesses.
Experience in Financing & Auditing: KPMG offers expertise in technology-related finance and auditing, which could be helpful to the global financial services industry.
Mid-Market Enterprises: KPMG will target mid-market enterprises because of its extensive portfolio of goods and services that cater to a wide range of clients. The business will have several opportunities as a result of this.
Threats
Competition is fierce: Companies like Deloitte, PwC, Accenture, EY, and others that offer comparable services compete fiercely with KPMG.
Legislative & regulatory developments: The accounting industry is at risk from regulations like the Sarbanes-Oxley Act of 2002 and ongoing modifications to GAAP.
Lack of Confidence: Clients are beginning to lose faith in accounting firms due to the numerous regulatory actions published in recent years, including those involving the firm’s global network of affiliates in litigation and regulatory activities.
Threat to cyber security: Because so much of KPMG’s business involves technology and the internet, they are vulnerable to cybercrimes.
Alterations in Rate of Exchange of Foreign Currency: Changes in the exchange rate of foreign currencies can result in losses because KPMG provides services to clients in other nations as well.
Target segment of KPMG
Let’s watch this video first.
This video briefly summarizes the company’s history in chronological order. Once again, the video’s style is simple and to the point.
KPMG’s founders were in the spotlight, leading the industry, as the industrial revolution of the late eighteenth and early nineteenth century helped make accounting a profession.
At the age of 17, William Barclay Peat (the P in KPMG) began his profession as an accountant with Robert Fletcher & Co. Peat advanced fast through the ranks, and in 1891 he took over as company president and changed the company’s name to William Barclay Peat & Co.
The American business Marwick, Mitchell & Company was founded in New York City 1897. James Marwick, the “M” in KPMG, and Roger Mitchell, both Scottish immigrants, founded the business. Although many believed there was no place or need for accountants in the city, the two quickly developed a solid reputation.
The K in KPMG, Piet Klynveld, launched a modest accounting firm in Amsterdam in 1917. Klynveld Kraayenhof & Company (KKC) is the company’s new name after Jaap Kraayenhof joins. Klynveld left behind the most prominent accounting firm in the Netherlands when he went away in 1946.
In 1953, the last of their founding fathers entered the narrative when Reinhard Goerdeler (the G in KPMG) joined Deutsche Treuhand-Gesellschaft (DTG).
The career orientation and the continuous seek for growth in this video are already the many hints that the alleged targeted segment represents.
The second hint is staying informed and up-to-date about the surrounding world and always attempting to do good in its respective sphere.
And with that, we can confidently state that the segment that KPMG has chosen to target is Fulfillers.
Lifestyle and values:
Nothing in this segment’s life is more crucial than a career. There is a whole lot more to it than just making money. Finding oneself and continually developing as a person is critical. They have high aspirations and are constantly looking for new strategies to advance their careers, even if it necessitates taking chances and not knowing if the outcome will be positive.
Fulfillers are prepared to go above and beyond to succeed, even if it means giving up time with their family.
In addition, this segment is contemporary. They enjoy being current with everything, including theater, film, music, technology, etc.
The importance of technology marginally outweighs that of other things. This segment frequently buys new tech appliances and learns about the quickly expanding industry.
During the workweek, Fulfillers undoubtedly continue with their demanding routine. But the weekends are a different matter. They are all about unwinding and enjoying yourself.
If you invited a Fulfiller out during the week and they declined, consider inviting them on Saturday or Sunday instead.
Attitude towards shopping:
This market does not confine itself to a single brand. However, they do primarily shop at expensive stores. Price is not a factor in high-quality items that customers are sure they want.
Fulfillers are required to purchase new products whenever they are released.
This market occasionally makes impulsive purchases, especially regarding new companies.
That does not imply that Fulfillers do not continue to support brands they already favor.
Shopping is another pastime, which can be costly to their finances. This group has the option to spend money just on elevating their spirits.
Other interesting facts:
- Fulfillers frequently visit bars, cafes, pubs, and other gathering places.
- They favor dining out and experimenting with new, delicious foods.
- This segment travels consistently, crossing another nation off its list.
- They also place high importance on leading active lives.
- Fulfillers primarily use the media for amusement.
And with that being said, we discussed KPMG’s mission and vision statements, archetype, SWOT analysis, and targeted segment. Make sure to visit our main website for more informative and fun content.
