What were the firm's objectives?
UHY Fay & Co's objective was to raise awareness of the firm’s expertise on transfer pricing to clients and potential clients at a time when the topic was ‘hot’ because of recent changes in Spanish legislation.
It was also designed to promote the firm's range of accounting and business advisory services and to differentiate the firm's brand from others through the creation of highly professional and useful marketing materials.
What did the firm do?
UHY Fay & Co organised a team of professionals specialising in the topic to develop a template for the book. Thereafter, they contacted four inspectors from the Spanish Central Tax Administration, specialised in transfer pricing, to get them to collaborate in the creation of the book.
The first seven chapters were written by professionals in the firm and inspectors from Spanish Central Tax Administration. Chapter 8 is a translation into Spanish of the UHY Transfer Pricing Guide, which was included to give an international vision of transfer pricing, and as a useful tool for companies operating internationally.
The final result was a book of nearly 350 pages covering comprehensively every aspect of Spanish transfer pricing legislation. It includes a comparative analysis of relevant rules and legislation in 73 different countries, including pricing methods, documentation requirements and penalties. The book cover is pictured below:
How did the firm go about marketing it?
The marketing of the book was done through several channels:
- An electronic mail was sent to the firm's clients and prospects, informing them about the publication of the book and offering free copies
- A brochure on transfer pricing was created and distributed among clients and prospects
- Information about the book was uploaded to the homepage of the firm’s website, together with a link to order free copies of the book
- The book was mailed to selected target clients and prospects
- A press release was sent to local and national media upon publication of the book. Articles were published
- The firm organised a seminar in Marbella for clients and prospects in the area. Free copies of the book were given to participants
- The firm organised two seminars with the Madrid and Málaga Chambers of Commerce (pictured below). Two of the writers who contributed to the transfer pricing book, both inspectors from the Central Spanish Tax Administration, gave presentations at the seminars. Free copies of the book were given to participants
- A press release on the seminars was sent to local and national media. Articles were published (pictured below).
The Spanish version of the book is available here:
The firm has about 4,000 clients and prospects in its database. "It was impossible to mail the book to everybody," says Miriam López Jadraque, UHY Fay & Co's marketing manager. "What we did was an email to the whole database offering a copy of the book for free and the book was mailed to those who requested it. Also, we mailed the book to specific target clients and prospects of interest to our firm. Most of the copies were given out during the seminars and to all clients who visited the firm's offices."
For emails the firm uses a web-based software called 'iContact' (see: www.icontact.com) that allows the firm to do as many mailings per month as it wishes at a fixed rate.
What did the firm achieve?
- UHY Fay & Co gained media coverage in Expansión, the No.1 economic newspaper in Spain; in Diario Sur, the leading newspaper in Málaga, and in Sur in English, the leading English newspaper in Málaga, as well as Empresa Exterior, a publication with national coverage specialising in the development of Spanish businesses, and also other publications on the web
- The firm received engagements on transfer pricing worth about 70,000 euro
- It received many requests for the book through its web page, increasing the number of visitors to its website
- The firm increased its database of potential clients and network
- It generated brand awareness of the firm and its services at a national level
- The firm generated recognition as experts on the subject.
"We got media coverage because we developed our own media relationships (newspaper, magazine, radio, etc.)," says Miriam. "We follow a 'media programme' by which we contact them by phone from time to time and have lunch at least once per year to maintain the relationship and update them with all our changes, incorporations, new lines of work, etc.
"This way when we issue a press note we call them, explain the piece and follow up to make sure it gets published.
"Apart from that, we have a good database of media contacts in Spain and we always send our press notes to all of them (even if we have no contact with some of them). If the piece you send is interesting you have a good chance of getting it published."
Apart from all this, UHY Fay & Co also mailed the book to all UHY associates in Latin America to share the initiative with them. "Even though the book is about Spanish legislation on transfer pricing, it was interesting for Latin-American associates to check the Spanish legislation and use the translation into Spanish of the UHY Transfer Pricing Guide," says Miriam.
The translation into Spanish of the UHY Transfer Pricing Guide was also sent to UHY to be used and distributed by the UHY executive office. (Contact: Miriam López Jadraque / mlj@uhy-fay.com)