Marketing Strategy Development for Professional Services Firms: Case Study of Certified Audit Firms in Russia

Abstract

This work is devoted to developing a strategy based on the Blue Ocean Strategy framework for audit firms in Russia. Today, audit firms in Russia are in an awkward position, caused by a fall of revenue in real terms, a high level of competition and a difficult economic situation. Therefore, audit firms are forced to look for new ways to grow their business. The paper analyzes the market for audit services in the period from 2009 to 2018, including structural analysis, revenue analysis, and assessment of the impact of the largest audit firms on the market. The historical background shows the formation of audit services in Russia and in the world. The new strategy is based on the use of emerging technologies in the audit business, such as Robotic Process Automation, Machine Learning, Blockchain, and others. The paper gives examples of the use of new technologies by the Big Four firms. Also, the case of AuditOnline is provided, a company specializing in the provision of audit services remotely. This work aims to develop a new development strategy for audit firms in Russia.