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ASA recently held its 85^th annual International Conference on September 10-12, 2022, offering a hybrid format for all disciplines, both in Tampa, FL at JW Marriott Water Street, and online. In keeping the tradition of providing the highest-level of education for appraisal experts, this year’s conference featured more than 65 sessions of the most comprehensive educational programming available taught by preeminent thought-leaders from all appraisal disciplines.

Preceding the conference on September 9, ASA CEO, Johnnie White, joined members for a golf outing, followed by a chapter leadership training that afternoon. The official 2022 ASA International Conference kicked off Saturday, September 10 with a Welcome Reception, which included hors d’oeuvres and cocktails, allowing attendees to get to know one another and network prior to the start of sessions on Sunday.

Monday was the first full day of the conference with introductions and welcoming remarks from ASA’s International President Rick Berkemeier, ASA.

Next, Johnnie White, ASA’s CEO, spoke and then invited Conference Keynote Sponsor, Cindy Knox, client success manager at Valcre, to the stage to introduce keynote speaker, Dr. LaVaughn M. Henry.

 

Dr. Lavaughn then discussed: “The Status and Outlook for the U.S. Economy”.

Following the keynote presentation, attendees adjourned to the appropriate specialized educational track they chose.

The first educational sessions of the day included An Introduction to Digital Assets: Use Cases and Value Accrual with Tara Singh and Anastis Anastasiou; Considering Installation and Decommissioning Costs When Evaluating Equipment by Alec Story; ASA Lessons Learned from a  Recent Tax Court case: Chiarelli v. Commissioner (and other topics) by Theresa Melchiorre;  Geopolitics and the Jewelry Industry presented by Avi Krawitz; and Big Data Valuation Tools and Current Market Trends with Mitch Helman and Matt Sterup.

Following the first networking break, the next round of sessions included: Valuing Cannabis 2.0   presented by Ron Seigneur, ASA and Lincoln Ehrhardt, ASA; Covid and the Corporate Jet Market by Anna Kopinski; True Luxury? Appraisal Best Practices in a Counterfeit Culture; with Graham Wetzbarger; Caffeinated Appraisal: What Keeps You Up at Night by Jeff Rauland and David Fry; Appraisals in the Courtroom – From A Judge’s Perspective with Robert Kelley, Jr. and Honorable Darren Farfante; as well as session: Goodwill Conundrums in Family Law presented by Kenneth Pia, ASA, Jay Fishman, FASA, and Thomas Sasser.

The afternoon got under way with ASA’s Annual International Awards Luncheon sponsored by FleetEvaluator. ASA International President Rick Berkemeier presented the following awards:

ASA’s Chapter Member of the Year Award was given to Matthew Muller, ASA. The Chapter Education Event Award was presented to the ASA Houston Chapter; the Chapter Outreach Program Recipient was South Florida Atlantic Chapter; Chapter Membership Referral Award Recipient was the Hudson Valley Chapter; and ASA’s International Virtual Chapter was awarded Chapter of the Year.

Next Berkemeier presented the Rising Star Award winners: Cameron Tipton, Kathryn Taylor, Henry Kaskov, Kevin Blair, Trang Pham, Corey DeWitt, Justin Salcido, Danielle Rahm and Robert Becker.

Following that, Berkemeier announced that the Board of Examiners recognized Gary Frantzen, ASA for the Examiner of the Year Award.

The NAIFA award winners were then announced. The NAIFA Appraiser of the Year Award was given to Ron Flowers; and the Paul Wetzel Award was given to Robert Solotist, ASA.

After a brief break, the awards then continued with The Jerry Larkins Volunteer Service Award given to Mona Miller, ASA; and The Sylvia Wade Olson Award of Merit went to ASA’s COO, Bonny Price.

Next, the Appraiser of the Year award went to:John Henley and Laurie-Leigh White.

Lifetime Achievement Award Recipients, Mike Bradford, Ernest Demba, ASA and John Thomson, ASA, MAI were then recognized; followed by ASA’s new Shannon Pratt Award, which was awarded to Roger Grabowski, FASA.

Following the awards presentation, Berkemeier recognized current Past ASA President David Crick, as well as other past President’s and the Board of Governors.

After lunch, sessions touched on topics of: Beware of Meme Stocks with Joseph Thompson, ASA; Reflecting the Impact of ESG Factors in Business Valuations presented by Vanessa Claiborne, ASA and Nene Gianfala, ASA; The External Appraisal’s Role in Equipment Financing by Paul Cogley, ASA; Understanding Relevant Markets for Sold-Out Artists with Lela Hersh, ASA and Vivian Pfeiffer; Changes in the Luxury Watch Market with Ken Specht; Reducing Revision Requests presented by Jeff Rauland; as well as Applying USPAP in an Appraisal Review Assignment with Barry Shea, ASA.

The conference also included presentations on: Matching Risk and Return Updated Observations on Developing Discount Rates by Roger Grabowski, FASA; Purchase Price Allocation – The Industrial Appraiser’s Role with Asher Cohen, ASA and Josh Abbey, ASA; A Step Into the NFT World by Erick Calderon; Appraising for Resale: Recognizing Markets and Values by Duncan Parker; Renewable Energy Valuation & Cost Segregation with Steven Munson, ASA; as well as Bad Trial Testimony: Avoiding the Chasm Below the Bridge of Death presented by Edward Kainen.

After attendees continued to network and visit a variety of exhibitor booths, our presentations of the day concluded with: What it Takes to be a Growing Professional with Chris Mercer, FASA and Jay Fishman, FASA; A False Dichotomy: Why Data Analytics Can’t Replace Human Intuition in the Appraisal & Auction Professions presented by both Randa Doleh, ASA and Jay Rivera; Seeking the Truth—Forensic Authentication Through Signatures and Composition by Larry Stewart; 9000 Years of Precious Metals Used in Jewelry with Charles Carmona, ASA; What’s Your Slant? Bias in Appraising by Byron Miller; and CRAC Can Save Your Life! …. Professional Life, That Is! Presented by Melanie Modica, ASA.

After a day full of networking and impressive educational productions, day 1 of the 2022 ASA International Conference came to end with the Rising Stars exclusive happy hour sponsored by Borrowman Baker, LLC.

Moving on to the final day of the 2022 ASA International Conference, educational sessions began immediately after the Continental Breakfast, namely: Business Valuation Disputes: Getting to Resolution byMichael Gregory, ASA; Timely Issues in ESOP Transactions & Fairness Opinions with Dan Callanan, ASA and Michael McGinley, ASA; Biofuel Plants and Equipment presented by Terry Podgorski, ASA; Protecting Passion Investments presented by Michelle Impey; as well as Basic Overview of Accessory Dwelling Units and Valuing Accessory Unit Dwellings with Jason Tillema, ASA.

The morning sessions also included: Determining Reasonable Compensation in Disputes using the IRS Reasonable Compensation Job Aid by Chris Rosenthal, ASA; 842 and the IBR: The Cost of Capital for Lease Accounting for Right-of-Use Assets presented by Todd Fries, ASA; Economic Obsolescence – Inutility and Beyond by Douglas Krieser, FASA; Culture Wars, Viruses and Inflation, Oh My! With Rico Baca; Lab Grown Diamond Market: ID, Grading and Wholesale/ Retail Markets by Don Palmieri, ASA; as well as There’s Yachts of Information When Appraising a Marina with Matthew Kaufman, ASA, Melanie Modica, ASA, Mike Pratt, ASA, Pamela Bensoussan, ASA and Mike Hill, FASA.

Following the all-discipline network break, we had: Damages and Valuation Experts with Karl Schwabauer and Sean Saari; Once Upon a Time:  Telling the Appraisal Story by Jack Young, ASA; A Window into Understanding Contemporary Glass Markets by Suzanne Perrault and Contemporary Glass: Connoisseurship with Jane Buckman; as well as Appraising the Jewelry After It’s Gone presented by Teri Brossmer, ASA.

As the day approached lunchtime, our business valuation group branched off to their exclusive luncheon, as all other attendees were able to grab a bite and continued networking and checking out our exhibitor and sponsor tables.

Afternoon sessions started with: Everything You Wanted to Know About  Fair Market Value and Were Afraid to Ask by Travis Harms; Healthcare Valuation Update with Jason Ruchaber, ASA; MTS Market Updates featuring Joe Santora, ASA with construction, Tomer Chen, ASA with marine, and Alec Story, ASA presenting machine tools; Dalí 101: From Melting Watches to Post-Atomic Still-Lifes by Peter Tush; Avoiding the Pitfalls: Appraising the Prints of Salvador Dali by Deborah Ripley; Appraising Nature’s Artwork: Minerals and Gems withCigdem Lule; as well as Writing an Effective Rebuttal Report presented by Gary Trugman, FASA.

During the break, attendees continued to network with one another while participating in ASA’s annual Educational Foundation auction. In lieu of the traditional live auction, the ASA Educational Foundation had launched its auction online, offering both in person and virtual attendees to take advantage of bidding simultaneously. This event offered a fresh and innovative experience with 31 unique items being donated. Participants enjoyed bidding both from the ease of their computer or live in Tampa, while supporting a great cause.

Next we had Business Valuation and Tax Litigation by John Emory, Jr.; Valuation of Tax Receivable Agreements (TRAs) with Harris Antoniades; Valuation/RCN Estimate Wireless Carrier TPP presented by Gregory Popham; The Impact of 18th and 19th Century African American  Decorative Arts by Paul Baker; as well as Tough Talks, Difficult Discussions and Crucial Conversations with Philip Bosen; Lions, Tigers and Zebroids: The Emergence of the Hybrid Appraisal with Jeff Rauland; and Getting Engaged: Setting the Boundaries for a Healthy Client Relationship by Kieran Wheeler.

Following the final session change of the day, the 2022 ASA International Conference closed with sessions including: What I Have Learned in Tax Court and IRS Audits by Bruce Johnson, ASA; Fair Value in Dissenting Suits Around the World by Neil Beaton, ASA; How to Survive an Audit Review with Michael Crismyre, ASA; Updating Contracts in a Post Covid World with Wendy Lindstrom; Understanding Hardstone and Gem Carvings by Cigdem Lule; and lastly, Data Visualization for Residential Appraisers with Jason Tillema.

The 85^th Annual ASA International Conference was ASA’s 2^nd time putting it together as a hybrid event, everyone pulled together to create a memorable experience and forward-thinking discussions that won’t be forgotten by attendees.

ASA would like to thank the conference sponsors: Valcre, Knowcraft Analytics, SunCorp Valuations; Borrowman Baker LLC, FleetEvaluator, Business Valuation Resources, and CES Valuations.

We would also like to thank our supporting sponsors & exhibitors: Mynarski International Valuation, the Appraisal Institute, TagniFi; Quantum Leap², Harry Davis & Company, IAAO, Fortuna, and ASA’s Houston Chapter; as well as our media partners: Business Valuation Review®, the ARM e-Journal, and the MTS Journal.

ASA extends another thank you to the planning committee and advisors for all their hard work and support; Terri Lastovka, ASA, Cameron Tipton, ASA, Tracy Aros, ASA, William M. Engel, ASA, Jamie Allen, ASA, Danielle Rahm, Lisa Meinczinger, Ken Pia, ASA, Laurie-Leigh White, ASA, Todd Larson, ASA, Ronald Seigneur, ASA, Jeff Tarbell, ASA; as well Conference Chair, Richard Berkemeier, ASA.

Lastly, a thank you to everyone who participated; for making this year’s conference as fun, educational, and successful as it was.

To see photos of the 2022 ASA International Conference, click here.

Save the Date! Make plans to attend the 2023 ASA International Conference October 1-3, 2023 – New Orleans, LA!

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ASA participated in the largest recruiting event for the gems and jewelry industry, the GIA Career Fair, September 30, 2022 in Carlsbad, CA.

The event featured:

• An opening panel of gems and jewelry industry leaders.
• Recruiters promoting open job positions.
• Career coaches from a variety of industry sectors and profession.
• Networking with representatives of prominent gems and jewelry companies, industry professionals, GIA Carlsbad staff and other attendees.

Gina D’Onofrio, ASA, MGA®, participated in the event as a career coach, helping to answer questions and offer career suggestions. She met with approximately 12 students, some were young graduate gemologists in their 20’s and others were older pursuing a second career.

While Kathleen M. Turner, ASA, supported ASA’s recruitment efforts by managing the Society’s booth, connecting with many interested people, and sharing her story of how she got started gaining experience in the industry and how important it is to start out with the right foundation.

ASA offers a variety of programs for aspiring gems & jewelry appraisers, including:

• FREE Student Membership
• Ally Membership Program
• GJ103 Fundamentals of Jewelry Appraising Course
• ASA Job Bank and Career Center
• ASA Gems & Jewelry Facebook Group – In the Loupe

Learn more about ASA today, visit www.appraisers.org or call (800) 272-8258.

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Edith Yeomans, FASA, passed away on Thursday, September 22, 2022.

A professionally trained appraiser and an Accredited Senior Appraiser with ASA, “Edie” had over 35 years of experience in the arts in Canada, including working for a prominent art dealers’ association, arts management, and copyright licensing.

She had a BA (Hon) in Art History from McMaster University and was a fine art specialist with extensive knowledge of contemporary Canadian and international art scenes. Active in Toronto’s arts community, Edie was a member of the Board of Directors of the Toronto Outdoor Art Exhibition from 1991 until 2012 and was Chair for three years. She sat on the Board of Directors for the Varley Art Gallery and served as Chair of its Art Acquisition Committee.

She was the Personal Property Discipline Governor on the ASA Board of Governors from 2006 to 2010 and previously served as the President of the Society’s Toronto Chapter. She served as Parliamentarian to the Board of Governors from 2010 to 2015 and was Chair of the Personal Property Discipline Committee of ASA from July 2015 until July 2017. She was recognized by her peers for her contributions to ASA and the appraisal profession and conferred the designation of Fellow (FASA)—the highest honor ASA bestows in the fall of 2014. Edie also sat as the ASA representative on the Board of Trustees of The Appraisal Foundation in Washington D.C.

Edie also served on the faculty of ASA’s Principles of Valuation education program and taught the Introduction to Personal Property Valuation course. Her articles on valuation issues were published in Canadian and American journals, and she spoke to a variety of groups about professional appraisal practices as well as various topics of fine art.

Many fellow colleagues of Edie shared their condolences and memories of her on ASA’s Personal Property Member Lisserv.

“Her loss leaves an unfillable hole.” –Charles Rosoff, ASA

“Edie was our Northstar and our constant glowing guiding light in the world of Appraisals.” –Dave Kinney, ASA

“I have lost a friend.” –Susan Golashovsky, FASA

“There is an empty chair at our gatherings. Raising a glass to a lost comrade.” –Laurene A. Sherlock, AM

“A wonderful colleague, an important contributor and influencer, articulate and measured-all of that and more. But most of all a true and honest friend.” –Janella Smyth, FASA

“Gone but never forgotten.” –Lela Hersh, ASA

“I’m left wondering ‘Who didn’t Edie help’? What a generous, bright and upbeat person.” –Corinne Cain, ASA.

“Edie’s friendship, humor, delicate candor, and intelligence were contagious.” –Fran Zeman, FASA

“Edie was one in a million.” –Holly Mitchem, PhD, ASA

“Our Society has lost a dedicated member, volunteer, and teacher and mentor to so many. Gone from our profession is a wise leader and one of its finest members.” –Sandra Tropper, FASA

Read Edie’s obituary here.

In her memory, a student bursary has been established at her alma mater. Donations may be made to the Edie M. Yeomans Bursary in Fine Arts, at McMaster University.

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By Warren H. Morss, GIA GG, ASA, MGA®

Being in business for over forty years, I have seen many changes in society regarding our personal and business lives. Our ability to embrace change and adapt to new concepts and technologies has defined our path through the first decade and a half of the twenty first century. It is along this path that I chose to further my professional career in the Gem & Jewelry discipline of the professional appraisal field.

As my career as a jeweler/appraiser progressed, it became evident that as technologies advanced, our understanding of appraisal techniques needed to advance to keep pace. The appraisal process had evolved into an accompaniment of the sale, an add on or a follow up which became nothing more than an expectation of the client. Unwittingly, we devalued the appraisal into an afterthought devoid of proper content and lacking in consistent form. The mantra became, “hurry up and don’t forget the appraisal.”

I found ASA while looking for a professional valuation organization which could offer continuing education, networking, and a forum to reach out to my colleagues across the country. ASA offers all of this as well as accreditation within my chosen field. ASA is the only organization representing gems & jewelry appraisers requiring mandatory testing to remain a certified member. In order to become a candidate for membership, a prospective member must complete both a 15-hour Uniform Standards of Professional Appraisal Practice (USPAP) course and the ASA Ethics Exam. All ASA Members are held to these standards and must take a USPAP update courses on a regular basis in order to maintain their designation with ASA.

PROFESSIONAL STANDARDS AND ETHICS

The Uniform Standards of Professional Appraisal Practice (USPAP) and The ASA Code of Ethics

USPAP begins with the Definitions section followed by the Preamble which defines the purpose and goals of USPAP as, “…to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. It is essential that appraisers develop and communicate their analyses, opinions, and conclusions to intended users of their services in a manner that is meaningful and not misleading.” (1)

The Rules follow the preamble and consist of: The Ethics Rule, The Record Keeping Rule, The Competency Rule, The Scope of Work Rule; and The Jurisdictional Exception Rule.

Standards and Standards Rules cover the development and communication of an appraisal report within the different disciplines (i.e. Real Property, Personal Property, Machinery & Equipment, and Business Valuation).

Statements on appraisal standards are specifically for the purposes of clarification, interpretation, explanation, or elaboration of the Uniform Standards of Professional Appraisal Practice (USPAP).

The ASA Code of Ethics and the Rules section in USPAP are parallel in many areas emphasizing Ethics, Competency, and Scope of Work. The current ASA Code of Ethics can be found on the ASA website: www.appraisers.org/ethics.

Why Do I Need an ASA Appraiser?

An ASA appraiser has the most up-to-date educational information available in the industry today and is fully USPAP compliant in the development and communication of an appraisal report. In the event of a large valuation (over $20,000.00), many insurance companies will only accept an appraisal report prepared by a Graduate Gemologist who has received a designation from the Gemological Institute of America (GIA). While specialized education within the gemology field can be advantageous, the GIA does not currently have any course offerings available on valuation, appraisal practice, or USPAP.

From my perspective, A Graduate Gemologist may be able to provide additional information needed to complete an appraisal assignment, but is not trained in proper appraisal practices, and is therefore not competent by USPAP Rules of Ethics and Competency.

There is an overall lack of education within the insurance industry regarding the USPAP compliant appraiser versus the graduate gemologist. A USPAP compliant appraisal report contains all pertinent descriptive information required by the insurance company to repair or replace an item(s) of like kind or quality. The difference is in the depth and quality of the appraisal report. It is in this arena where the ASA appraiser has more overall education including an understanding of relevant markets, approaches to value, and valuation techniques.

“The appraiser must clearly and specifically define the market, the market level, the kind of buyers and sellers, that relate to a specific value. If market specifics were adequately defined in appraisal reports, we would reduce the apparent chaos in the appraisal community…When the jewelry appraisal community gets trained in proper appraisal procedures and applies them, then the quality of appraisal reports and the consistency of appraisal values will improve. The consumer, jeweler, appraiser, and third parties such as insurance companies and banks will all benefit. Appraisal training and the proper application of known appraisal principles is the only way…” (2)

The ASA appraiser is the most appropriate choice for insurance professionals who require appraisal reports prepared by an accredited professional appraiser in a meaningful and relevant manner with a focus on proper ethical conduct, competency, and consistency. The Graduate Gemologist can be utilized by the USPAP compliant appraiser in the development of the report, but lacks the training to prepare appraisal reports. A USPAP compliant appraiser is the right choice for the development and communication of an appraisal report. A USPAP compliant appraiser who is also a graduate gemologist, is an even better choice.

Did you know that ASA offers gems & jewelry appraisal classes for retailers, insurance and other allied professionals? Current examples include:

• GJ103 – Fundamentals of Jewelry Appraising
• GJ201 – Foundation I: Core Principles of Appraising Gems and Jewelry
• GJ202 – Foundations II. Appraising Gems and Jewelry for Insurance Scheduling
• GJ203 – Appraising Gems & Jewelry for Advanced Assignments: Development and Report Writing

To learn more about ASA and its gems & jewelry education, credentialing and membership programs, visit www.appraisers.org.

To hire an ASA appraiser today, visit www.FindanAppraiser.org or call (800) 272-8258.

Warren H. Morss, GIA GG, ASA, MGA®, is a jeweler/appraiser with 40 years of experience in the jewelry industry specializing in wholesale and retail markets as a manager and owner of multiple businesses. He is currently the owner/principle of Boston Estate & Gem Appraisal, an independent gem and jewelry appraisal service. He is a Graduate Gemologist (GIA), an Accredited Senior Appraiser (ASA) and a Master Gemologist Appraiser® (MGA®).

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(1) ASA Education Committee, PP204 Principles of Valuation: The Legal and Regulatory Environment, ASA Course, 2014

(2) Rapaport Diamond Report, Interview: Elly Rosen, Martin Rapport, June 5, 1992

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Exploring recognition of the valuation profession globally

By: Jack Beckwith, ASA – International Valuation Committee Representative

The International Valuation Standards Council, an independent global standard setter for the valuation profession, held their 2022 Advisory Group Meeting in in Ft. Lauderdale, Florida.  Participants included the IVSC Board of Trustees, the Advisory Forum Working Group, the Business Valuation Board, the Financial Instruments Board, and the Standards Review Board.  The American Society of Appraisers helped co-sponsor this first face to face meeting since 2019.

The Advisory Forum Working Group and associates attending included John Martin (Chair, Australia), Dave Bunton (TAF), Gilles de Courcel (France), Muath Alkhalaf (Saudi Arabia), Landro Escobar (Spain), Reiner Lux (Germany), Catalina Miranda (Canada), and ASA Representative, Jack Beckwith (USA). Their task is to continue facilitating and promoting to over 180 member organizations operating in 137 countries worldwide access to education and training consistent with the interpretation of definitions, approaches, and methodologies used in conjunction with the principles identified in IVS.

The IVSC Chief Executive Officer, Nick Talbot, greets ASA Chief Executive, Johnny White, Board of Trustee, Jay Fishman, and ASA representative on the Advisory Forum Working Group, Jack Beckwith, to the 2022 Advisory Group Meeting held in Fort Lauderdale from September 14^th to the 16^th.

Participants attending arrived from six continents for the first face to face meeting in three years.

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Jack Beckwith, ASA, is the Owner of EAGI. He has about 30 years of experience in the industry, primarily specializing in machinery and equipment, and has performed and supervised valuations throughout the United States, Canada, Mexico, and Europe. Mr. Beckwith first joined ASA in 1996, earning his Accredited Senior Appraiser designation in 1998. He is an active member and volunteer serving in various leadership roles, most notably as a current representative in ASA’s International Valuation Standards Committee. Prior to beginning his professional career, Beckwith earned his BBA at the University of Texas, served on the University of Incarnate Word Nursing Advisory Board. He has also been published for various valuation topics in the MTS Journal and the ASA Professional.

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ASA’s CEO letter to members and friends

This has been an exciting month for ASA as we get closer to its 85^th Annual International Conference happening on September 10-12 in Tampa, FL and virtually. The staff and I want to congratulate the 2022 ASA Annual Award Winners – we thank you for your outstanding efforts in supporting ASA this past year and look forward to recognizing you all during this year’s conference luncheon.

August is also a month to recognize the strong partnerships ASA has maintained over the years.

Last week I attended the IAAO conference in Boston, MA where ASA was a proud to participate in the IAAO conference with being a panelist for the “Town Hall Sessions” and a speaker with Barry J. Shea, ASA, IFA, ARM in the “Valuing the Unique Outliers” session, and an exhibitor. ASA and IAAO have maintained a great partnership over the years so it was a pleasure talking about the ‘ASA Difference Campaign’ with the many attendees who stopped by the exhibit booth with our ASA members Mike Pratt ASA, IFA and Barry J. Shea, ASA, IFA who volunteered to work the booth.

I also got to attend the Appraisal Institute’s Annual Conference in Las Vegas, NV earlier this month. The event was another great opportunity to see our ASA members and other professionals networking and learning together. The partnership that ASA and AI have developed over the years has already done so much to support the profession; only more good things to come.

ASA and AI also came together, along with ASFMRA, IAAO, MBREA and NSREA, to co-sponsor a webinar series highlighting bias trends in the appraisal profession. I moderated: “Emerging Topics in Appraisal Bias”, which was the second webinar of a series of programs we will continue to do throughout the year. I would like to thank both sets of our panelist: from WITH Action, Douglas Potts, Rosalind Williams and Barbara Heise, and the panelist from the Philadelphia Appraisal Bias Task Force, Councilwomen Cherelle L. Parker and Ira Goldstein for speaking with us and helping support better diversity, equity, and inclusion in the appraisal industry. Click here to view recording.

Don’t forget to check out the pre-conference courses starting September 7^th and pre-conference events starting September 9^th.

I hope to see everyone in Tampa, FL or virtually for the 85^th Annual International Conference!

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Editor’s Note: Client lead generation is a key goal for many appraisers, but as digital marketing continues to evolve, it’s becoming more and more difficult to generate high-quality leads and compete with others.

Therefore, it’s important to stay up to date with the latest facts and statistics relating to lead generation, so that you can develop a successful strategy for generating and nurturing high quality leads.

In this article, by Nicola Bleu, as seen on Bloggingwizard, the latest lead generation statistics and benchmarks will be spotlighted, to help you stay on top of your game when it comes to generating leads and converting them to new clients.

1. According to 85% of B2B companies, lead generation is the most important marketing goal

There’s no doubt about it – lead generation is a big deal. Without making significant efforts to generate leads, your business could be missing out on key markets that would bring in huge amounts of sales, and this is especially true for B2B companies.

According to a study published by Content Marketing Institute, most businesses are aware of the importance of lead generation. Reportedly, 85% of B2B businesses see lead generation as their most important marketing goal.

Source: Content Marketing Institute

2. 53% of marketers spend 50% or more of their budget on lead generation

Marketing budgets are often spread thinly these days, with so many different channels to choose from. However, most marketers can agree on one thing – the majority of your budget should be spent on lead generation.

According to a study published by Authority Website Income, 53% of marketers spend over half of their entire marketing budget on lead generation efforts. 34% of marketers reported that they spent less than half of their budget on lead generation, and 14% weren’t sure about their exact budget breakdown.

Source: Authority Website Income

3. Only 18% of marketers think outbound lead generation provides valuable leads

Whilst lead generation is still a key focal point for businesses, outbound lead generation is becoming less and less popular. According to the HubSpot state of marketing report, only 18% of marketers felt that their outbound lead generation efforts provided valuable leads.

As a result, more companies are focusing on nurturing inbound leads instead of spending too much time and money following up on outbound prospects.

Source: HubSpot

4. Email marketing is the most common lead generation strategy…

According to statistics published by APSIS, the most common lead generation strategy is email marketing. Around 78% of businesses use email marketing as their first port of call when it comes to generating leads.

Although many marketers are trying out new lead generation methods like social media, email marketing still remains the most popular and most effective way to generate high-quality leads, particularly for B2B businesses.

Source: APSIS

5. … Followed by event marketing and content marketing

Other popular lead generation tactics that B2B businesses are using include content marketing and event marketing. According to APSIS, 73% of companies are using event marketing to generate leads, whereas 67% are currently engaging in content marketing for lead generation.

Event marketing includes utilizing promotional events, seminars, or even webinars to generate leads and make sales. Content marketing encompasses everything from blogging to video production and social media.

Source: APSIS

6. 66% of marketers generated new leads via social media by committing just 6 hours per week to it

Social media is growing in popularity as a lead generation tool, and more and more marketers are opting to commit a significant portion of their time and budgets to social media campaigns.

According to a study published by Social Media Examiner, 2/3 of marketers were able to generate new leads for their businesses by committing just 6 hours per week to social media efforts.

This means that you could easily run social media lead generation campaigns alongside other campaigns without overstretching your budget and time restraints.

Source: Social Media Examiner

7. LinkedIn is the most useful social media platform for B2B lead generation

If you’re marketing a B2B company, forget Instagram and Facebook. LinkedIn is the place to be. LinkedIn is a relatively underutilized platform when it comes to marketing. However, for B2B businesses, it’s an essential lead generation tool.

According to Oktopost, LinkedIn is responsible for generating around 80% of all social media leads for B2B products and services. LinkedIn has a range of features that make it a powerful lead generation tool, such as Showcase pages which help businesses to target specific audiences with offers.

Source: Oktopost

8. Using marketing automation software can increase qualified leads by as much as 451%

If you’re looking to supercharge your lead generation efforts, then you may want to consider using a marketing automation tool.

According to APSIS, using marketing automation software to automate your campaigns can increase the number of qualified leads you generate by as much as 451%.

Automation software can help you to optimize your customer journey, respond to leads quickly and efficiently and qualify leads to reduce the strain on your lead generation and sales teams.

Source: APSIS

9. 68% of B2B businesses struggle with lead generation

Despite lead generation being an extremely important aspect of any business’s marketing strategy, many marketers find it difficult to get it right. According to an study published by APSIS, over half of all businesses report that they struggle with lead generation – 68% to be exact.

Although there are lots of tools and channels that businesses can utilize to improve their lead generation efforts, it takes a lot of trial and error to devise a strategy that works, and this is what many marketers struggle with.

Source: APSIS

10. The average B2B sales lead costs between $31 and $60

Lead generation can be an expensive game, and for B2B businesses, it’s important to ensure that your lead generation strategy is providing a good ROI. According to Marketing Insider Group, the average cost of a B2B sales lead is between $31 and $60.

The amount you can expect to pay per lead depends on what industry your business falls into. For example, technology businesses can expect to pay less for their leads (around $30 on average), whereas healthcare businesses could pay as much as $60 per lead.

Source: Marketing Insider Group

11. Almost 60% of B2B businesses said that SEO has the most impact on their lead generation efforts…

For many B2B companies, their company website powers their lead generation efforts, and therefore SEO is an extremely important factor to consider.

According to Marketing Charts, more than half of B2B businesses said that SEO had the most impact on their lead generation efforts. Ensuring that your website is optimized for a smooth customer journey and that their pages rank in the search results should be a top priority for B2B businesses.

Source: Marketing Charts

12. …And 21% said social media has the biggest impact on their lead generation goals

When it comes to lead generation, social media is a fairly new marketing channel for businesses. However, it is becoming more popular and is showing good potential as a way of generating high-quality leads.

According to Marketing Charts, 21% of businesses said that social media had the biggest impact on their lead generation efforts.

Although this number pales in comparison to lead generation channels like SEO, it’s evidence that more and more businesses are taking advantage of social media to generate leads and drive sales.

Source: Marketing Charts

13. 68% of B2B businesses have strategic landing pages specifically for lead generation

Strategic landing pages are extremely useful for B2B businesses, and they continue to be one of the most effective ways to generate business leads. According to one study, as many as 68% of B2B businesses use strategic landing pages for lead generation.

Good lead generation landing pages rank highly on Google and are optimized for conversions. Whether you want people to sign up for your mailing list, or make a purchase, strategic landing pages are highly effective.

On a side note, if you need help building landing pages for marketing campaigns, check out our roundup of the best landing page builders.

Source: Startup Bonsai

14. 56% of B2B businesses verify leads before sending them to sales

Not all leads are high-quality, therefore, it’s important to qualify and verify leads before sending them to specialized agents such as your sales team. However, although verifying leads can save time and money, many companies still forgo this step. According to Marketing Sherpa, only 56% of B2B businesses verify leads before passing them over to the sales team.

Source: Marketing Sherpa

15. 80% of B2B businesses generate leads via content marketing

Content marketing is extremely popular with B2B and B2C businesses alike. It gives businesses a way to reach new leads whilst also providing knowledge and insights that are valuable to potential customers. According to Content Marketing Institute, around 80% of B2B businesses utilize content marketing for lead generation, making it the second most used channel after email.

Source: Content Marketing Institute 2017

16. Companies with a blog generate 67% more leads than companies without one

Content marketing is extremely effective so it’s no surprise that so many companies are keen to spend their marketing budgets on blogging.

According to an article published by Marketo, companies that run their own blog generate 67% more leads than those that don’t have one. To some people, blogging may seem like an outdated medium when compared to social media, but it still holds a lot of sway when it comes to lead generation.

Source: Marketo

17. Companies that post 15 blog posts a month generate around 1200 new leads per month on average

One challenge many content marketers face is deciding how much content to publish every month. From a lead generation perspective, the general rule of thumb seems to be, the more the better.

According to an article published by LinkedIn, companies that publish 15 blog posts per month generate around 1200 new leads on a monthly basis.

On average, that’s around 80 leads for each blog post published. In theory, the more blog posts you publish, the more chances people have of finding your website, and therefore, the more leads your blog will generate overall.

Source: LinkedIn

18. Content marketing generates 3x more leads than traditional marketing and cost 62% less

Content marketing isn’t just a powerful lead generation tool – it’s also an extremely affordable one. According to Demand Metric, content marketing produces around 3x more leads on average than other traditional lead generation channels.

In addition to this, content marketing is reportedly 62% cheaper than other marketing channels. Therefore, content marketing is the perfect choice for businesses that are looking for more bang for their book when it comes to lead generation.

Source: Demand Metric

19. Marketers that utilize blogging and content marketing are 13x more likely to drive positive ROIs

Content marketing also makes it easier for marketers to drive positive ROI. According to HubSpot, marketers that blog are 13x more likely to drive positive ROI than those that don’t. This is extremely significant and illustrates how effective running a company blog can really be.

Source: HubSpot

20. Email is the most effective lead generation tool for driving ROI

Email marketing has long been known as an effective lead generation tool. According to Campaign Monitor, it’s actually regarded as the most effective tool for driving ROI.

The study showed that for every $1 spent on email lead generation and marketing, you can earn as much as $44 in returns. That’s approximately 4400% ROI, so it’s no surprise that email marketing is a favorite amongst marketers in all industries.

Source: Campaign Monitor

21. Almost 80% of marketers believe email is the most effective demand generation tool

Demand generation is an umbrella term for marketing activities such as lead generation, lead nurturing, sales, awareness-raising, and more.

According to a report published by Content Marketing Institute, 79% of businesses agree that email marketing is the most effective demand generation tool available. It’s multipurpose and can help you manage and nurture leads, drive sales and keep your customers up to date on the latest developments in your business. It’s also affordable and offers great ROI.

Source: Content Marketing Institute

22. 56% of marketers say that compelling content at each stage in the buying process is the key to B2B email success

In a study conducted by Authority Website Income, respondents were asked what they thought the key to B2B email success was. The most popular response was ‘compelling content at each stage.

This means providing interesting and useful content via email at every stage in the funnel from lead generation to lead nurturing and sales. Creating an email campaign that achieves this goal isn’t easy, but you should try to make sure all of your email campaigns are compelling and provide value to your readers.

Also, a reliable email marketing service will be key to ensuring emails get delivered effectively.

Source: Authority Website Income

23. 49% of marketers believe offering downloadable content in lead generation emails is an effective tactic

If you’re struggling to build up an email list, then offering downloadable content is a great way to build up your email list and generate leads.

Around 50% of marketers reported that this was an effective tactic, and it’s a great way to incentivize readers to take action on your website, or via email. If you have content such as a newsletter, report, or a study, you can offer this as downloadable email content as a way of opening up an email dialogue.

Source: Authority Website Income

24. Over 40% of marketers believe the biggest barrier to lead generation is lack of resources, budget and staffing

Lead generation isn’t always easy, and it takes a lot of time and money to devise the right strategy and start seeing results.

However, according to B2B Technology Marketing, the biggest barrier facing marketers is a lack of resources, including budget constraints and staffing issues.

When planning a lead generation strategy, it’s important to consider your budget and staffing requirements, so that you have enough resources to try different strategies to decide which one works best for your company.

Source: B2B Technology Marketing

25. ¼ of marketers struggle to calculate conversion rates

Conversion rates can often be elusive, especially if you’re running multi-channel lead generation campaigns. It’s not always easy to work out exactly where leads came from, and which ones converted to sales.

Getting an accurate conversion rate requires a lot of analytics and data. For some marketers, calculating these figures is an extremely difficult task, and around 1/4 of marketers say that they fail to calculate conversion rates accurately.

In order to combat this challenge, it’s a good idea to use marketing analytics and automation tools so that you can accurately track your campaigns.

Source: B2B Technology Marketing

26. 61% of marketers believe generating high quality leads is their biggest challenge

Generating leads, and generating high-quality leads are two completely different ball games, and this is a hurdle that many marketers struggle to overcome.

According to B2B Technology Marketing, over 60% of marketers struggle to generate high-quality leads and report that this is their biggest challenge. Unfortunately, it’s not always easy to work out which leads are worth pursuing, and a surprisingly low number of leads actually result in sales.

Source: B2B Technology Marketing

27. 79% of marketing leads never convert into sales

According to Marketing Sherpa, only around 21% of leads actually convert into sales, which can be a little problematic for businesses, especially when it comes to planning your budget and calculating ROI.

To try and reduce the amount of time and money spent on leads that will not result in a sale, it’s a good idea to have a rigid lead qualification process in place. This will help you to determine which leads are worth pursuing and which aren’t.

Source: Marketing Sherpa

28. 68% of B2B businesses have not properly identified their funnel

According to the same study by Marketing Sherpa, around 68% of businesses have not properly identified their sales funnel. This means that they don’t have a good understanding of the path their customers take to make a purchase.

From a lead generation perspective, this is problematic, as without a proper funnel, it will be challenging to know the best way to nurture leads and you’ll have no idea how close they are to making a purchase. Not establishing a funnel can cost you both time, money, and qualified leads.

Source: Marketing Sherpa

29. 65% of B2B businesses have no established lead nurturing processes

Surprisingly, as many as 65% of businesses don’t have a lead nurturing process in place, and this is extremely problematic. Just like having a funnel, establishing a lead nurturing process is essential if you want your lead generation campaigns to succeed.

From point of capture, your leads need to be supported and encouraged to continue down through the funnel to the point of purchase. If you have no lead nurture processes in place, you may find that many people drop out of the funnel, because they didn’t have the right help and support available at the right time.

Source: Marketing Sherpa

Final Thoughts

That wraps up our article on the lead generation statistics and benchmarks every marketer should be aware of. If you’re having trouble generating leads for your business, these statistics may help to inform your strategy and improve your results.

About the Author

Nicola Bleu is managing editorial at Blogging Wizard and runs Your Creative Aura.

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The American Society of Appraisers Philadelphia Chapter is pleased to present their 2022 ASA Business Valuation Virtual Conference to be held on Thursday, September 22, 2022. The conference will run from 8:00 a.m. to 4:00 p.m. Eastern Standard Time (EST). Zoom invites will be sent out ahead of time. Early-bird registration fees are available through September 9, 2022, at midnight.

Range of Presentation Topics and Agenda

The conference agenda will feature presentations from nationally recognized speakers who are professional leaders, covering a range of topics. Listed here are the speakers and topics.

BUSINESS VALUATION TOPICS

Francis P. Egan, CFA, ASA, Senior Valuation Manager, Wipfli LLP, Radnor PA

A seasoned professional, with over 20 years of experience, Mr. Egan provides valuation services for a variety of purposes. Qualified as an expert witness, he has provided expert testimony in Delaware County, Pennsylvania. Fran has presented on a variety of topics to various organizations, including the AICPA and the Delaware County Bar Association.

COMPLEX FINANCIAL INSTRUMENTS – HARD TO VALUE SECURITIES

Tom Carr, CFA, Director, CFGI, Washington D.C.

Tom specializes in advanced financial modeling and valuation of complex financial instruments. Tom has extensive experience with a variety of fixed income and derivative products, such as interest rate swaps/swaptions, structured products, credit/FX/commodity derivatives, bonds/loans, convertible debt, warrants, and allocation of enterprise/equity values across simple and complex capital structures.

HEALTHCARE VALUATION

Deepa Menon, Managing Director, CBIZ, Dallas TX

Ms. Menon is a managing director in the Southwest Region of CBIZ Valuation Group; responsible for client service and business development related to financial valuation. Ms. Menon has over 19 years of valuation experience, specializing in valuation consulting, financial advisory, and valuations of intangible assets for tax, financial reporting, mergers and acquisitions, & regulatory compliance.

Tami Bolder, CPA/ABV, ASA, MBA, DBA, Director, CBIZ, Akron OH

Tami is a Director, with over 17 years experience in valuation projects for M&A, estate and gift tax reporting, SBA loans, purchase price allocations, goodwill impairment testing; and litigation services for shareholder disputes, civil litigation, domestic relations, commercial and personal damages.

ARE WE IN A RECESSION? WHY OR WHY NOT?

William Dunkelberg, Ph.D. Chief Economist, NFIB

William Dunkelberg, PhD, served on the faculties of Stanford’s Graduate School of Business, Purdue’s Krannert Graduate School of Management, and Temple University’s Fox School of Business where he served as Dean for 8 years.  He serves as the Chief Economist at the National Federation of Independent Business.  He has been involved in the starting of many new businesses; served on the Boards of several firms; published articles in numerous journals; and served as an advisor to many government organizations.

CANNABIS INDUSTRY VALUATION

Ron Seigneur, CPA/ABV, ASA, CVA, Partner, Seigneur Gustafson LLP, Lakewood, CO

Ron has over 30 years of valuation experience and been an expert witness in several jurisdictions and has served as trustee, mediator, arbitrator and special master of the court. Ron is active nationally as an educator and author of valuation science and has written and taught valuation courses for the AICPA, NACVA, state bar associations, and the EPA.

Stacey Udell, CPA/ABV/CFF, CVA, Principal, HBK Valuation Group, Cherry Hill, NJ

Stacey has more than 20 years experience in business valuation, forensic accounting, economic damages, and litigation support services. Stacey is a core member of HBK’s Cannabis Solutions Group and works with clients applying for licenses, operating entities, and helping cannabis entities develop strategies to maximize the value of their firms for a potential exit. Her clients include cultivators, processors, retailers, vertically integrated operators, and ancillary service providers.

VALUATION CONSIDERATIONS IN ECONOMIC UNCERTAINTY

Paul Balynsky, CFA, CPA/ABV, Managing Director, VRC, Yardley PA

Paul is a Managing Director based in Yardley, PA and is a senior member of VRC’s Portfolio Valuation Practice. Mr. Balynsky specializes in valuations of portfolios of privately-held securities primarily for financial reporting purposes. He has performed valuations of securities along the entire capital structure including senior debt, subordinated debt and complex, multi-class equity structures. Prior to joining VRC, Paul held the position of manager of financial analysis for the PCAOB.

SEC PROPOSED RULES ON CLIMATE CHANGE DISCLOSURE REQUIREMENTS

John Barton, ASA, CPA, President, Brandywine Valuation Consultants, Lyndell PA

As President of Brandywine Valuation Consultants, John is responsible for the analysis and valuation of closely held entities and intangible assets. He provides expert witness testimony in litigation matters. John is past Chairman of the ASA’s Business Valuation Committee, and ASA’s Education Committee in charge of course content and development for the ASA’s business valuation educational program.

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Why Attend?

Timely Updates on Topics of Current Interest – Session content will represent leading-edge topics selected for their importance to professionals that perform complex securities valuations.

Nationally Recognized Speakers – This is an exclusive opportunity to obtain insights from nationally recognized leaders in the profession.

Practitioner Focus – This conference is focused on the needs of valuation and accounting professionals involved in the business valuation profession. Insights can be immediately employed in the technical or business management of your professional practice.

ASA and NASBA Continuing Professional Education – The conference will provide continuing professional education credit by both the American Society of Appraisers (ASA) and the National Association of State Boards of Accountancy (NASBA). This is a timely and cost-effective means of obtaining CE hours for your ASA reaccreditation and CPE hours for your CPA license.

CEIV(TM) Continuing Professional Development – The conference qualifies for Certified in Entity and Intangible Valuations™ (CEIV™) Credential Continuing Professional Development (CPD) credit.

Competitive Pricing – ASA continues to price the conference at an extremely low cost as a benefit to its membership and the professional community at large.

NASBA and Continuing Professional Education (CPE) Credit

The American Society of Appraisers is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit.

CPE Credit: 8.0 hours.

Questions

If you have any questions, please contact the conference organizers noted below.

Conference Steering Committee Co-Chairs

Steven Juska, ASA, Managing Director, CBIZ | W: (610) 862-2343 | M: (215) 205-5213 | sjuska@cbiz.com

Sean O’Reilly, ASA, Partner, CFGI | W: (215) 558-2903 | M: (610) 348-9519 | soreilly@cfgi.com

Coordinator

Poonam Vaidya, ASA | M: (786) 223-0963 | pvaidya09@gmail.com

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ASA’s CEO letter to members and friends

We started off this fiscal year strong with our new International Officers taking office and the new 2022-2023 chapter officer volunteers beginning their roles. Networking and communication are essential pieces to the development of our organization, and our chapter officers play a key role in that effort. I want to thank all our volunteers who stepped up to support ASA and I look forward to learning more about the chapter’s accomplishments this year. To meet your newly elected chapter officers for 2022-2023, click here.

Earlier this month, ASA announced that its highly valued VAB6 is now available for purchase in a digital, eBook format – perfect for today’s on-the-go business appraisal practitioners. Professionals around the world have been adding this influential book on business valuation to their library for decades, and now ASA has made it easier for them to do so.

 

ASA has been continuing to work diligently on updating the new website and its Find an Appraiser (FAA) tool. FAA receives thousands of phone calls and website visits throughout the year and for the first time, ASA has a membership database tool that can collect important data from all members to help us in better serving you and the international community. I encourage all members to opt in if you haven’t done so already; and if you are already signed up, definitely take a moment to update your profile. Even if you are not participating in the FAA tool, please still update your profile so that we have your most up-to-date information.  For more information, click here.

The ASA Education Foundation Auction is going live this month! I want to extend my sincere thank you to everyone who contributed donation items; we have collected a great selection for this year’s event. The auction will be happening virtual again, so enjoy bidding from the comfort of your home while supporting this worthy cause on August 15^th. For more information on the items up for bid, click here.

In further education news, I am pleased to announce ASA’s ME101 Fundamentals of Machinery & Technical Specialties Valuation hybrid event happening on September 9^th will be taught in Spanish. This course is being held in Tampa FL (or virtually), one day prior to ASA’s International Conference. I look forward to continuing ASA’s support for our international members with more convenient

Planning to attend this year’s ASA International Conference in person? As a reminder, the hotel reservation cutoff date is Tuesday, August 16. We hope to see as many members and friends virtually or in person for ASA’s annual conference at JW Marriott Tampa Water Street in Tampa, FL on September 10-12.

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Ran Greenberg, ASA, CEO of GMT – Greenberg Machine Tools Ltd was spotlighted in Israel’s second size economic site, The Marker, this past month to talk about the advances of Israel’s appraisal profession.

Ran has over 25 years of experience in equipment valuation. He is the one of the first ASA accredited senior appraisers in Israel, and is on the list of Bank Hapoalim’s equipment appraisers and court experts.

In this interview with The Marker, Ran discusses the proper methodology of valuing assets and the training he has undergone to do so. He also goes on to discuss the lack of current valuation regulations in Israel and how efforts are being taken to promote transparency and professionalism in Israel.

To learn more about Ran and the developing Israel appraisal profession, click here.