In recent months we’ve witnessed many professional service businesses ready to make new investment in product development, business development and marketing. The last few years have seen some firms freeze, or reduce their marketing budgets and adopt an introspective approach to their business development. Now, it appears many are ready to step up to the plate… but are they marketing fit?
If recessionary concerns required professional services firms to reassess their marketing investment that’s no bad thing; campaigns must be launched with KPIs in place and full costings accounted for to allow a true assessment of ROI.
Should macroeconomics have encouraged improvements in client service (and internal communications on this topic), then again, this offers no cause for complaint. For many firms it is their quality methodology that positively influences clients’ buying and this, and other aspects of their culture, should infuse all marketing activities.
However, we all know that these activities are basic kit marketing-wise and more is demanded of firms seeking to take on the competition. Our feeling is that many firms see opportunity in the marketplace, but having reigned back their marketing activities they are unclear now as to the best way to re-pack their punch.
We work with professional services firm large and small, and very often their issues are the same – and perhaps the same as yours?
How much do you really know about your market (and what data and insight do you have to back-up your knowledge)? How are you segmenting your market and what differential investment are you applying? Your brand and its messaging; is it impressive, persuasive and consistent, and will it see-off the competition? Social media remains a hot topic, but don’t forget to consider this alongside the whole suite of channels available to you to present your firm’s messages. (That said, it surprises us that some firms are yet to take advantage of all that LinkedIn has to offer.) A difficult issue for many is the debate regarding partners and other professional staff and their ability to generate business and even cross-sell services.
What is needed for many is a kick-start to achieving BD best practice, often best provided by those who have done it before and can deliver fresh insight. There is no secret formula… just good coaching, a personalised training programme and practice. In our experience, so often the basics are overlooked, for example, partners knowing their markets (see earlier), having a meaningful target list, identifying their referrers (and staying in frequent contact) and formulating a persuasive message. The intervention of a professional marketing adviser can provide the carrot and the stick to making improvements, and put in place the processes and procedures to ensure good habits are maintained and are not left by the wayside when the market speeds up or slows down.
The outlook is good. In Makes Purple’s experience, professional services firms have excellent quality people; they are knowledgeable and personable. They deliver a first class service and care. Partners know their clients, their clients’ businesses and their other financial interests. It occurs to us that there are excellent firms out there that just haven’t reached their full potential; they have the natural talent and it simply requires appropriate direction.
Makes Purple provides business development and marketing coaching to partners, professional staff and marketing colleagues.
To arrange a meeting to discuss your needs and how we might work together contact Helen on 020 3170 5599.
Helen