Download - How To Market a Professional Services Firm
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Marketing a Professional Services Firm
A practical approach....
11th October 2013
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Agenda
1. Theory first• 6 strategies of PS Marketing• Return on marketing investment
2. Get practical• Focus on each strategy – one by one• Identify some action points
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More action(95%) than theory(5%)
(Discipline, commitment, hard work)
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Pick 6 Max
and commit to 3....
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Marketing Strategy
For a Professional Service Firm
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1. Marketing to New Clients
2. Marketing to Existing clients
Two Core Marketing Strategies
6 Tactics
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6 Business Development Tactics
New Clients
Existing Clients
Courting
Broadcasting
Nurturing
Superpleasing
Listening
Brand
Brand
Brand
Brand
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Substantial work in each strategyUltimate goal is to progress all 6
6 spinning plates
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“Solution is to choose a small number of the most effective activities and do them
consistently”
CJ HaydenGet Clients Now
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Where should you spend your time ?
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Return on Investment
Existing Clients Prospect Clients
Need Identified
Need not Identified
Superpleasing(WOM)
Nurturing
Courting
Broadcasting
Source: David Maister
Joint #2
Lowest ROI
Highest ROI
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Practical Focus
Start with existing clients
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What is Superpleasing
• Exceeding existing clients’ expectations so that they will go out of their way to recommend you to others.
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Did you get good service ?
Two Concepts
Servicing the CustomerTechnical Service
Car Service
Medical
Professional Service
Spark Plugs, Oil Filters
Availability, Affability, Ability (in that order!)
Communication, coffee, money
Trust, communication, money matters, extra mile, golden moment.
Tax Return, Contracts, AuditTechnical Drawing, Conveyance
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Golden Moments
• Avis – Love bombs deliver 98% repeat.
• Solicitors – Flowers win business
• Accountants - Find your fee
• Call to say “thanks” for the cheque.
• Don’t worry – I’ll drop it out to you
• The carpenter and the rabbit
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More Superpleasing ideas• The car mechanic
• I’ll drop you to the dart
• The bar man• Take a seat and I’ll drop it down to you
• The accountant• I got your books – we’ll start them on Monday and finish in two
weeks.
• The lawyer• It will cost €4000 – I’ll charge you €2k upfront and €2k at end of
April.
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“It ain’t what you do it’s the way that you do it – that’s what gets results”
• We experience Professional Service work
• The Professional Service experience comprises technical work and customer service
• We need to do good technical work and service the customer to provide a positive experience
• Satisfaction Equation - Satisfaction = Perception – Expectation
• Good (or even excellent) technical work is expected
• Servicing the customer has greater potential to affect the customer experience than the technical work.
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Source of the opportunity
• Very little dissatisfaction with Professional Service firms on a technical level
• High levels of dissatisfaction on a client service level
» Source: Shultz Doerr 2009
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What could you do ?
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Superpleasing Ideas
1.
2.
3.
4.
5.
Commitment (which of the above you definitely commit to)
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Nurturing
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A planned programme for Nurturing existing clients
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Finding and winning additional business from existing clients
outside the current remit.“This requires an investment of unbillable time in marketing to existing clients”
David Maister
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Benefits of Nurturing
• Higher probability prospects• Confidence and trust• Understanding client concerns• Non competitive
• Cost of acquisition is lower• Client industry is known
• More Profitable• Fewer write offs• Less fee sensitive
Compared to new clients
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Nurturing Strategies
1. Creating awareness of an additional service need (Where the client is unaware of the need)
• Build trust and confidence on existing engagement – going the extra mile
• Increase knowledge of clients industry, business, organisation and of the client
• Pursue the next engagement
2. Cross selling additional services
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Nurturing Activities
• Increase client contact – outside of a transaction• Unbilled time for office visits• Attending client internal meetings & social
events• Running client seminars or reverse seminars • Desk research• Useful articles from client industry magazines• Client competitor analysis• White papers on client issues• Partner introductions
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Nurturing Plan
• Picking your targets based on potential and relationships
• Allocating responsibility• One page marketing plan• Develop a system that
rewards new business from existing clients
• Setting a budget for non billable time for existing client development
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Managing Nurturing
• All client facing partners involved• Work in small teams• Focussed on key clients• Led by client partner• Develop a plan per client• Involve junior staff• Individual action plans, responsibilities and
timelines
Focus on one key client Per
week
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Quarterly Client Plan
Client Standout
Activity Description Responsibility TimingBudget Time
Budget Cost
Site visit PB 31-Jan 4 hrs € 800
Organisation chart JR 25 - Nov 1 hrs €200
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What could you do ?
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Nurturing Ideas
1.
2.
3.
4.
5.
Commitment (which of the above you definitely commit to)
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Listening
Where marketing started
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Set up a structured feedback loop
• Letters after each engagement
• Face to face interviews – 3rd party
• Not by the service provider
• An online client feedback system after every assignment or once even annually.
• Telemarketing & online
Listening Process
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The value of Listening is in ....
• Monitoring performance• Independent, depersonalised
• Predicting needs• What services will clients need in the future• Based on their plans
• Motivational – people know that its happening
• Sets a common standard of performance• Objective content for performance reviews • Linking the reward structure of the firm to the staff and partners’
performance
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Practical Examples
• Client Interviews (Internal manager)• Feedback into Managing Partner• Resource requirements• Recruitment planning
• Staff and Client Interviews (External)• Feeds into strategic positioning and
communication• Internal process – Value Chain
Law Firm
Retail Business
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What could you do ?
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Listening Ideas
1.
2.
3.
4.
5.
Commitment (which of the above you definitely commit to)
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Broadcasting
Attracting new clients
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Demonstrate Competence
• To attract new clients....
• You must demonstrate competence to the right audience
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• Demonstration one on one and face to face is the ideal but not always possible
• What are the next best things to do ?• Demonstration face to face but one to many• Demonstration but not face to face
• Judge all activity against the Holy Grail
Holy Grail
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• Small scale seminars• Speeches to target industry meetings
• (not to fellow professional unless they give you business)
• Article writing – in client industry media• Proprietary research – white papers
• Forms a great platform for seminars, speeches and articles
Tier 1 - Tried & Tested
Practical Innovation
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You have to consider digital
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But there’s more....
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Its easy to start drowning
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• Digital Marketing – that demonstrate• Blogs, webinars, podcasts, social media.
• Networking with referral sources
• Community / Civic activity
• Newsletters
Tier 2 - Support
Less direct, more time consuming
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• Publicity/PR• Brochures• Ballroom scale seminars• Direct Mail• Cold calls /Telesales• Sponsorship – sports or cultural events• Advertising• Video Brochures
Tier 3 (Clutching at straws)
Not face to face & do not demonstrate competence
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• Spending money on marketing is so easy• Lots of ways to spend it and people to take it !• Making it work for you is the tricky bit
• Apply the Raspberry Jam rule• The thinner you spread it the less effective it gets• Pick a few core strategies and do them well
Practical Advice - Focus
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Identify your ideal target (Maximise client value probability)
Ideal Profile• What sectors deliver
most of your current income ?
• What sectors are growing ?
• What are you best at ? • Where are you well
connected ?
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What could you do ?
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Broadcasting Ideas
1.
2.
3.
4.
5.
Commitment (which of the above you definitely commit to)
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Courting
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Courting a Prospect
“Traditionally thought of as selling or proposing to a single new prospect but
is more akin to a courtship”
David Maister
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Courting Occasions
• Courting involves pursuing a prospect who has identified their need for a professional service.
• This could be an invitation to present credentials, a three way pitch, a tender, an enquiry or a referral
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Tender Example
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• Two parts often to the tendering process
1. Written submission
2. Short list interviews
Two Parts
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• PS firms rarely have unique skills
• Tenders are rarely if ever granted on the basis of technical competence
• Stage 1 – sorts out those who can from those who cannot based on resource, capacity, technical ability and experience
• Stage 2 – all participants can do the work. So what are the decision making criteria ?
Central Point
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And the winner is .....
“What I the client want is that rare professional
who has both the technical skills and a sincere desire to be helpful and to work
with me and my problem”
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• They have a problem• They lack the knowledge to solve it• They need help• They are vulnerable and threatened• They are dependent• They will be cautious – no risk taking here• Looking for danger signals • They need reassurance• They have to sell you.
Start with the buyer’s needs?
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• Someone who is helpful• Someone who listens carefully • Someone who helps to frame their problem and
gets buy-in from the buyer• Someone who set about outlining possible
solutions • Someone with interesting ideas• Someone who makes the client feel important• Someone who explains costs and value• Someone they like !
Who would they choose ?
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• Tendering is very time consuming• Costly distraction if you lose• Consider carefully what the buyer wants
• Capability, capacity, relevant experience• Know that it will be competitive
Before you start...
Decide if its worthwhile
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• Prepare a tender library• Organisation charts• Accounts• Insurance documents• Accreditation documents• References• Key Staff Bio’s
Take the pain once
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• Stage 1• Answer the questions like an exam• Before submission review the tender request• Consider the weightings • Have we answered the questions
• Stage 2• Demonstrate competence • Find similar case studies if possible• Give an opinion• Be helpful
Recognise the 2 stages
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Courting Skills and Activities
• Pitch preparation• Its about them – not you
• Presentation skills• Sales skills• Unlocking the
prospects pain• Give before you
receive
• Developing empathy• Role playing• Creating a positive
impression• Rational & emotional
• Closing skills• Handling objections
Ongoing training and ad hoc work is required
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What could you do ?
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Courting Ideas
1.
2.
3.
4.
5.
Commitment (which of the above you definitely commit to)
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Brand
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The Brand Halo Effect
New Business
Existing Clients
Courting
Broadcasting
Nurturing
Super-pleasing
Listening
Brand
Brand
Brand
Brand
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• Typically we think of Coca Cola, Kellogg’s, Guinness, Nike, Apple
• In Professional Services e.g. Accountancy• PWC, KPMG, Ernst and Young, Arthur Andersen !
• In lrish law we think of the top 5• Arthur Cox, A&L Goodbody, MOP, McCann Fitzgerald
and William Fry
Professional Service Brands
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What is brand ?
• A brand is not• A name • Logo or brochure or a web
site• A corporate identity
• A brand is shorthand for what your clients think and feel about you
• What you do, what you’re good at, what you cost• How you behave, big or small, slick or sloppy.• Young and hip, tired or market leader
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Where do they get these ideas
• The markets you serve
• The services you offer• The things you say• The things you do• The people you hire• Awareness levels
• Your clients• Your offices• The way you dress• The people you
associate with• The way you behave• Marketing activity
Its all been driven by you Its strategic
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Radio News• “Mary Murphy – tax partner of PWC
said .......”• “Mary Murphy – of Murphy & Co said .......”• Same Mary Murphy – different impact• Mary Murphy 2 – no established credibility • Mary Murphy 1 – massive credibility
• Long standing international reputation• Built up over many years
Brand = Credibility
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1. More Conversations• If somebody needs expertise and you have a
reputation in that field they call you.
2. Better conversion rates• You never get fired for choosing IBM – Why?
International reputation for being the best• The choice is made easy
3. Higher Fees• Stronger reputation commands highest fees
4. Best recruits• The best attracts the best
Benefits of a strong brand
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What do I want people to think about us ?
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• Strategic Decisions• What markets we want to serve• What services we want to provide• What clients we want to work with• Who you want to hire• How we want to behave – (“the Be-attitudes”)
• Communication Strategy• What you want to say• How and where you want to say it• LAST - What you should look like
Brand Decisions
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Brand is too important to leave to marketing
• Brand = Experience + Expression
• Marketing can only handle Expression
• Who determines experience ?• Who sets the behaviour of all members of the firm• Who can set the standards based on core values• Who can enforce the behaviours that back it up ?
• Starts with the Managing Partner !
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What could you do ?
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Branding Ideas
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Commitment (which of the above you definitely commit to)
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Top 3 Commitments6 Commitments
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Top 3
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• 3
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Next Steps
• Follow up sessions• Session 1 – How to attract new clients
• Traditional and Digital techniques.• Date: 21st November 2013• https://standoutnewclients.eventbrite.ie/
• Session 2 - Building your brand• The what and the how of building your brand
• Session 3 - Marketing to existing clients• Superpleasing and Nurturing