When the work is coming through the door, and you’re busier than ever, it may be hard to see why your professional services firm needs marketing. However, I would argue that this is the perfect time to invest in your marketing. You are in the fortunate position of being able to be strategic and make substantive changes that will serve the firm for years to come. Marketing can help you connect with today’s buyers, build a roster filled with ideal clients, support your diversity, equity and inclusion work, and even serve an integral role in succession planning. Here are a few ways marketing can help successful firms thrive.
Connecting with Today’s Buyers
Traditionally, networking has been the primary source of new business into a firm. Today, even with a referral, prospects are checking you out online. In fact, 67% of the buyer’s journey is already complete before they interact with a human sales rep. And by 2025, Gartner projects that 80% of the buying process will occur in digital and remote channels. That means your digital presence has to help potential clients get a sense for the experience of working with you. It’s pretty hard to tell how good you are at completing a tax return, drafting a contract or negotiating a deal. But, your website can help articulate your firm's values, areas of specialization, and what makes your process unique. This will help attract certain types of clients and repel others, without taking up the time and energy of your team.
When your marketing truly reflects who you are as a firm, you will attract higher quality clients, shorten the buying cycle and reach prospects beyond your network. But marketing doesn’t stop there. It’s essential to keep those new clients happy and engaged through an excellent (digital) onboarding process, ongoing education through newsletters, social media, potentially events, and continuously looking for ways you can improve the on and off-line experience. There are a lot of choices out there when it comes to professional services. Differentiating your firm from the one down the block is critical.
Ideal clients
“Doing well” is often synonymous with “busy.” What if “doing well” actually meant having fewer clients, commanding higher prices, and doing more interesting work? It can be hard to shift that perspective, but if your current model is saying “yes” to everything that walks in the door, you’re going to burn out your team and not have the capacity to take on bigger, more fulfilling opportunities when the next big prospect crosses your path. If you were to create a profile of your ideal client, how many of your current clients would fit the bill? If the answer is not enough, that’s ok! That means you have an opportunity to shift your messaging, strategy, and even the way you package and price your services packages to attract those ideal clients. Give some serious thought to what an ideal engagement looks like for your firm. That could be industry, business size, services needed, geographic boundaries, and certainly minimum engagement amount.
This does mean you will have to make a few important fundamental changes to your business in order to make this transition. Going to market with well defined niches or areas of specialization is the first. Positioning yourself as the go-to for a particular sector or industry will set you apart from the crowd and even allow you to set higher fees. Clients will be paying for your unique experience and knowledge. The second is that you will have to get comfortable saying “no.” As it is, your firm is paying the bills and people have work to do. You’re not desperate, so it’s ok to let a prospect know if you are not a good fit for them. Also, don’t forget about your referral sources. Once you’ve committed to attracting ideal clients, let your referral sources know what type of client you’re looking to add to your roster, so they don’t just send you everyone they meet who needs your services.
Diversity, equity and inclusion
Intentionality when it comes to diversity, equity and inclusion is no longer “nice to have.” It is a business imperative that prospective clients, job seekers and industry peers are looking for and expect. Utilizing the tools of your marketing team, your firm can communicate your values around these ideas through your brand identity, website, email signatures and through community engagement. Marketing also plays an integral role in recruitment and retention. Professionals looking at your website should get a sense of what it is like with work with your firm, including transparency around salary, in-office and remote work expectations, accommodations for parents, families and disabilities, as well as any other pertinent information that supports a diverse workforce. Not addressing this important aspect of your business could come across as tone-deaf or behind-the-times.
Succession planning and appealing to potential buyers
Wherever you are in your career, at some point you may be ready to sell your business or release your shares back to the firm. Marketing can play an instrumental role in your succession planning by contributing to financial well-being and other indicators buyers will take into consideration. For instance, you may have built your firm through your network, but with you out of the picture, it’s important to demonstrate the firm can still bring on new, high-quality clients. Having a strong marketing plan and clear brand differentiation mean that the firm can continue to be viable after you leave. Additionally, potential buyers will want to know who will step up when firm leaders retire. Start including the next generation of leaders in your marketing plans now, so that they are visible and trusted by clients, colleagues and within the industry. That means they should byline blog articles, appear in videos, attend events and begin cultivating their own networks. Even if current partners or employees are going to buy your business, they will want to see all of this in place.
Conclusion
When your firm is doing well, it’s easy to get swept up in the day-to-day client work and the checks coming in. Don’t let whatever is happening today undermine long term growth and possibilities. Ride the momentum of today’s success towards the path that can help achieve your firm's most lofty goals. Is your firm doing well? Let's talk!