Top 3 Rules to Live by in Professional Services Growth
In any client lifecycle, there will always be some clients who, for whatever reason, depart your firm, so it’s always important to keep an eye on growth. If you fail to do so, your revenues will begin to stagnate or even worse – fall, and no one wants that to happen.
As we all know, prevention is better than a cure. So, pay attention to the three simple rules in marketing which will further your business development.
1. Internal marketing engagement
Your marketing and business development teams need to look internally, not just externally. They need to infiltrate your firm to understand what’s going on, who to connect, and how to ensure that you can leverage the business. Mostly, it’s all about the relationships in the team and having a complete view of the opportunities within your firm.
When it comes to relationships, it’s still about them, despite the increase in the use of technology in firms. Don’t get us wrong, using all the tools modern technology provides is excellent and useful, and can boost your revenues, but the overall business development in any firm still needs to be driven by relationships (supported by technology).
These relationships need to be the ones that the members of your firm have with the clients. Also, the internal connections like the one between management and the rest of the team, matter the most in business development.
A complete view of your service lines is another necessity here, even though many business people view development in very narrow terms. Specialisation matters, but it’s also vital to look at the big picture. That’s increasingly becoming important for the Chief Marketing Officer who has to look at a broader range of subjects that often have very little to do with marketing.
2. Know your clients well
By this we don’t mean merely knowing their name and what their business does. You need to know everything there is to know about them – their plans, their industry, their pain points, their wants, their goals etc.
By honestly getting to know them, you can position yourself as the support they are looking for – the one that will enable them to obtain what they want to achieve.
It’s no longer enough to listen to them carefully and provide your professional services – you need to help them by having a much more in-depth knowledge of your industry, their industry, their business model, their levers for success. That will enable you to give them the answers to some burning questions that remain unanswered by other professionals.
So keep improving yourself and your skills regularly, and you’ll end up being the exact support your clients are seeking.
3. Use the full potential of your marketing channels
Marketing requires a relationship based on measurement, while business development is based on more personal, one on one relationships. These two differ, but your personal and firm’s marketing channels give you the opportunity to support both.
Social media, for example, can be leveraged by tweeting, posting and blogging to present yourself as an expert in your field. What’s more, diversity is critical here as well. You need to be present on several social media, especially the ones that often prove more than merely useful in your industry. Many experts leverage their firm’s posts by commenting on them, as well as writing their own content on their personal channels. And, don’t forget, presenting in person will back it all up and enable you to network.
Personal, print, social and event based marketing channels are a powerful tool for your brand building but also for generating clients.
By incorporating these three critical rules in your business model, you’ll ensure that the growth of your firm never stagnates or falters.
You can also contact us at the Thought Leadership Initiative, and we’ll offer our expert knowledge and help you develop your relationships, improve your business development strategy, and give you better insight into your clients.