Trending
Uncertainty is on my mind. And I know I’m not alone. The new administration is delivering extraordinary change at unprecedented speed. And when the dust settles (if the winds of change allow it), the implications on supply chains and the overall economy are likely to be significant.
Some say we are headed for deeper, bluer oceans of opportunity. Others warn we are being blown onto the craggy rocks of recession. Professional services firms are actively working to figure out how to navigate today’s topsy-turvy, storm-wracked marketplace.
And what about marketing? What’s its role in this high stakes environment? Marketing is your compass. Without it you’ll be at the mercy of the shifting winds and likely find yourself battered, off course and well behind the competition.
Below are five fundamentals every firm should pay attention to survive—and thrive—in today’s unfamiliar marketplace.
1. Your brand.
Some professional services executives roll their eyes when they hear the word “brand.” They think of brands as the realm of consumer products—trusted items people reach for as they peruse the grocery store aisles. But brand is a useful concept for any business, including professional services. After all, your industry has market leaders, and buyers are more likely to know about, consider and prefer them. Why? You can bet these leaders invested heavily in their brand.
At the heart of your brand is your name. A weak name can be a liability and a strong one can help distinguish your firm. If your name isn’t helping you, maybe it’s time to do something about it.
Your logo is the second most prominent manifestation of your brand. We were born with two eyes, and your logo is the visual proxy for your firm and everything it stands for. It conveys subliminal signals about the quality of your firm and level of those you compete with. A logo and brand identity refresh can elevate a brand to a higher plane. You can read how to assess your firm’s logo here.
Your positioning is less tangible than your name or logo, but it is probably more important than either. A well differentiated, clearly positioned firm has competitive advantages baked in, including a narrowly defined audience, deep relevance and the power to command premium fees. In contrast, a poorly positioned business has few tools to attract attention, stand apart from similar firms or avoid the commodity death spiral. But even these firms have hope, as explained in this article on differentiating the not-so-different firm.
2. Your messaging.
Technically, messaging is part of your brand, but it’s important enough that I want to talk about it separately. So many firms get it wrong, which can produce a variety of damaging responses from prospective clients, from indifference to confusion. Your messaging should be tied to your positioning, if you have one. If not, it should at least tell a compelling story about your firm and—this is important—in a way that’s different from your key competitors.
To test this proposition, you can conduct a thought experiment. In your mind’s eye, remove the logo from your website homepage, pitch deck or brochure. Read the headlines. If you were to put one of your competitors’ logos in place of yours would the messaging still apply? Be brutally honest. After all, real money is at stake. If your key messages read like everyone else’s—or if you struggle to tell prospects how your firm is different or better—it’s time to work on your differentiators and positioning.
Take another look at your messaging. Are you “telling and selling”? There’s a better way, which I address in the next fundamental.
3. How you reach your audience.
Many firms use a handful of time-tested techniques to reach new audiences. Referrals, sponsorships and networking still work, but they come with a built-in limitation. They can only reach a relatively small audience. Referrals are limited to the number of clients and referring partners you have. Sponsorships will only be seen by the people who attend the event. And your networking universe can only be as big as the personnel and time you can dedicate to it.
Digital marketing gives you longer arms. Much longer arms. The potential to reach new prospects is almost limitless—if you can figure out how to catch their attention. There are many ways to do this, but I want to focus on one because it is so well aligned with professional services’ biggest strength: its expertise.
A moment ago, I urged you not to “sell and tell.” The better alternative is to teach. Firms like yours are jam packed with experts. And buyers are hungry for expertise. The problem is, most firms in your industry are “selling” more or less the same thing, which makes for a very noisy, difficult-to-navigate marketplace. Buyers can’t tell one firm from another, and their look-alike messaging makes the task even harder.
However, firms that produce free educational expert content can get around this problem. They can build a following. Organizations that regularly blog, conduct webinars, produce videos and speak at conferences not only attract new audiences, they turn a good number of them into loyal fans. And loyal fans already prefer you when they are ready to buy services. There is a reason that producing content is the number one marketing priority of high-growth professional services firms. In this way, your experts can become invaluable marketing assets.
Of course, it’s important to write about topics your audience is interested in. You have two avenues here: keyword research and client research. Keyword research will tell you what words and concepts people are searching in Google and generative AI tools such as ChatGPT. Client research can tell you what business challenges your clients are facing today. This type of research can also illuminate another dark corner: where your audience goes to learn about business challenges and solutions. Equipped with the answers, you can develop highly relevant content for those publications or events.
4. Your website.
I often say your website is your single most important business development and marketing tool. That’s because it serves three critical functions. First, it is the place prospective clients always go before they talk to you. Make a few rookie mistakes and they rule you out.
Second, it is the central hub for your digital marketing program. It’s where your free expert content lives. It’s where you send people from your email and social media campaigns. And it’s where new visitors can be converted into contacts, who you can then nurture through email.
Third, your website is the most complete representation of your brand—from the sophistication of its design and the images you choose to the messages you present to how easily visitors can find what they’re looking for. People will access the site from many ports of entry—primarily your homepage, services pages and blog—so almost every page needs to make a great first impression.
If you are wondering which of these fundamentals to tackle first, your website might be a good place to start.
5. Measurement.
As I wrote recently, tracking metrics is hard. But one of the biggest advantages of digital marketing is that you can monitor its efficacy—usually in real time. Then you can make adjustments. Again and again. Firms who develop this skill set can see things that others can’t. Their marketing is more efficient. And they waste less time and money. If you aren’t measuring, you are guessing. And far more often than not, those guesses are going to be wrong.
Closing Thoughts
Only a few years after a pandemic shut down our world, a new round of uncertainty is spreading across the nation and the globe. But that doesn’t mean the rules of marketing no longer apply. If anything, they are more important than ever.
Most firms have gaps in some or all of these five marketing fundamentals. Some areas you can tackle yourself. Others will require qualified help. But the important thing in times like these is to recognize what drives new business and build on those fundamentals.
Whether the economy is headed north or south, businesses will still need services like yours. So why not make them more accessible, clear and persuasive?
Related: Why Referrals Fail