The Professional Services Marketing – MarketingSherpa

The Professional Services Marketing – MarketingSherpa

Includes 70 charts and tables plus real-life advice from 200 professional services buyers on what marketing tactics work, what mistakes to avoid when pitching new accounts in marketing, consulting, IT and other professional services.

MarketingSherpa Review: We can’t think of another report out there that has the depth of data on marketing and selling professional services. At 170 pages, it’s just packed with critical information that will help any business-to-business firm tweak their marketing and selling tactics. The authors surveyed 200 buyers of professional services to learn:

• what causes customer churn
• what marketing tactics are key influencers
• why more than 50% of buyers will jump ship to a new vendor – and how to stop them
• what problems are the most important to fix to repair a client relationship

What’s so fascinating about this report is they’ve uncovered an important factor of selling professional services: when it comes to finding providers and pitching to buyers, you just can’t lump all professional services together. Depending on the buyer, different factors are important in the buying decision. For example, buyers of marketing and advertising services have different priorities than buyers of HR services, which are different from IT buyers, and so on.

For marketing & advertising, consulting, IT, architectural & engineering, accounting and other professional services, the report ranks key factors in the marketing and sales process:

• web site: which buyers use web sites to aid in the buying process?
• marketing mix: what’s the best way to reach buyers for different services?
• firm reputation: can your reputation carry you or sink you?
• firm size: does it matter how big you are?
• industry experience: how important is it to have industry experience?
• sourcing: how do buyers source new providers?
• engagement: what do buyers need to stay loyal?

Alongside the 70 charts and figures, the authors provide 33 expert analyst comments to help you take the data and use it to pinpoint your marketing and sales efforts with the best tactics for your sub-specialty.

Table of Contents: The Professional Services Marketing Benchmark Report: How Clients Buy Accounting, IT, Consulting, Legal, and Other Services

->Welcome from the Research Team

About the How Clients Buy Team

Important Details About This Report

Research and Analysis Methodology for How Clients Buy

Glossary of Terms

->Executive Summary: Report Findings and Analysis

Introduction

Overall Findings

How Clients Source Professional Service Providers

How Clients Choose Service Providers

Provider Business Development Problems and Impact of Potential Improvements

Switchers Vs. Loyals

Differences Between Provider Types

Influence of Purchasing Company Size (2004 Revenue)

Findings Regarding Purchasing Company Industries

Conclusion

->The Participants

Profile of Participant Companies and Decision Maker

The Decision Makers

Areas of Responsibility

Concentration and Overlap of Purchasing Areas

Demographics of Survey Participant Companies

->Professional Services Outlook: Purchasing Is Looking Up

Firm Revenue and Profit

Services Expenditures

->Disposition of Professional Services Buyers

Do Purchasers Prefer Small Firms, Big Firms, or Something In Between?

Analysis Takeaway: “Employee Headcount Is Neutral As A Hiring Factor”

No Clear Preference for Provider Firm Size, Even By Specific Service Areas

Satisfaction Scores and Openness to Switching Service Providers

Satisfaction Levels with Current Professional Service and Consulting Providers

Likelihood to Switch Service Providers in the Next Two Years

Satisfaction Levels and Switching Behavior: Switchers Rate “4,” Loyals Rate “5”

->How Companies Initially Identify and Research Potential Service Providers

How They Find You and How They Learn More

Tier 1: Referrals

Tier 2: Event Delivery and Provider Brand Recognition

Tier 3: Somewhat Interactive, Somewhat Opinion Influencing

->Discovering Seminars, Presentations, and Webinars

In-Person Seminars and In-Person Presentations

Webinars

->Influence of Service Providers’ Websites

Satisfaction and the Website’s Influence Over Ultimate Purchasing Decisions

->Straight from the Buyers: How Service Providers Can Improve Their First Approach to Potential Clients

->Straight from the Buyers: Initial Approach Pet Peeves

->How Buyers Decide to Hire Third-Party Professional Services Firms and Consultants

->Decision Making Factors and Their Relative Importance

Very Satisfied Participants Prioritize Factors Differently

->Importance of Providers’ Selling Approach and Abilities

Satisfaction and the Importance of a Provider’s Sales Approach and Abilities

->Straight from the Buyers: Most Compelling Ways to Develop Trust with a Potential New Client

Problems Clients Encountered, and Which Ones Matter Most

Problems Encountered During the Process of Hiring Consulting and Professional Services Providers

“Very Satisfied” Clients Report Fewer Problems During the Purchasing Process

->Likelihood to Consider Purchasing Services If Providers Improve in Specific Problem Areas

->Straight from the Buyer: Most Important Things Service Providers Can Do During the Purchasing Process to Influence the Hiring Decision

->Straight from the Buyers: Pet Peeves…How Not to Behave During the Hiring Process

->Research Supplement: “Switchers” and “Loyals”

Introduction

Switchers vs. Loyals: Profile of Participant Companies and Decision Makers

Firm Demographics

Purchasing Environment

Disposition of Buyers

Switchers vs. Loyals: How Companies Initially Identify and Research Potential Service Providers

How They Find You and How They Learn More

Influence of Service Providers’ Websites

Switchers vs. Loyals: How Buyers Decide to Hire Third-Party Professional Services Firms and Consultants

Decision Making Factors and their Relative Importance

Importance of Providers’ Selling Approach and Abilities

Problems Clients Encountered, and Which Ones Mattered Most

-> Research Supplement: Service Purchasing Areas

Introduction

Service Purchasing Areas: The Participants

Profile of Participant Companies and Decision Makers

Professional Service Outlook

Disposition of Professional Services Buyers

->Service Purchasing Areas: How Companies Initially Identify and Research Potential Service Providers

How They Find You and How They Learn More

Discovering Seminars, Presentations, and Webinars

Influence of Service Providers’ Websites

->Service Purchasing Areas: How Buyers Decide to Hire Third-Party Professional Service Firms and Consultants

Decision Making Factors and their Relative Importance

Importance of Providers’ Selling Approach and Abilities

Problems Clients Encountered, and Which Ones Matter Most

->Research Supplement: Purchasing Firm Size

Purchasing Firm Size: The Participants

Purchasing Firm Size: How Companies Initially Identify and Research Potential Service Providers

Purchasing Firm Size: How Buyers Decide to Hire Third-Party Professional Services Firms and Consultants

->Additional Findings: Purchasing Firm Industries

70 Charts and Graphs

1. Professional Services Engaged By Survey Respondents
2. The Percentage of Buyers Responsible for Multiple Service-Purchasing Areas
3. Length of Time Firms Have Been In Operation
4. Number of Employees in Firms
5. Respondent Firms’ Types of Business
6. Respondent Firms’ Form of Ownership
7. Gross Annual Sales for Calendar Year 2004
8. Expectations for 2005-2006 Third-Party Services Purchasing Levels (Given Current Spending Per Area)
9. Participants’ Likelihood to Work with Provider Firms Employing Specific Numbers of Professionals
10. Satisfaction with Current Service Providers, Percent “Very” or “Somewhat Satisfied” (5 or 4)
11. Satisfaction with Current Service Providers Change If Viewing Only “Very Satisfied”
12. Likelihood of Buyers to Switch Providers in 2005-2006
13. Comparing General Satisfaction to Switching Likelihood
14. Difference in Loyalty Between Satisfaction Levels “4” and “5”
15. Satisfaction with Current Service Providers, Comparing “5” and “4” Scores Between Switchers and Loyals
16. Methods buyers are Likely to Use to Initially Identify and Learn More About Potential Service Providers
17. Percentage of Participants Who Are At Least “Somewhat Satisfied,” By Their Likelihood to Use Referrals As Initial Identification Method
18. How Service Buyers Hear About In-Person Seminars, In-Person Presentations, and Webinars
19. Website Influence Over Initial Discussions and Ultimate Decision to Hire a Service Provider
20. Influence of Provider’s Website in Ultimate Decision to Buy, By Satisfaction Levels
21. How Service Providers Can Improve Their First Approach
22. Importance of Factors in Decision to Choose a Third-Party Services Firm
23. Very Satisfied Participants and Differences In Importance of Hiring Factors
24. Important Factors in Decision to Hire a Professional Services Provider, Regarding Sales Approach and Abilities
25. Very Satisfied Participants and Emphasis on Sales Approach and Abilities
26. Most Compelling Ways to Develop Trust with a New Client
27. Problems Encountered During Process of Hiring Consulting and Professional Service Providers
28. Very Satisfied Participants and Problems Recently Encountered
29. Likelihood of Buyer to Consider Purchasing Services, if Providers Improve in Specific Problem Areas During the Hiring Process
30. Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
31. Most Important Things Service Providers Can Do During the Purchasing Process to Influence the Hiring Decision
32. Switchers Vs. Loyals: Size of the Participant Firms’ Employee Bases, Significant Differences
33. Switchers Vs. Loyals: 2004 Firm Revenue, Among IT Consulting & Services Purchasers
34. Switchers Vs. Loyals: Expected Change in Purchasing Levels of Professional Services in the Next Two Years, Given Current Spending, Significant Differences
35. General Satisfaction Levels Closely Matching Switching Levels
36. Satisfaction with Current Service Providers, Comparing “5” and “4” Scores Between Switchers and Loyals
37. Switchers Vs. Loyals: Likelihood to Use Initial Methods of Identifying and Learning About Potential Service Providers
38. Table of Mean Likelihood to Use Methods To Initially Identify and Learn More About Service Providers, By Service Area Used, Showing Results of “Switchers”
39. Switchers Vs. Loyals: Website Influence Over Decision to Initiate Discussions with Service Provider, Significant Differences
40. Switchers Vs. Loyals: Mean Importance of Factors in the Decision to Choose a Third-Party Professional Services Firm/Consultant, Range of Mean Values Across All Service Areas and Methods
41. Table of Mean Importance of Factors in the Decision to Choose a Third-Party Professional Services Firm/Consultant, By Service Area Used, Showing Results of “Switchers”
42. Switchers Vs. Loyals: Importance of Factors in the Decision to Choose a Third-Party Professional Services Firm / Consultant, Significant Differences
43. Switchers Vs. Loyals: “Service Provider Did Not Listen to Me”
44. Professional Services Engaged by Survey Respondents
45. The Percentage of Buyers Responsible for Multiple Service-Purchasing Areas
46. Number of Employees in Participant Firms Represented, By Service Purchasing Area
47. Industry of Participants’ Firms, By Service Purchasing Area
48. Gross Annual Sales for Calendar Year 2004, By Service Purchasing Area
49. Expectations That Firm Profits Will Increase in 2005, By Service Purchasing Area
50. Service Purchasing Areas: Methods Used to Initially Identify and Learn More About Service Providers, Sorted by Mean Likelihood of Total Participants to Use
51. Service Purchasing Areas: Discovering Seminars, Presentations, and Webinars, Significant Differences
52. Service Purchasing Areas: Decision Factors
53. Percentage Rating Approaches and Abilities “Extremely Important,” By Service Purchasing Area
54. Incidence of Problems During Business Development Process: Significant Differences Between Service Areas
55. Accounting and Financial Consulting: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
56. Legal Services: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
57. Management Consulting: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
58. Information Technology Consulting and Services: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
59. Human Resources Consulting: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
60. Architecture, Engineering, and Construction: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
61. Training: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
62. Marketing, Advertising, and Public Relations: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
63. Professional Services Currently Engaged, By Respondent Company Revenue in 2004
64. Length of Time Respondent Businesses Have Been in Operation, By Revenue in 2004
65. Significant Differences in Expectations for 2005 Profits, By Firm Size
66. Likelihood to Work with Service Providers of Different Sizes, Percent “Very” or “Somewhat Likely,” By 2004 Revenue of Purchasing Firms
67. Website Visitation Before Purchasing Services, By Firm Revenue
68. Website Influence Over Initial Discovery and Ultimate Purchasing Decision, By Firm Revenue
69. Significant Differences and Trends in Importance of Decision Making Factors, By Firm Size
70. Service-Purchasing Responsibility Areas, By Purchasing Firm Industry

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