RESEARCH: Increasing Marketing Effectiveness at Professional
Firms
 Professional
Firms can Increase their Revenues by Effectively Measuring
Marketing and Business Development Initiatives
Professional firms could earn a lot more revenue
from their marketing and sales efforts if they just
did one simple thing: measure them effectively. This
is among the insightful findings of our 80-page research
report “Increasing
Marketing Effectiveness at Professional Firms”
published jointly by Expertise Marketing LLC of Concord,
MA and Larry Bodine Marketing of Glen Ellyn, IL.
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ORDER
HERE
Study Results
(80 pages)
and
Case Studies (68 pages)
Download
both for one price: $225
“The
case studies are fantastic. Your study
results support the necessary integration
of marketing, sales, public relations
and business development. Thanks again
for a great survey!”
Angela Cincotta
Transportation
Strategic Communications Manager
Vanasse Hangen Brustlin
“This
is a terrific study... very informative,
comprehensive... and helpful.”
Barbara Marx
Co-CEO
Legal Insight Media, Inc.
The study
includes data from the following professional
service sectors:
- accounting
- architecture
- construction
- general
contracting
- engineering
- environment
& energy consulting
- executive
search
- human
resources consulting
- information
technology consulting
- law
- management
consulting
- real
estate
- marketing
- and several
other professional services sectors
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The report also includes an additional 68
pages of valuable case studies in which 18 marketers
in accounting, law, architecture, real estate, engineering
and other professional services gave interviews on
their marketing efforts and how they measured them.
The first study of its kind reported that collectively
the respondents spent a paltry sum – less than
one-tenth of a percent of an aggregate US$ 94 billion
in gross revenue – on formally measuring marketing
and business development.
With partners and senior executives hammering marketers
to improve the ROI of their marketing and sales efforts
and even justifying their jobs, this finding is just
astonishing.
Now, for the first time, we have a verified link
between competitive effectiveness and the intentional
act of measuring. Marketers and business developers
should immediately switch to activities that can be
measured, and critically review their firms’
emphasis on the rest.
Why you need to buy this research report
now:
- The report goes into depth on which marketing
initiatives are the most effective. It
also singles out the three worst: forecasting (i.e.,
envisioning future economic and business scenarios),
analyzing market share and alumni outreach programs.
Marketers should ask themselves if those programs
are worth the effort, and seek to improve their
effectiveness if they are not.
- Compare your firm with the professions
that say they are the most “extremely effective”
at marketing. In order, they are: Construction/
General Contracting, Environment & Energy Consulting,
Engineering, Accounting, and Architecture. Your
firm may have a lot to learn from the leaders.
- Our findings provide breakthrough insights
about which metrics work, which ones won’t,
and why. Until now, professional service
marketers have had to fly blind and on a shoestring
about measuring their programs’ effectiveness.
- This is THE most comprehensive research
you will find on the topic. We conducted
a six-week unblinded Internet study. Our study featured
a total of 377 respondents from a broad cross-section
of professions, including: accounting, architecture,
construction / general contracting, engineering,
environment & energy consulting, executive search,
human resources consulting, information technology
consulting, law, management consulting, real estate,
marketing and several other professional services
sectors.
- Learn the four steps that a professional
firm must take to succeed at achieving marketplace
leadership. The report is a roadmap for
marketers to follow, and makes clear which activities
are a waste of time. Professional service firms
do have the ability to compete more successfully
in today’s marketplace. They must expand their
firm’s marketing beyond simply acquiring clients.
They have to do significantly better at using meaningful,
non-ignorable marketing and business development
metrics.
Who should buy this report:
- Marketing directors
- Managing partners
- CEOs
- Marketing and P.R. managers
- Marketing partners
- Business development directors
- Consultants and vendors to professional service
firms
- Partners
- Associates and Managers
- Librarians
Among the 15 key findings of the report:
- Respondents’ highest ranking initiatives
reveal a strong link between marketing and sales.
- Professional firms that said they were extremely
effective used three particular client-focused metrics
in combination with each other. These three are:
(a) Growing client revenue: “Did you grow
revenue with your client or not?” (b) Moving
the phases of a sale through a pipeline: “Did
you close the sale or not?” and (c) Listening
to the client: “Did you listen to your client
or not?”
- Only 20% said they were “extremely effective”
in growing revenues against rivals; nevertheless,
the more Client Metrics a firm used, the more it
said it was extremely effective in growing revenues
against rivals.
Marketers in all fields face obstacles to measurement,
with the most common complaints being:
- Our people aren’t inclined to measure
- It’s hard to change their mindset
- Measurement is not viewed as a worthy activity
- Our people avoid accountability
- Measurement is perceived as too hard, too costly
and too time-consuming
Measurement obstacles are largely self-caused and
are related to inertia and avoidance of accountability.
Now that we have verified the powerful punch
that formal measurement provides, there should
be no more excuses to avoid it.
If you have any questions, please fee free to contact:
Larry Bodine at Lbodine@LawMarketing.com
or contact Suzanne Lowe slowe@expertisemarketing.com.
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