The top challenges of Professional services firms
Executives and principals of professional services sectors report the following as their biggest challenges:
- How to manage and motivate people effectively
- Handling budget issues and financial pressures
- How to attract better talent and keep them
- How to innovate and effectively integrate new ideas
- Dealing with changes in business and leadership
- How to strategize, plan and follow through
- New business development issues
- Dealing with growing client demands and expectations
- How to remain profitable with better quality and higher costs
- Countering competition and slow economy issues
- How to make prudent business decisions faster
- Choosing which digital marketing channels will work best
Take a look at our marketing solutions developed specifically for professional services firms to tackle the aforementioned challenges.
Specialize and qualify prospects to get better paying clients
Buyers of professional and business services are very confused. The marketplace is filled to the brim with undifferentiated alternatives. No wonder buyers feel like commoditizing service offerings.
As prices inevitably go down so does the quality of work. While some vendors race to the bottom, hard-working professionals whose work ethics forbid them from doing a bad job find themselves struggling. Low profits, overworked employees and a dubious sustainability.
The only way to break the vicious circle is to create a differentiatied professional services firm. This is possible by becoming specialized and by doubling down on expertise.
Not every lead is a good prospect for your firm. Not every opportunity is a good fit either. Well-positioned business services firms know how to qualify prospects. And how to display competence which leads to higher profit margins.
The key to a more profitable professional services firm is competence
A truly deep expertise in a particular discipline sets a well-positioned professional services firm apart from bland vedors. It doesn’t mean this guarantees no competition — that’s a sign of a sustainable niche — rather, the firm become less interchangeable.
There’s a threshold to the number of competitors at both ends of a spectrum. Too little competition and the marketplace might be too small for your business. Too much — and your firm would be better off niching down or creating a new category.
Buyers of professional services have different agendas. Some of them are looking for a deal regardless of the value you bring. But some are open to conversations about renumeration based on value. Firms that radiate competence are capable of commanding a price premium.
If your team believes in doing the best work for their clients who value competence and gladly pay more for deeper expertise we can help. We’ll craft a custom marketing framework build around your trump card — your competence.
Culture as a competitive advantage is overly underestimated
A professional services firm with a clearly articulated culture is a rare trove. Somehow principals don’t put that much stock into talking about it.
Different culture fits different types of people and doesn’t fit others well. New employees and partners by definition can’t know if they are a good fit for the company and vice versa. Unless the firm is capable of displaying the kind of culture it fosters..
Job seekers who apply to every firm isn’t an ideal candiate. Applicants act in self-interest. They have value to bring to the table too. They also don’t have time to learn about each company. To them they all look the same.
Well-differentiated firms with the kind of culture that permeates all of their publicly visible actions attract more of the right talent.
Our Core MVVP workshop helps professional services firms articulate their mission, vision , values and purpose. It’s an important step that sets, in part, a strong foundation for the culture at your firm
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