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Marketing Planning Guide for Professional Services Firms Copyright © 2013 The Hinge Research Institute MarketingMarketing PlanningPlanning GuideGuide SECOND EDITION FOR PROFESSIONAL SERVICES Marketing Planning Guide for Professional Services Firms Copyright © 2013 Published by Hinge 1851 Alexander Bell Drive Suite 350 Reston, Virginia 20191 All rights reserved. Except as permitted under U.S. Copyright Act of 1976, no part of this publication may be reproduced, distributed, or transmitted in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. Design by Hinge. Visit our website at www.hingemarketing.com Marketing Planning Guide for Professional Services Firms Table of Contents 6 Chapter 1: Marketing Then and Now Offline Marketing Online Marketing Best of Breed Marketing 8 Chapter 2: Which Way Do I Grow? - Deciding Direction SWOT Analysis 11 Chapter 3: Look Both Ways - The Value of External Research Types of Research 13 Chapter 4: Message in a Bottle - Creating a Clear Message Messaging as an Action 16 Chapter 5: “X” Marks the Spot - Making the Marketing Plan Think Long - Term: Act Short-Term How to Monitor Your Plan Sample Marketing Ledger Think Agile When To Start Planning Who Should Be Involved? Marketing Planning Guide for Professional Services Firms Table of Contents contd. 23 Chapter 6: Updating A Traditional Marketing Plan Advertising Networking Speaking Partnerships Training Public Relations 27 Chapter 7: Turbo-Charging Your Online Plan Invest in Your Website Manage Your Content Grow Your Email List Embrace Lead Generation Make Time 31 Chapter 8: Life in the Lead Stay Current Buying Trends Spending Growth 36 Chapter 9: Conclusion 37 About Hinge Marketing Planning Guide for Professional Services Firms Introduction If you are a professional services executive, there is a good chance that you’ve been involved in the marketing planning process. Maybe you are solely responsible for preparing your firm’s marketing plan. Or maybe you are part of a team tasked with planning next year’s marketing budget. This Marketing Planning Guide for Professional Services Firms will introduce you to a process tailored to the realities of modern professional services firms. We will present the continuum of marketing savvy and show you how to determine where you are, where to head, and how to get there. The more informed you are, the better decisions you can make on how to use your name and reputation to attract more business and continue to service current clients. From traditional marketing methods to the world of sophisticated online initiatives, this guide will provide you with ideas and insights to transition your firm into a higher growth phase. So fasten your seatbelts. And get ready for an evolutionary look at the function of marketing in the professional services industry. Let’s get started! Marketing Planning Guide for Professional Services Firms 5 Chapter 1 Marketing Then and Now Offline In decades past, marketing was entirely offline: often conducted in-person by partners and managers, almost always in print, and, depending on size, sometimes handled by advertising firms. Whether it was a business lunch or a golf outing, a charity event or a tradeshow booth, professional service firms would get their names in front of potential clients, logos and photos in the hands of buyers, counting on their strong reputations to do the rest. Firms now compete Many firms grew using these traditional marketing nationally—even globally— tools alone, but their success was confined to local or regional markets. Few broke onto the national stage. and marketing is done 24/7. Reputation frequently was based upon generations of Even more mind-boggling service to a solid client base. is the fact that buying has Around the year 2000, some firms began to adopt new changed as well. tools available due to the proliferation of computers and the Internet. And the rest is history. Online Today, the world of online marketing has exploded into blogs, websites, web analytics, online video, webinars, email, pay-per-click, mobile marketing, search engine optimization, and much more. Firms now compete nationally—even globally—and marketing is done 24/7. Even more mind-boggling is the fact that buying has changed as well. The entire purchasing decision process has been affected by online marketing. Marketing Planning Guide for Professional Services Firms 6 Chapter 1 It is no wonder that it can appear easier to many professional service executives to focus on the day-to-day work of providing quality work for clients. For many of these firms, marketing planning might sound like this: “Hey, we were just asked to sponsor a golf event. Should we do it?” Or “When does that mailing describing our services go out?” You get the picture. Best of Breed Marketing Without purposeful Without purposeful marketing, business growth marketing, business becomes a function of luck and individual partner efforts. And there is a mountain of evidence pointing growth becomes a function to the value of a strategic marketing plan in creating of luck and individual business growth and profitability. Thus, executives who are serious about growth should view the gains from partner efforts. individual efforts as the cherries on top of a successful, institutional marketing plan. So, the big questions become: • Where should your growth come from? • How do you create a marketing plan? • How do you integrate online and offline marketing? Let’s take these questions in order. 1 http://www.hingemarketing.com/library/article/spiraling_up_create_a_high_growth_high_value_ professional_services_firm Marketing Planning Guide for Professional Services Firms 7 Chapter 2 Which Way Do I Grow? Deciding Direction What are you marketing? Before we get into the how of marketing, it’s important to know what to market. We like to think of this process as party planning. Before you host a party, you make certain general decisions that inform all of your other planning actions. Will it be a theme party? That will dictate the dress code and the type of food served. Will the party be for families? Or will it be adult- only? The audience will determine the time of the party and the kinds of activities and drinks that will be offered. How many guests will you invite? Audience size will determine whether you host a sit-down dinner, a potluck, or a buffet. Party planning and marketing planning are similar in this way. Before you can dive into creating a marketing strategy, there are certain foundational business decisions you just have to get right. These decisions will inform your marketing plan. But how do you make these decisions? To keep you on track, we’ve developed three activities as a guide. Marketing Planning Guide for Professional Services Firms 8 Chapter 2 SWOT Analysis As you start creating a marketing plan, it’s helpful to use a SWOT [Strengths, Weaknesses, Opportunities, Threats] analysis to address a firm’s most important factors. The SWOT analysis provides a solid platform to support your strategic marketing plan. Marketing Planning Guide for Professional Services Firms 9 Chapter 2 Goal-Setting What kind of a firm do you want or need to have? What is your ideal level of growth? Do you want to double in size in five years, for example? Firms with clear market strategies, built on strong differentiators, tend to grow faster and are more profitable.1 Look Here: Existing Strengths What industry verticals are already strengths? What kind of services are you good at delivering? Most established firms have a large number of industry/service combinations to consider, since past growth has often been opportunistic. But, where do you offer the most value and enjoy the greatest success? Strengths offer a great starting place. Aim There: Projected Growth Areas Your target audiences may or may not be high growth industries. Committing resources to a target audience with limited growth opportunities may not be a good long-term strategy. This task may require some basic secondary market research.2 Research allows you to move away from what you think to what they think. Start Where You Are Consider which services you are best prepared to offer today. After identifying the industries in which your clients are located, look at your service offerings. In which areas do you already excel? By now, you may have several promising practice areas. You may offer a service that is unique or that offers greater value than your competitors. Note these, but don’t pick a winner yet. The next task will set you apart because so few firms do it. 1 http://www.hingemarketing.com/library/article/spiraling_up_create_a_high_growth_high_value_professional_services_firm 2 http://www.hingemarketing.com/library/article/hinges_professional_services_guide_to_research Marketing Planning Guide for Professional Services Firms 10 Chapter 3 Look Both Ways The Value of External Research Why Conduct Research? Now it’s time to conduct some structured research on possible target client groups. This research will identify not only your best short-term opportunities—your low-hanging fruit—but may also uncover new services that your clients need today. Research can also clarify what messages you need to communicate and which obstacles you need to overcome. Why is research so important? In a study we conducted for our book, Inside 3 the Buyer’s Brain , we found that firms that do frequent research (at least Offline messages once per quarter) on target clients outperform firms that do occasional are mostly to a broad research (less than once per quarter) or none at all. audience and void of Research is the most direct way of learning what clients, prospects, and got- specifics. aways really think about your firm and the services you offer. Here’s the real key: Research allows you to move away from what you think to what your consumers think. This process often reveals your firm’s true differentiators.
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