The Professional Services Marketing
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
- Professional Services Engaged By Survey Respondents
- The Percentage of Buyers Responsible for Multiple Service-Purchasing Areas
- Length of Time Firms Have Been In Operation
- Number of Employees in Firms
- Respondent Firms’ Types of Business
- Respondent Firms’ Form of Ownership
- Gross Annual Sales for Calendar Year 2004
- Expectations for 2005-2006 Third-Party Services Purchasing Levels (Given Current Spending Per Area)
- Participants’ Likelihood to Work with Provider Firms Employing Specific Numbers of Professionals
- Satisfaction with Current Service Providers, Percent “Very” or “Somewhat Satisfied” (5 or 4)
- Satisfaction with Current Service Providers Change If Viewing Only “Very Satisfied”
- Likelihood of Buyers to Switch Providers in 2005-2006
- Comparing General Satisfaction to Switching Likelihood
- Difference in Loyalty Between Satisfaction Levels “4” and “5”
- Satisfaction with Current Service Providers, Comparing “5” and “4” Scores Between Switchers and Loyals
- Methods buyers are Likely to Use to Initially Identify and Learn More About Potential Service Providers
- Percentage of Participants Who Are At Least “Somewhat Satisfied,” By Their Likelihood to Use Referrals As Initial Identification Method
- How Service Buyers Hear About In-Person Seminars, In-Person Presentations, and Webinars
- Website Influence Over Initial Discussions and Ultimate Decision to Hire a Service Provider
- Influence of Provider’s Website in Ultimate Decision to Buy, By Satisfaction Levels
- How Service Providers Can Improve Their First Approach
- Importance of Factors in Decision to Choose a Third-Party Services Firm
- Very Satisfied Participants and Differences In Importance of Hiring Factors
- Important Factors in Decision to Hire a Professional Services Provider, Regarding Sales Approach and Abilities
- Very Satisfied Participants and Emphasis on Sales Approach and Abilities
- Most Compelling Ways to Develop Trust with a New Client
- Problems Encountered During Process of Hiring Consulting and Professional Service Providers
- Very Satisfied Participants and Problems Recently Encountered
- Likelihood of Buyer to Consider Purchasing Services, if Providers Improve in Specific Problem Areas During the Hiring Process
- Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
- Most Important Things Service Providers Can Do During the Purchasing Process to Influence the Hiring Decision
- Switchers Vs. Loyals: Size of the Participant Firms’ Employee Bases, Significant Differences
- Switchers Vs. Loyals: 2004 Firm Revenue, Among IT Consulting & Services Purchasers
- Switchers Vs. Loyals: Expected Change in Purchasing Levels of Professional Services in the Next Two Years, Given Current Spending, Significant Differences
- General Satisfaction Levels Closely Matching Switching Levels
- Satisfaction with Current Service Providers, Comparing “5” and “4” Scores Between Switchers and Loyals
- Switchers Vs. Loyals: Likelihood to Use Initial Methods of Identifying and Learning About Potential Service Providers
- Table of Mean Likelihood to Use Methods To Initially Identify and Learn More About Service Providers, By Service Area Used, Showing Results of “Switchers”
- Switchers Vs. Loyals: Website Influence Over Decision to Initiate Discussions with Service Provider, Significant Differences
- 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
- 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”
- Switchers Vs. Loyals: Importance of Factors in the Decision to Choose a Third-Party Professional Services Firm / Consultant, Significant Differences
- Switchers Vs. Loyals: “Service Provider Did Not Listen to Me”
- Professional Services Engaged by Survey Respondents
- The Percentage of Buyers Responsible for Multiple Service-Purchasing Areas
- Number of Employees in Participant Firms Represented, By Service Purchasing Area
- Industry of Participants’ Firms, By Service Purchasing Area
- Gross Annual Sales for Calendar Year 2004, By Service Purchasing Area
- Expectations That Firm Profits Will Increase in 2005, By Service Purchasing Area
- Service Purchasing Areas: Methods Used to Initially Identify and Learn More About Service Providers, Sorted by Mean Likelihood of Total Participants to Use
- Service Purchasing Areas: Discovering Seminars, Presentations, and Webinars, Significant Differences
- Service Purchasing Areas: Decision Factors
- Percentage Rating Approaches and Abilities “Extremely Important,” By Service Purchasing Area
- Incidence of Problems During Business Development Process: Significant Differences Between Service Areas
- Accounting and Financial Consulting: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
- Legal Services: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
- Management Consulting: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
- Information Technology Consulting and Services: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
- Human Resources Consulting: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
- Architecture, Engineering, and Construction: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
- Training: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
- Marketing, Advertising, and Public Relations: Problems Experienced in Hiring Process Vs. Impact on Purchase Likelihood if Improved
- Professional Services Currently Engaged, By Respondent Company Revenue in 2004
- Length of Time Respondent Businesses Have Been in Operation, By Revenue in 2004
- Significant Differences in Expectations for 2005 Profits, By Firm Size
- Likelihood to Work with Service Providers of Different Sizes, Percent “Very” or “Somewhat Likely,” By 2004 Revenue of Purchasing Firms
- Website Visitation Before Purchasing Services, By Firm Revenue
- Website Influence Over Initial Discovery and Ultimate Purchasing Decision, By Firm Revenue
- Significant Differences and Trends in Importance of Decision Making Factors, By Firm Size
- Service-Purchasing Responsibility Areas, By Purchasing Firm Industry
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