The May issue of Practical Accountant features an article outlining the struggles professional service firms encounter with their marketing function. The article is based on a survey conducted by the marketing and research firm The Bloom Group. Here are some of the highlights from the article:
- Fewer than 1/3 of accounting, consulting, and law firms believed they are successful in creating awareness of the expertise and services
- 93 percent of accounting firms considered their marketing efforts only partially in synch with their sales department
- More than 1/3 of accounting firms said their marketing and business development efforts worked off the same timeline
- Most firms reported "little" or "moderate" success at measuring the effectiveness of marketing programs
In my experience, both as a member of professional firms and as a consultant to them, these issues are symptoms of two major marketing mistakes - failing to narrowly define a target market and failing to treat marketing as a system.
Most professional service firms take an all inclusive approach to the clients and services they provide. They tend to focus on the technical aspect of their work, and therefore feel they can provide services in their field to anyone who will pay them (only a slight exaggeration). By having "something for everyone" firms can quickly become special to no one. This makes it very difficult for potential clients determine which firm meets their needs, leaving them to shop for services based solely on price.
Not treating marketing as a system results in internal communication problems as well as inconsistent performance. In my opinion, having a marketing system includes having a written plan. One of the benefits of having a written plan is that it makes it easier to communicate the plan to all members of your firm. Without a written plan, sales and marketing (and everyone else) will work to their idea of what the plan is.
A plan also includes a calendar, which again facilitates internal communications and allows departments to coordinate their efforts. Also inherit with a system is that activities happen on a consistent basis and the results of those activities can be measured, reported, and used to improve the system.
By recognizing that marketing is a business system and taking the appropriate actions to install their marketing system, professional service firms can avoid the struggles outlined in the survey mentioned above.
