March 2010: The Top 10 Ways Buyers Find Professional Service Providers

REFERRALS FROM COLLEAGUES

While referrals from colleagues and other service providers are still the most effective means of coming to the attention of prospective buyers, the study clearly shows the impact of the Internet and its growing role in the marketing and delivery of professional services: three of the top 10 ways are online -- on your website [58%], through an Internet search [55%] or through an industry website article or story [53%].

This means that without a website you are truly compromising your ability to procure new business. Not only can people not find you through online searches; not having a website also affects referrals, as the first thing most people do now when given the name of a company is to review the website. If you don’t have one, you could be jeopardizing the referral, as prospects may question your ability to stay current and work effectively.

Beyond referrals and the Internet, the study shows that having a well-defined brand positioning and a marketing strategy that enables firms to engage in proactive marketing activities is more important than ever before, as the third place ranking for ‘personal recognition or awareness’ shows.

We are currently in the midst of a huge generational shift as the number of boomers exiting the workforce grows in tandem with the number of 20-somethings that are starting their working lives.

This shift and the massive dislocation of companies and people triggered by the recession have impacted relationships and networks that have been a traditional source or work. Clients and contacts you may have relied on for many years could be gone, replaced by a younger buyer who probably favours a very different approach.

Traditional tactics like direct mail, PR and advertising together with newer practices like social media and website optimization can help reach and drive brand awareness in buyers who aren’t relying on a referral or on existing relationships.

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The placement of ‘in-person seminars’ and ‘presentation at a conference or event’ as fourth and fifth demonstrates yet another major change. Although public speaking isn’t innovative like many of the tech-driven tactics, its placement in the top half of the scale attests to its growth in popularity as a tactic for professionals to showcase expertise and connect with interested audiences.

The number of people who are now speaking at industry events or conducting seminars and webinars has skyrocketted in the past decade. Speakers range from solo consultants to members of large firms, and to companies like Oomph, who have chosen to package all their consulting services into workshops and seminars.

The most fascinating aspect of the findings however, is that they show how the changes in the market place have evened the competitive field; most of the tactics listed can be executed as well by small firms and sole practitioners as they can by large organizations with ample resources and budgets. In fact, the social media and blogging revolution has been driven by solos and small innovate firms leaving marketing powerhouses to play catch up.

Drug manufacturers are being driven by the need to create a ‘multi-channel’ marketing strategy, which, in the fluid, ever changing business landscape of today, is something that applies to giants and solos alike: the need to engage several tactics at the same time, instead of relying on one or two tried-and-true methods, and the need to link them all to channel into and feed each other.

The marketing mix matters more than ever before! For this reason, we are focusing our marketing programs and activities for the first half of 2010 on programs that provide an overview of the most effective marketing tactics and that offer step-by-step directions for how to create a comprehensive plan.

“The Most Effective Marketing Tactics – NOW!” covers all the tactics listed above [a coincidence, as our program’s beta ran in December and January, prior to the report’s publication]. Program details here. For a real-life case study of how all marketing activities and tactics link together, read our blog post: “This is how marketing works today.”