and why it’s not product marketing.
by bruce w. marcus
professional services marketing 3.0
the adjectives and comparisons and superlatives so common in product marketing have no place in professional services marketing.
the boast, even when there seems to be a foundation for it, rarely works. but professional services marketing can work when it’s designed to:
- enhance name recognition and reputation as a context for other marketing activities, and, specifically, selling. in all areas of marketing, these two factors are particularly meaningful.
- project skills and expertise as the best way to distinguish your firm from another.
- enhance access to prospective clients, and ultimately, to sell.
- shape a practice to conform to your firm’s business plan.
- address constantly changing marketing needs, dictated by new competitors, new business structures or new technology.
- effectively sell skills and capabilities to the prospects.
to accomplish these objectives, then, the tools of marketing – seminars, webinars, speeches, public relations, advertising, search engine optimization, articles, social media, selling skills, etc. – must be tailored within the framework of projecting expertise.
a typical example of this process at work is in targeted response, which includes, for instance, direct mail, letters, emails or telemarketing. most products can be sold directly with a targeted response campaign. but in accounting the well-crafted campaign has the sole objective of generating an opportunity for the accountant to make a personal presentation. the sale is made in person, usually by the same accountant who will serve the client.
long ago, for a large international accounting firm, we developed a four-paragraph system that produced a return of 50% — 50% of the recipients of the campaign agreed to meet with us.
- in paragraph one, we stated the problem in the most dire way we could.
- paragraph two said, “we can help.”
- paragraph three said “this is who we are.”
- paragraph four said “we’ll call you on monday to set up an appointment.”
and 50% of the letters’ recipients agreed to meet. yes, 50%.
accounting marketing, then, is designed to move prospective clients to understand that when the need for tax or accounting services does arise, they should choose your firm rather than another.
retaining an accountant is rarely a discretionary purchase. buying a product, in many cases, is. product marketing can persuade people to try a new product, or that your product is better than the other person’s. but you’re not likely to persuade someone to get an audit that isn’t externally demanded. there are claims and promises you can’t credibly make in accounting marketing. this new competitive paradigm calls for a new and unfamiliar form of marketing, and a new kind of marketer.
in every industry save ours, the marketing department joins the other disciplines to help shape the product – not just its presentation, but the product itself. it’s the marketing department that is responsible for knowing the pulse of the market, and to shape products or services the market needs or will respond to. that is a crucial part of product marketing.
the exception, of course, has been accounting. but that was before professional services marketing 3.0.
bruce w. marcus is a pioneer in professional services marketing and coauthor of client at the core. this is adapted from his new book, professional services marketing 3.0, available for purchase here.
