Modern Marketing for Professional Services: What Top Firms Do Differently

What worries your B2B accounts most in the next two years? B2B BuyerSCAN data shows that inflation (34%), the unpredictable economy (27%) and increased competition (25%) top the list. This data is similar to Hinge Marketing’s research on marketing for professional services firms. Their study provides answers on what high-growth firms do differently.

What is a high-growth firm?

The Hinge Marketing high-growth study has been around for a decade. It’s specifically designed to study organizations with a “minimum 20% compound annual growth rate over a three-year evaluation period.” The survey focuses on firms that operate in the consulting, accounting, technology and architectural/engineering/construction verticals. By understanding what these firms do differently, you can guide your accounts to more successful outcomes.

What challenges do high-growth firms face?

In the coming year, high-growth firm anticipate growth rate of 9.9%. They also plan to grow their marketing budgets (excluding compensation) by 8%.

In addition to dealing with the unpredictable marketplace and increased competition, high-growth firms will be laser-focused on incorporating AI into their workflows. Around 46% of companies in the Hinge Marketing survey report having this goal.

To maintain growth in the competitive environment, these businesses, like any other, need leads. And while referrals account for nearly 40% of leads, these accounts still rely on marketing to drive activity. They trace 9.7% of leads to advertising (both digital and traditional) and events drive 10.5% of leads. Clearly, marketing for professional services firms is working.

How do high-growth firms approach marketing?

Firms that belong in this elite group have well-established marketing practices. Here are the most common forms of outreach:

• In-person events such as conferences/trade shows 52%
• Connecting on social media 49%
• Sharing their content on social media 42%
• Speaking at conferences/events 42%
• SEO/GEO (based on writing blog posts on their website) 41%

But there’s also the importance of understanding what these activities are returning to high-growth firms. The top-rated activity, 6.3 on a scale of 1 to 10, is networking and/or hosting conferences. These events serve as opportunities for in-person interactions. These connections form the start of a relationship that eventually leads to a deal being completed.

Not far behind, and perhaps a bit surprising, is using traditional media. High growth firms scored their use of print, radio, and OOH advertising at 6.0. This rating compares to the PPC/display advertising score of 5.6.

How does this track with B2B BuyerSCAN findings? In that survey, 42% of senior decision-makers report taking action on behalf of their business after seeing a TV ad.

Traditional media plays an important role in marketing or professional services firms.

What is the role of original research?

Another activity that sets high-growth firms ahead of competitors is conducting and publishing original research. Operators score that activity at 5.9. For your accounts to maintain a credible presence in the market, it’s not enough for them to offer an opinion on trends. They must position themselves as thought leaders and offer evidence based on their research.

This process is expensive and time-consuming. But it sets them apart from the competition.

While this activity has nurtured growth for these businesses, this year, their top priority – for around 30% — is to invest more in social media marketing. They want to connect with their audience.

The B2B BuyerSCAN data indicates this strategy will be successful. Around 49% of senior decision-makers have taken action in the last month after seeing a social media ad.

What opportunities exist for marketing services providers?

Professional services leadership teams recognize they aren’t experts in marketing. And they outsource activities when they realize that specialists can cost-effectively help them achieve their goals. Here’s where high growth firms are outsourcing:

• Website design/development 58%
• Traditional advertising 51%
• SEO/GEO 49%
• Digital advertising 45%

As the second half of the year approaches, pitch your best ideas on marketing for professional services firms. Helping them stay visible will boost your revenue as well.

Image by Thirdman on Pexels.