BY Kathy Crosett
Are your professional services accounts prepared for the new year? If you’re selling media space or digital marketing services, sooner or later, accounts will ask the big question. How long will it take to double or triple sales? Part of the answer involves whether they are effectively marketing to their target audience.
What challenges worry professional services companies?
As the new year begins, Hinge Research Institute is out with its annual report on professional services companies. These firms acknowledge top challenges ranging from AI and automation to unpredictability in the marketplace and increased competition. Similarly, the results from our B2B BuyerSCAN survey show business decision-makers are primarily concerned about unpredictability (27%) and increased competition (25%). One way to turn challenges into opportunities is through strategic marketing.
How much do professional services companies spend on marketing?
In their report, Hinge Research Institute indicated that these businesses grew an average of 9.9% last year. These businesses encompass verticals such as accounting, consulting and engineering. They allocate around 8% of revenue for marketing.
How to market for high growth
However, Hinge analysts focus on high-growth firms, those that achieve a 20% annual growth rate. These firms are using specific metrics and deploy the right marketing strategies and tactics to achieve their goals. In-person, digital and traditional marketing tactics serve these firms well.
In-person marketing
The top marketing tactic, used by 52.4%, is networking at conferences and trade shows. These in-person events allow sales professionals to forge a connection with a prospect.
Owning the in-person space
Hinge Marketing also asked these elite business leaders which tactics have the biggest impact. Networking at in-person events and hosting events scored the same, 6.3 out of 10. Analysts noted that high-growth firms “…are often creating the platforms where those conversations happen, and it’s working.”
Which digital marketing tactics deliver?
Behind the scenes, other tactics work to keep the seller top-of-mind. Networking on social media is on the list for 49.2% of these firms. And promoting thought leadership through social media is an investment made by 42.9%.
Well over 40% post blogs on their websites. It’s likely that this content also appears on their socials.
Advertising, especially on YouTube, and emailed newsletters, comprise a part of the outreach for 37% of these businesses.
A return to traditional advertising
High-growth businesses also report the return to traditional advertising has yielded results. They give print, radio and out-of-home messaging a score of 6 out of 10 in terms of impact. If your professional services accounts haven’t used traditional advertising in a while, it’s time to sell them on the formats.
Investment in promotion
These businesses want to improve their position as thought leaders. To do so, around 30% will make social media marketing a top priority.
They clearly understand what the details of our B2B BuyerSCAN survey reveal. 45% of buyers want to engage with salespeople who have shown their expertise in advance.
These buyers also notice advertising. 38% have responded to ads in business newspapers or magazines. Around 28% will increase their consideration of a vendor’s products if they sponsored an industry conference or event.
Outsourcing needs
The Hinge study also shows that smaller high-growth firms, those with revenue of less than $5M, have a high ratio of marketing employees. If your accounts hesitate to add headcount for marketing, pitch them your marketing services to help them gain momentum in the marketplace.
These business owners recognize their limitations. They don’t try to do every marketing-related task themselves. They outsource website design/development (58.1%), traditional advertising (51.4%) and SEO/GEO (49%). These findings are similar to the B2B BuyerSCAN data, available with a subscription to AdMall. Specifically, 28% of B2B Buyers plan to buy online advertising this year. And 26% expect to pay for digital marketing services.
You can help your professional services accounts achieve their sales goals by showing them what their target audiences want. B2B Buyers notice and respond to advertising. But they also want assurances that they are dealing with experts and aren’t making a mistake if they change vendors.
Photo by RDNE Stock project on Pexels.
