In some ways, times have never been better for professional services marketing. After eight years of sluggish economic growth, businesses are increasingly cautious about hiring full-time employees. Depending on fringe benefits offered, the cost of hiring an employee can be as high as 140% of their salary. And as my father always said, it's a hell of a lot easier to get into something than it is to get out of something.
Businesses have reacted to this reality by outsourcing more and more non-core business functions like marketing, accounting, HR, legal and payroll. This move towards outsourcing core business functions creates opportunities for professional services firms. Yet many professional services firms struggle with generating good quality leads to grow their businesses.
In this post, we will explore the various ways of generating leads with your professional services marketing strategy. Different strategies have varying levels of effectiveness and some require more commitment than others.
For most professional services firms, a sustainable lead generation process is a key to growing in today's sluggish economy.
One of the important factors in professional services lead generation is the quality of the lead generated. I would rather have two leads that were qualified buyers in my targeted niche than a hundred buyers that I really don't know anything about. Lead qualification should be an important part of your professional services marketing strategy.
To qualify leads, you first have to define what defines a good lead. Some of this definition comes from having a focused marketing strategy. Some of this comes from hard-earned lessons that you've learned in the course of running your business. For the purposes of this discussion, let's just say that quality of leads is almost always more important than quantity in professional services marketing. Most of us have fairly high lifetime deal values and long sales processes; we can't afford to waste time and resources on unqualified leads.
Many businesses resort to cold-calling when they need to generate leads. It worked in the '80s, it should work now, right? Wrong!
Cold-calling response rates are 1-3%, where a response is defined as setting an initial appointment. And how many potential customers have you annoyed to the point of blocking your phone number in the process? Here are some other things to consider about cold-calling.
The telephone still has a role in business development, but it is rarely the initial point of contact in an effective lead generation process.
Content marketing is an excellent way for professional services firms to display their knowledge and expertise to potential buyers. It also corresponds with the way people buy today - the Corporate Executive Board found that the average buyer completes 57% of their sales process before ever speaking with a sales person. Your marketing content is what they are using to determine if you can help them solve their problems.
There's one thing about content marketing that's very important. Buyers have to find your content before it has any value to them! Here are some things to consider about content marketing.
Content marketing should be a fundamental element of your professional services marketing strategy.
This is the 21st century version of cold-calling. The premise is to send highly targeted emails to potential buyers that you want to work with. The effectiveness of email prospecting is directly related to the value that you offer in your emails. Don't waste your buyers time - show them that you understand their problems and help them solve them. And quickly! No one has the time or inclination to read rambling 1,000 word emails. Here are some thoughts on email prospecting.
Email prospecting is an effective lead generation strategy, but it needs to be done consistently to produce results.
Referrals are the holy grail of professional services marketing. After all, who wouldn't want to talk with a potential customer who needs your help and has been referred to you by a happy customer? For established professional services firms, a steady stream of referrals may be all you need to fuel your growth needs. Here are a few things to keep in mind about referrals. Not coincidentally, referrals are the highest converting form of leads in B2B marketing.
Referrals make growing your professional firm fun and easy. Do all you can to encourage referrals, starting by providing stellar customer service.
It's a safe bet that your potential buyers are on social media in one form or another. You should be right there with them. The key is to be helpful, not salesy. Here are some ways you can use social media to generate leads.
Don't overlook social networks like Twitter for lead generation! We have three generations (baby boomers, millennials and gen-xers) in decision-making roles today. Don't assume everyone thinks like you.
These are just a few of the lead generation strategies that professional services firms are using to grow. You will likely use some combination of these in your lead generation process. Make sure to integrate them as tightly as possible and take advantage of the technology available to optimize your lead generation efficiency. Want to learn more about how to generate leads for your professional services firm? Schedule a free consultation with us.