Professional Services Leadership, Marketing & Rainmaking
From the category archives:
According to a recent study conducted by RainToday.com and ITSMA, nearly 70% of the 859 service and marketing professionals surveyed said they plan to increase their lead generation budgets. Only 3% indicate that they’ll spend less on lead generation. That means 97% believe they’ll spend the same or more.
If you think the competition is tough right now for winning every new client, have a look at this chart. First, try not to have a heart attack; then consider what this means.
Until a little while ago, social media was an experiment. Will it work? Will it make a difference?
In 1995, so was that Worldwide Interweb thing. Not so much anymore.
Same goes for social media. We’re currently making the transition from if to why and how.
According to a recent study by Business.com, webinars and podcasts are the number one and number two social media resources that North American business professionals turn to to get what they need (advice, tips, etc.) to do their job. And a lot of people now, people with decision making positions, are included in that group.
Let’s take a closer look.
We’re always trying to get in front of the decision maker, many of whom are C-level executives. I don’t know about you, but I’ve been told that C-level executives don’t search online, don’t spend time in social media, and don’t do their own product, service, or company research on the web. Perhaps they’ll make a cursory glance at your website to see if you exist, but beyond that, some underling is doing the research for them. If they’re doing research at all. Right?
When it comes to business-to-business purchases, few buyers are willing to take chances on new providers, according to a recent survey of 3,600 B2B buyers conducted by Enquiro.
When it comes to cost per sales lead, inbound marketing channels continue to deliver dramatically lower costs over outbound channels. In fact, organizations that primarily use inbound channels experience a 60% lower cost per lead than those that mainly use outbound channels, according to HubSpot’s The State of Inbound Marketing 2010.
As we’ve mentioned here on the Services Marketing Blog before, between 40% to 80% of leads are dropped. For over a decade now it’s been within reach of services firms to automate lead flow to make sure leads don’t leak out of the pipeline. But in the last few years, the lead management automation tools have come a long way.
Indeed, best-in-class businesses that employ automated tools are seeing a significant return on their investments.
Ahh, the fruits of unselfish play. Being at the Gaahden watching Rajon Rondo lead the Boston Celtics to victory with stellar team play over LeBron James and his soon to be former team the Cleveland Cavaliers, I thought I’d rack up a few dimes myself by making note of four excellent posts on the RainMaker Blog.
Stuck in a Rut? Set Challenging Goals to Break Out and Grow Business
Michelle Davidson articulates the importance of setting goals that push you to the limit.
The Key to GREAT Service Delivery
Erica Stritch shares a bit too much about her recent drinking problems as she helps us understand the importance of setting and meeting expectations in service delivery.
How to Rev Up Your Referral Engine
Michelle Davidson shares an easy way to generate more referrals.
Four Crucial Elements to Rainmaking
Allow myself to introduce myself. Here I share (surprise surprise) four crucial elements to rainmaking. And not one of them is a skill. Have a look and let me know what you think.
Among the fastest-growing private U.S. companies that are using social media, the results are in—social media works. Not only are these companies listed on the Inc. 500 using social media as a key part of their marketing strategy, but it’s working for them.
The overwhelming response from those using social media, when asked whether it has been successful for their business is “Yes.” In the research conducted by the Center for Marketing Research, UMass Dartmouth, Twitter users reported an 82% success rate while every other tool studied enjoyed at least an 87% success level.
Professional services firms are rarely referred to as having “sales organizations.” But we can learn a lot from those that have them.
If sales organizations want to succeed, they must employ a combination of sales technologies. Using such technologies allows sales and marketing people to gather, and share, more information about their prospects and clients and gives them more ammunition to get the job done, according to Aberdeen’s report Sales Intelligence: Preparing for Smarter Selling.
Professional services leaders face all types of challenges on their way to growing revenue. Marketing, business development, strategy development, you name it. There’s no cookie-cutter growth strategy. One size certainly does not fit all.
But on the road to strategy development and revenue growth, there are areas that all B2B professional services firms should focus on. In Wellesley Hills Group’s recently published Five Drivers of Revenue Growth for Professional Services white paper, we’ve outlined the five major areas that affect a firm’s ability to grow.
Because there’s no everyone-should-do-this strategy, executives must first look at the core of their firm’s activities to know what’s working and what’s not for them, and develop a strategy that will work given their own desires and circumstances.
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