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Five Strategies For Midsize Service Firms To Break Through Revenue Plateaus
How Pro Service Firms Can Fix The ‘Drop Everything — Chase Money’ Problem
Prospect, Originate, Navigate: How To Fill Your Professional Service Pipeline
To Grow Your Mid-Size Professional Service Firm, Think Carefully About Your Promise
How To Sell Professional Services Today – Part 7
How To Sell Professional Services Today – Part 6
How To Sell Professional Services Today – Part 5
How To Sell Professional Services Today – Part 4
How To Sell Professional Services Today – Part 3
How To Sell Professional Services Today – Part 2
How To Sell Professional Services Today – Part 1
How Mid-Size Service Firms Can Acquire Great New Clients On LinkedIn
Five Ways The Consultative Sale Improves Profits
How To Win The Complex Service Sale Consistently
Do You Choose Clients Or Do They Choose You?
How To Market & Sell Professional Services Today
How To Break The Grip Of Rainmaker Culture
How Content Impacts The Service Sale
How To Know When Prospects Are Ready
How To Pull Prospects Into Conversations
Nurture Organic Relationships Online
How To Build Relationships With Jaded Prospects
Do Prospects Want To Buy Or Be Sold?
Close Deals Faster Using Proof Statements
How To Get Mindshare With Busy Decision-Makers
How To Get Great Prospects Leaning In
How Digital Marketing Creates Sales Funnel Velocity
Digital Marketing Perfect For Complex Sales – Part 2
Digital Marketing Is Perfect For The Complex Sale
Your Best New Client Is Looking For You
Why Service Firms Should Focus On Ideal Clients– Part 3
Why Service Firms Should Focus On Ideal Clients– Part 2
Why Service Firms Should Focus On Ideal Clients– Part 1
Do This to Fill Your Sales Funnel
What You Must Do To Acquire New Clients
An Audience Of One
How to Attract New Ideal Clients
Are You A Content Marketer Or A Thought Leader?
Consider The Source: Theorist Or Practitioner
Why Pain Points Are Not Enough
Quick Or Deep Content: Which Is Better For Professional Service Firms?
Most Leads Are Not Ready To Engage – But They Will Be

MARKETING

How To Market Managed Services - Part 3
How To Market Managed Services - Part 2
How To Market Managed Services Today – Part 1
Why Service Firms Need A Multichannel Digital Marketing Strategy
Does Your Website Attract Ideal Clients?
Why Service Firms Need The Ultimate Digital Marketing Stack
The Myth Of The Time-Starved Service Buyer
Do You Choose Clients Or Do They Choose You?
How To Market & Sell Professional Services Today
Why You Need A Generous Brand
How Content Impacts The Service Sale
Are You Measuring Your Time Funnel?
How To Get Mindshare With Busy Decision-Makers
How To Get Great Prospects Leaning In
How Digital Marketing Creates Sales Funnel Velocity
Five Digital Marketing KPIs
Can Service Pros Over 40 Succeed In Digital?
Do Your Users Experience Content Regret?
Content Registrations Are Not Enough
Is Your Website Open For Business
How To Build A Great Digital Marketing Plan
Digital Marketing Perfect For Complex Sales – Part 2
Digital Marketing Is Perfect For The Complex Sale
The Value Of An Idea Driven Website
A New Website Won’t Bring You New Clients
Do You “Get” Digital Marketing? – Part 2
Do You Get Digital Marketing?
Who Benefits From Your Content?
Lead Nurturing Versus Content Marketing
Your Best New Client Is Looking For You
Make Your Website A New Client Driver
Why Service Firms Should Focus On Ideal Clients– Part 3
Why Service Firms Should Focus On Ideal Clients– Part 2
Why Service Firms Should Focus On Ideal Clients– Part 1
How To Get The Greatest Value From Content Marketing
Why You Should Absolutely Give Away Your Best Ideas
Do This to Fill Your Sales Funnel
What You Must Do To Acquire New Clients
An Audience Of One
How to Attract New Ideal Clients
Are You A Content Marketer Or A Thought Leader?
Consider The Source: Theorist Or Practitioner
Why Pain Points Are Not Enough
How To Nurture Ideal Prospects
Quick Or Deep Content: Which Is Better For Professional Service Firms?

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HOW TO GROW A MID-SIZE PROFESSIONAL SERVICE FIRM TODAY

FOCUS ON YOUR PROMISE TO IDEAL CLIENTS

Originally published on Forbes.com

There are thousands of successful mid-size service firms in the United States today and many more thousands around the globe that know they’ve never achieved their full potential. They come from several different industry verticals including accounting, law, technology consulting, financial services, management consulting, coaching, architecture, engineering and construction, among others.

To me, a successful mid-size service firm has been in business five or more years, has $3 million to $30 million in revenue, 15 to 150 staff members and has a demonstrated history of delivering results that matter to clients. After working with several dozen firms who fit this profile, I’ve come to recognize certain traits:

  • While they are often very good at what they do, they are usually not the best-known firm in their industry. They are often a hidden gem.
  • Historically, much of their growth has come from client referrals, strategic alliances and acquisition of other firms.
  • They are often hesitant to take on too many clients too fast. They want to protect their reputation by ensuring they can serve each client very well.
  • Their market share is often a fraction of the available market share, and firm leaders know this.
  • Firm leaders have tried a number of strategies over the years to grow, but none of them have produced consistent results or repeatable successes.

I believe there has never been a better time to grow a mid-size service firm. Recently, a confluence of factors has come together to make this the perfect time to pivot away from older strategies that may or may not still work and to adopt more effective strategies. Much of this opportunity has been brought about because of digital disruption, which may be an overused term but means something specific to me that I’d like to share with you.

Focus On The Promise To Ideal Clients

I believe the nature of selling professional services is promise. Because services are an intangible, service buyers are paying for a promise that you can produce an outcome that is meaningful to them.

The first step in growing a service firm is getting clarity around your promise. It should be attractive to your ideal client and speak to what matters to them. This leads to the second step: building an ideal client profile. After serving dozens of service firms, I have come to realize that most of them really don’t understand their ideal client deeply.

A solid ideal client profile contains both demographics and psychographics. Demographics describe the external characteristics of ideal clients — age, race, education, industry, tenure — but psychographics matter far more than demographics.

There are three key psychographics to include in your ideal client profile: top five goals, top five opportunities and top five challenges. A goal is something that the ideal client absolutely must achieve, an opportunity is something they’d like to achieve if time and budget allow, and a challenge is something that blocks them from achieving goals.

Most service organizations build their promise based on their capabilities rather than on the goals, opportunities and challenges of ideal clients. This is actually the reverse of how clients buy services. In every survey we’ve ever conducted, service buyers expect that you have the capabilities to do the job — that is a given. What is in question, in their minds, is whether or not you can help them achieve their specific goals.

If you want to grow your service firm, align your promise to the goals of your ideal client.

The Three Teams

Once you have clarity about your promise and your ideal client, you’ll need to look internally at three crucial teams that have the greatest impact on growth: marketing, business development and delivery.

The strategy is simple. Marketing makes the promise to a pool of prospective ideal clients. Business development applies the promise to each unique opportunity using the consultative sale. The delivery team delivers the promise. If you want to realize consistent and predictable growth, you’ll need to unite these three teams around the promise.

The Digital Disruptors

While the business development and delivery teams are certainly using digital tools today, it’s the marketing function that has likely experienced the greatest disruption which is leading to unprecedented opportunities. The marketing plan of many service firms used to include niche advertising, conferences and seminars, networking at industry events, direct mail, public speaking and a few other tactics. But it was primarily referrals that drove growth.

In today’s digital world, smart marketers are making the promise through digital channels such as content marketing, social media, video, webinars and the like. But what’s changed the most is how service firms go to market and the tools they use to build connections and track results.

I call this the ultimate digital marketing stack and it is best expressed in an equation: CMS + MA + CRM + SMM = success. Content management system (CMS) is the digital tool that allows you to build and manage websites. MA, or marketing automation, is the middleware that tracks and scores the digital footprint of inbound prospects. CRM stands for client relationship manager and SMM stands for social media manager.

To be effective in digital marketing, you need an ecosystem of tools that must be seamlessly integrated and share data. How does this work? Marketers use the CMS to provision new content marketing assets that ideal clients cannot resist. This includes blog posts, ebooks, reports, videos and the like. Marketers use MA platforms to track who is responding, filling out forms, downloading content and viewing web pages and social posts. Marketers use the CRM to share profiles of hot prospects with business development staff and use SMM to broadcast content to the social profiles and networks of their staff.

All of this technology is allowing for the types of connections that simply didn’t exist before. If you want to grow your firm, make the right promises to your prospective ideal clients using the ultimate digital marketing stack.

About The Author

Randy Shattuck is a seasoned entrepreneur who works hand-in-hand with senior leaders of mid-size professional service firms to grow revenues, acquire clients, open new markets, increase profits and effectively position their brands.

OUR BLOG

SALES

Five Strategies For Midsize Service Firms To Break Through Revenue Plateaus
How Pro Service Firms Can Fix The ‘Drop Everything — Chase Money’ Problem
Prospect, Originate, Navigate: How To Fill Your Professional Service Pipeline
To Grow Your Mid-Size Professional Service Firm, Think Carefully About Your Promise
How To Sell Professional Services Today – Part 7
How To Sell Professional Services Today – Part 6
How To Sell Professional Services Today – Part 5
How To Sell Professional Services Today – Part 4
How To Sell Professional Services Today – Part 3
How To Sell Professional Services Today – Part 2
How To Sell Professional Services Today – Part 1
How Mid-Size Service Firms Can Acquire Great New Clients On LinkedIn
Five Ways The Consultative Sale Improves Profits
How To Win The Complex Service Sale Consistently
Do You Choose Clients Or Do They Choose You?
How To Market & Sell Professional Services Today
How To Break The Grip Of Rainmaker Culture
How Content Impacts The Service Sale
How To Know When Prospects Are Ready
How To Pull Prospects Into Conversations
Nurture Organic Relationships Online
How To Build Relationships With Jaded Prospects
Do Prospects Want To Buy Or Be Sold?
Close Deals Faster Using Proof Statements
How To Get Mindshare With Busy Decision-Makers
How To Get Great Prospects Leaning In
How Digital Marketing Creates Sales Funnel Velocity
Digital Marketing Perfect For Complex Sales – Part 2
Digital Marketing Is Perfect For The Complex Sale
Your Best New Client Is Looking For You
Why Service Firms Should Focus On Ideal Clients– Part 3
Why Service Firms Should Focus On Ideal Clients– Part 2
Why Service Firms Should Focus On Ideal Clients– Part 1
Do This to Fill Your Sales Funnel
What You Must Do To Acquire New Clients
An Audience Of One
How to Attract New Ideal Clients
Are You A Content Marketer Or A Thought Leader?
Consider The Source: Theorist Or Practitioner
Why Pain Points Are Not Enough
Quick Or Deep Content: Which Is Better For Professional Service Firms?
Most Leads Are Not Ready To Engage – But They Will Be

MARKETING

How To Market Managed Services - Part 3
How To Market Managed Services - Part 2
How To Market Managed Services Today – Part 1
Why Service Firms Need A Multichannel Digital Marketing Strategy
Does Your Website Attract Ideal Clients?
Why Service Firms Need The Ultimate Digital Marketing Stack
The Myth Of The Time-Starved Service Buyer
Do You Choose Clients Or Do They Choose You?
How To Market & Sell Professional Services Today
Why You Need A Generous Brand
How Content Impacts The Service Sale
Are You Measuring Your Time Funnel?
How To Get Mindshare With Busy Decision-Makers
How To Get Great Prospects Leaning In
How Digital Marketing Creates Sales Funnel Velocity
Five Digital Marketing KPIs
Can Service Pros Over 40 Succeed In Digital?
Do Your Users Experience Content Regret?
Content Registrations Are Not Enough
Is Your Website Open For Business
How To Build A Great Digital Marketing Plan
Digital Marketing Perfect For Complex Sales – Part 2
Digital Marketing Is Perfect For The Complex Sale
The Value Of An Idea Driven Website
A New Website Won’t Bring You New Clients
Do You “Get” Digital Marketing? – Part 2
Do You Get Digital Marketing?
Who Benefits From Your Content?
Lead Nurturing Versus Content Marketing
Your Best New Client Is Looking For You
Make Your Website A New Client Driver
Why Service Firms Should Focus On Ideal Clients– Part 3
Why Service Firms Should Focus On Ideal Clients– Part 2
Why Service Firms Should Focus On Ideal Clients– Part 1
How To Get The Greatest Value From Content Marketing
Why You Should Absolutely Give Away Your Best Ideas
Do This to Fill Your Sales Funnel
What You Must Do To Acquire New Clients
An Audience Of One
How to Attract New Ideal Clients
Are You A Content Marketer Or A Thought Leader?
Consider The Source: Theorist Or Practitioner
Why Pain Points Are Not Enough
How To Nurture Ideal Prospects
Quick Or Deep Content: Which Is Better For Professional Service Firms?