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Marketing strategy scholars have contended that dynamic capabilities such as adaptability, integration, and deployment of organizational capital assist firms in becoming more aligned with their evolving business environments. With its ability to provide a source of competitive advantage, marketing strategy substantially influences market performance.

Marketing strategy is a construct that provides clear, realistic, and measurable marketing objectives. It is essential to the practice of marketing.

Here are 5 key ways marketing strategy adds value to your professional services firm: 

5 Keyways a Marketing Strategy Adds Value to Professional Services Firms

DRIVES BUSINESS DIRECTION

Effective marketing strategy plays an essential role in driving business direction. It can bring a range of benefits to your professional services firm, as well as providing you a better understanding on where to invest your marketing spend for the maximum return. It is no surprise that 2021 signals a golden era for strategy, and not to mention, improved COVID strategies. For a professional services firm to thrive, their ability to provide value relies on the skills of their professionals. Marketing strategy can affect the clients they serve by enabling its professionals to diagnose any misalignment occurring in its environment. Investing in marketing strategy, not only allows your firm to recover from a recent recession but helps your firm plan their next move.

INCREASES SALES

The need to grow revenue is a common situation that most professional services firms face, primarily due to the cost of their expensive workforce. The key is to regularly reach out to your former clients, every month, quarter, or year. You can revitalize your clients by sending gentle reminders with personalized mail, email, phone calls, or an in-person visit. One of the many tactics used to boost sales is through utilizing tools such as Robotic Marketer, with its technology designed to generate marketing strategies tailored to suit your professional services firm. Spending more time on strategic marketing will educate your employees, attract profitable clients, bring new revenue streams, and allocate your funds to the right sponsorships. 

CREATES DEMAND

Historically, firms have driven demand through investing resources to develop a core differential advantage. However, creating customer demand now requires extensive integration between the demand and supply process – which can cause time and supply constraints. With the assistance of marketing strategy, it cuts down on time and costs by generating excitement for your clientele, along with enlightening their consumer wants.

Today, many lawyers, accountants, management consultants, architects, engineers, dentists, doctors, and other professionals must undertake extensive marketing to maintain and build their practices. Firms can use a variety of methods to create demand in their services. Buyer uncertainty is a common marketing issue for providers of professional services. Therefore, it is important that a firm supports its client in a way that it does not entertain the wrong ideas on costs, but instead helps them in making better-informed choices. When clients are confident that the service will meet their expectations, demand will be created for them to seek its services more frequently. Driving awareness and generating interests should be the key focal points for every professional services firm. 

DEVELOPS CUSTOMER VALUE 

It is without a doubt, most evident that customer relationships are only appropriate when the value that is being created is higher than the transactional exchange. Research suggests that enhancing customer value has a direct impact on satisfaction and loyalty. Marketing strategy allows your firm to form effective commercial activities that can attract customers and place greater emphasis on the service quality. A product of this includes the use of attraction activities, which offer a high service quality on customer awareness and penetration. Moreover, shaping the perception of value due to its direct influence on customer satisfaction as consumers can create positive associations with the firm’s brand. When your business objectives are centered on marketing strategy, not only will it exceed client expectations, but it will also have a greater chance of gaining positive reviews.

REDUCES FINANCIAL RISK

Many firms must implement strategies to help manage the financial risk associated with a firm’s customer service, customer reviews, and service failures. Combining marketing strategies such as relationship marketing, content marketing, referral marketing, and social media marketing can strengthen the firm’s ability to handle risk by estimating how much capital is needed to be spent in order to achieve the firm’s goals. Despite, the many free ways to promote your firm online nothing is as effective as implementing strategies that can give you a clear outlook on what is being done correctly and what can be improved upon.

A firm’s success not only depends on how efficient each department can perform, but instead depends on how well the company coordinates its departmental activities to conduct its core business processes.

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Mellissah Smith

Mellissah Smith is a marketing expert with more than 20 years experience. Having founded and built two successful marketing companies internationally, she is well recognized as a industry thought leader and innovator. Mellissah started her career working with technology and professional services firms, primarily in marketing, public relations and investor relations, positioning a number of successful companies to list on the various Stock Exchanges around the world. She is a writer, technology developer and entrepreneur who shares her thoughts and experiences through blogs and written articles published in various media outlets. Brag sheet: #2 marketer to follow on Twitter (2003), Top 150 Marketers to Follow (2015), Top 10 innovative marketers (2014), 60K+ followers on Twitter with 97% authentic.

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