I get asked, a lot, about whether certain marketing activities are “good.” And everytime, I answer with a question, “What are your goals?”. You may have heard me say it before, but for the people in the back, marketing doesn’t help you set your goals; it helps you achieve them! In this series, I’ll be sharing a few of the ways marketing can help professional services firms achieve their most vital goals. Here I’ll discuss how firms can align their marketing activities with the goal of attracting and profitably serving desirable new clients.
Who Are Your Ideal Clients?
Cultivating a client base composed of ideal clients doesn’t start with firing half your clients and up-charging those who survived the cut. Instead, picture your future firm and the kinds of clients you’d like to work with then. If you’re not sure about this vision or who those clients would be, ask your rising leaders (they’ll be around for more of this “future” than you will!). Building a foundation of ideal clients isn’t about the work you’re doing today, it’s about looking down the road and developing your future firm. It’s worth spending time on this step to get super clear about who you want to serve, otherwise you run the risk of letting your marketing become an expense rather than an investment.
Activities that Attract Desirable New Clients
Define and Commit to Niches
If you want to serve a specific type of client, command higher prices and spend less time convincing prospects you know your stuff. You cannot be everything to everyone. A niche generally refers to an industry or specialized service. Use your website to promote your experience in these areas so that your ideal client will have confidence they’d be in good hands with your team. Then plan additional marketing activities to speak to those specific audiences. Have team leaders by-line blog articles, make guest appearances on relevant podcasts, attend conferences and join the right professional organizations and trade associations. You can even plan ad campaigns based on your niches to help you get in front of desirable prospects.
Account Based Marketing
Account based marketing (ABM), is highly-targeted advertising designed EXCLUSIVELY for the decision makers at your target accounts. Admittedly, this is a pretty advanced marketing activity. This is not for firms who are wishy-washy on their niches or who they want to be working with. If your firm is not ready to generate a list of 100-150 target accounts of prospects, that’s ok, just back up to the previous step. ABM is an investment. It takes time, specialized skills and financial resources. However, the lifetime value of landing even one of your target accounts should make the investment more than worthwhile. If your firm is solid on your niches and you’re ready to focus your efforts on those truly desirable new clients, talk to your marketing team about designing and executing an ABM campaign!
Value Conversation
Here’s something every firm can do, regardless of size or budget. Of course you would like to be serving a small number of high-paying clients, but getting there might take some time. That’s why I encourage you to have a Value Conversation with every prospect. Use this call to understand their goals, what challenges they face and even what solutions they have tried in the past. You can also learn a bit about their perceptions of your firm, their budget, and other objections you may encounter. With that information you can create a proposal that will match your activities to their goals, demand a “fair” price, and satisfy your new customer or client. Giving them a couple of packages or service tiers to choose from will also demonstrate that capacity of your firm while allowing the prospect to sit in the driver's seat and choose the “box” that works for them. Then you have to stay in the box, but that’s a topic for another article…
Saying NO
Taking your firm to the next level, whatever that may be, means you have to get comfortable saying “no”. The most successful firms are not everything to everyone. They are extraordinarily clear about who they are, who they serve, and what services they provide - which is to say that they have a clear brand and message in the marketplace so they will get the “right” referrals. Saying no means your brand stays intact, which is essential for commanding higher prices through the Value Conversation.
Saying “no” to a less than ideal client means the capacity will be there to provide great service when the next great prospect comes along. Putting firm-wide guardrails on what clients you want allows you to make quick decisions about whether to take on a new client. Size, industry, service type, even company communication styles should all be factors. New clients that are too small, in an industry that’s not your niche, need services you’re not specialists in, or your team’s least favorite client, are all fast lanes to being on the chopping block in a few short years. It’s better to decline to bid in the first place.
Conclusion
Attracting new desirable clients is not easy, it’s not quick and it’s not business-as-usual. BUT, the results can transform your firm! Committing to taking the steps towards being the go-to firm for your ideal client will increase your prestige, command higher prices and lead to more fulfilling work. So, ask yourself, “What’s the cost of doing what we’ve always done?” If you’re not 100% satisfied with your answer, contact me today. Let’s talk about attracting and retaining desirable new clients.
