People have changed the way they purchase professional services.
Inertia, loyalty and the traditional acceptance of general practice have been replaced by searching for the best provider, switching advisers to push down fees and push up the added value extras and a growing demand for sector specialists.
Here are some examples:
– If you were unwell you used to go to your GP. Now you only use your GP to get a referral to a specialist
– You used to open a bank account as a teenager and stay with that bank for life
– You had a family accountant or solicitor and the next generation would automatically follow their parents into their office
But what does this dramatic change in consumer behaviour mean for you if you are a leader of a professional service firm?
1. Look closely at how you can make better use of any specialisms you have both in terms of servicing your existing clients and making yourself more attractive to new prospects
2. Don’t promise expertise in a long list of sectors on your website and in your marketing collateral, focus on the genuine specialisms you really do have
3. Have a clear and compelling Client Value Proposition that communicates exactly how you deliver a better service and higher level of value than your competitors