2 ways in which professional services marketing is different

Professional service marketing differs from other types of B2B marketing in 2 ways.

1) MBD as a key business activity

In professional service firms, marketing and business development are key business activities. Or at least, they should be.

As the value chain of a professional service firm looks different from the traditional value chain, which Michael Porter developed in the 1980s.

A professional service firm isn’t a factory, where raw materials are converted into products which can be shipped to customers.

Instead, the value chain of a professional service firm looks more like this:

Subject matter experts spend most of their time delivering services. They help their clients overcome important and urgent challenges. And enable them to win in competitive markets.

Now, they can only do this…

If they have sufficient knowledge of where things are headed for their clients. Based on global trends and industry specific insights.

With an ample understanding of the status quo at the client. Based on the client specific data they’ve gathered.

With the right tools & methodologies to deliver their services in an effective and efficient manner.

But, there’s one other thing they need…

Relationships & trust with key players in the market.

Because only through strong relationship will they get access to their ideal clients. And only with enough trust will they be awarded the challenging and meaningful assignments they’re after.

2) MBD as a shared responsibility

In professional service firms, marketing & business development are a shared responsibility. Between marketers, business developers, and subject matter experts.

Let’s consider the 5 building blocks that make up any business:

It all starts with developing a service that the market is willing to pay for (value creation). Then, you’ll need to create awareness and generate demand for that service (marketing). Remove barriers to buy the service (selling). Use the service to help clients overcome challenges (value delivery). And get paid (finance).

Now, in a professional service firm, many marketing & business development tasks are performed by the most senior subject matter experts.

Subject matter experts are responsible for client success. For spotting opportunities in the market. For creating awareness, generating demand, and selling their services. All while cultivating relationships and trust at the same time.

This makes marketing and business development for professional service firm complex and challenging.

Recognizing the differences with other forms of B2B marketing and acting on them, allow you to make an impact and a meaningful contribution to the bottom line of your firm.

Hope this helps!

Thank you for reading MBD Boost #023, sent to marketers and business developers on November 19, 2024.