Professional services firms are struggling when it comes to preserving and finding business. This is on top of the fact that many are forced to come to grips with the fact they have to sell. Market definitely has changed. You cannot sit there waiting for an aggressive phone call anymore.
In a conversation with one partner of a respected law firm, he vented his frustration at the lack of action taken in his firm by the partners and their teams in terms of driving a push to find new business in existing and new accounts. He said that some teams are just sitting around, no job and no one knows what to do.
It’s so frustrating, they just do not even know how to pick up the phone and call clients and prospects. They just sat there saying they have no work to do all the time as our business is trying to meet earnings targets. Although I know that some service areas particularly difficult than others, there is still much to do, and if we could only get to talk to customers, we will be okay. All I know to do is go out and drink coffee with as many clients as I can, although I’m not trained in how to sell well find a business. Although I would like to know how to do it accurately.
Despite the tough market, there are market opportunities there. There is money to be made. There are clients, we can win! However, many professional services marketing firms are not realizing their true potential.
Relying mainly on the passive direction for new versions of business and glossy marketing materials, and most professional services firms do not provide their current and future income. They have left themselves vulnerable and weak. In many cases they do not even access to their existing customer database to see what new business opportunities there are out there and do not even talk to them about cross-selling and up selling of other activities many remain trapped in a bunker mentality.
Through our work and observations in the marketing professional services sector, it seems many managing partners and directors who want more from their partners, directors, managers and employees when it comes to actively create sustainable and profitable business relationships with their customers. The problem is that many of them do not know where to start and how to do it. They tried to do first put on the business development manager, but it really partners and managers themselves who need to be there, selling as part of their work.
Our studies show that it is no longer good enough for these people to rely solely on their technical competence is only be a lawyer or an accountant. Now and in the future, these people also need to effectively promote itself and the prospects for new business with professional and ethical sales strategies, demonstrating the real value for money.
Nevertheless, the sales function does not come naturally to most people in these occupations, and often they do not have the appropriate tools necessary to make it work. They certainly are not taught this at university. In fact, many were fed derogatory myths about selling, and many still consider them today. Which is one reason they are in trouble?
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