Building a strong brand is being given increasing priority in the professional services sector. A cluttered market place, global competition and increased regulation surrounding privacy mean that brand stories must be well executed to achieve stand out.
For years many businesses, including law, accountancy and investment firms have based their success on the work, relationships and reputation of partners in the firm. The greatest percentage of new business will still come from word of mouth recommendation.
That said, three things are now igniting the need for these firms to invest in their brand as well.
Previously, the norm for partners was to work at fewer firms for longer and build strong relationships over time. Now there is tendency to not only move across firms, but also across sectors and industries, compromising long and nurtured relationships with clients.
Enter generation millennial, Z and the next and client search processes are constantly evolving across the board. One thing that is certain, is that they are all using the digital landscape to search, evaluate and take action. The look, feel and credibility of a professional services firm’s website and other digital content is therefore crucial.
With layer upon layer of regulation governing the privacy of individuals in their personal lives and in business, the power is shifting to the buyer to reach out. Businesses have their hands tied in many ways, so they must present an attractive proposition across the board to be approached by clients. In other words, the shift is to a strategy of inbound marketing.
The solution is end to end branding…
If this is to yield the right results, the process of branding for a law firm, accountancy firm or financial management firm needs to be as well researched and calculated as the services provided by any great partner.
The challenges in driving a thorough brand audit and brand development will typically be complex and cannot be underestimated, often due to multiple decision makers. However, embracing the firm’s combined expertise and knowledge with vested interest should be the goal.
With this understanding, an engaged approach and methodical process, firms in the professional services have a scope of opportunity to move forward by embracing business development on a new level.