Infographic: How Online Marketing Techniques Grow Your Firm

By Lee W. Frederiksen, Ph.D.; Infographic by Brian Lemen

(Click image to see full-size infographic)

Just when you thought it was safe to get back on the golf course, you hear the news. A new study shows that professional services firms that use online marketing techniques to generate 40% or more of their leads grow 4X faster and are 2X more profitable. Well, now I’m listening.

This infographic tells a dramatic story — how firms are using online marketing techniques to change the professional services marketplace. Increasingly, how you use online marketing will affect how successful your firm can be. While face-to-face networking is still important, it is no longer the only — or even the best — path to new business success.

Learn which online marketing techniques are most effective and how multiple tools work together to deliver the strongest results. And find out where online marketing budgets are headed (UP!) and why your firm may want to move in that direction…  faster.

The world of professional services marketing is changing quickly. So stop driving golf balls and start driving new leads online.

Read Full Text

In-house vs. Outsourced Online Marketing

By Lee W. Frederiksen, Ph.D.

There are a lot of very good reasons for a professional services firm to consider an online marketing program. As our recently published online marketing study shows, firms that have robust lead generation programs

• grow up to 4X faster;
• are 2X more profitable; and
• are able to effectively recruit new employees.

 
These benefits apply across all professional service industries, from accountants to management consultants to technology firms and government contractors. It simply makes good business sense to go online. The only question is how best to do it?

Outsource online marketing or stay in-house?

It’s an important business question that your firm must answer. In a previous post in this series we made the case for outsourcing your online marketing.

We also explored the typical costs to outsource online marketing. Now it’s time to pull those strands together and determine the right strategy for your firm.

Let’s walk through the decision making process step by step.

Read Full Text

What Does It Cost to Outsource Online Marketing?

By Lee W. Frederiksen, Ph.D.

Online marketing offers a compelling value proposition. In a recent study of 500 professional services firms we found online marketing is associated with faster growth and higher profits.

More specifically, we found that firms that generate at least 40% of their leads online grow up to four times faster than their peers.

But these amazing findings weren’t limited to growth alone. The study also showed that this same group was 2X more profitable than firms that produced lower levels of online leads.

The challenge for most firms, though, is implementing these programs in a way that guarantees results and delivers a meaningful return on investment. One answer is to outsource some or all of the functions.

But how much will it cost to do it right? Below, I lay out a few common scenarios and give you some working budget ranges:

Read Full Text

Online Marketing Research Study: Digital Marketing Delivers Faster Growth and Higher Profits

By Lee. W. Frederiksen, Ph.D.

Hinge has just released a groundbreaking new report on online marketing for professional services firms. This study of 500 professional services firms and an expert panel of 20 leading digital marketing authorities comes to a remarkable conclusion:

Online marketing increases firm growth and profitability.

This finding includes not just profitability of a marketing program; it affects the growth and profitability of the entire firm. To our knowledge this is the first time that this relationship has ever been demonstrated in professional services firms.

• Firms that generate at least 40% of their new business leads online grow 4X faster than those that do not generate any online leads
• Firms that generate at least 60% of their leads online are 2X more profitable than those generating less than 20%
• 55% of firms find new hires online

 
This data should change the entire discussion on the ROI of digital marketing techniques. The results are conclusive.

Speaking of results, data from the survey show both the relative level of use of 15 of the most popular online marketing tools and the impact each has on achieving firm goals. You can compare, for instance, LinkedIn to Search Engine Optimization or contrast Twitter with blogging. We hope these insights will help firms plan and budget.

For me, the most startling finding was how quickly online marketing is impacting professional services. Consider these facts:

Read Full Text

Social Media for HR: 10 Game Changing Tips

By Sean McVey

I recently ran into the company website for PrimePay, a firm specializing in payroll, tax,  HR, insurance and benefit services.  I must say, you don’t come across many professional service firm websites that are doing so many things right.  Fresh content, social media engagement and lead-generating calls to action are just a few elements that drew my attention.

But rolling out a successful social media program for a payroll company — or any services firm — is not easy.  So how do they do it?  I called up Nancy Mullin, Manager of Marketing and Interactive Services at PrimePay, and asked.  Here are 10 tips she offered:

Read Full Text

What’s Your Online Marketing Priority?

By Sean McVey

Imagine you are the VP of Marketing Communications at a major supply chain management software company.  Your job is to figure out how to get the most out of your firm’s marketing dollars.  You know online marketing has a place, but you really don’t know where to focus.  Do you hire a social media guru?  Do you invest in video?  SEO? A blog? The possibilities are really endless… but your budget isn’t.  So how do you spend?

Kirsten Watson from Kinaxis was in this very situation.  And after a long digital journey, she now finds herself leading one of the most successful online marketing teams in the technology industry.  With an estimated 35-40% of the firm’s leads coming from the web, there’s no question Kinaxis has found a formula for success.

While chatting with Kirsten, I began to realize how important prioritization is to her strategy. Today, Kinaxis deploys a number of online marketing tactics, but the firm began by focusing on a just a few foundational techniques.  After mastering those techniques, they gradually expanded their repertoire.

Read Full Text