How Professional Services Buyers Are Changing: 5 Trends That Will Shape Your Firm.

By Lee W. Frederiksen, Ph.D.

As I talk with professional services executives and look at the data, it’s becoming clear that professional services buyers are changing. And the changes are not small.

While it’s easy to ignore changes that happen over time, you do so at your own peril. Why? Because these changes are already having a profound impact on the entire industry, and the longer you wait the harder it will be to catch up.

Here are five trends that will likely shape the future of your firm.

1. Buyers expect more.

They want to hire a firm that does exactly what they want done. In other words, they want someone who has a track record — in their industry — of solving the exact problem they are facing. This obviously favors the specialist. (Find out more in our free research report, How Buyers Buy.)

2. Buyers are changing how they search for solutions.

Yes, referrals still matter, but not just from friends and colleagues. Referrals also come from online resources such as social networks and online forums. And, of course, there’s search. Increasingly professional services are being found through Google and other search engines. Buyers also look for convergence. Are you referred by multiple sources in multiple channels?

3. Your website can make or break you.

Almost all buyers rule out some firms because their websites are not compelling. Confuse them and you will lose them. And the worst part is that you will never know that it happened. Have you ever had someone say they made a referral but the person never contacted you? The answer may lie in your website. (If you're interested, read more about high performance websites.)

4. Trust is being built differently.

Getting to know people through professional associations or on the golf course can still work. But who has time? More and more, trust is being built through education and sharing expertise online. Your buyer has a need. They research solutions, get educated a bit and contact the folks who were most helpful and authoritative. Sound familiar? This trend is fueling the rise of content marketing.

5. Geography is collapsing.

With the rise of communications technology and the globalization of markets, local presence has become less important. It’s more important for buyers to find someone who will understand and solve their problem, regardless of where they are located. Is face-to-face still important? Sure. But video is growing very, very fast.

What does this mean for your firm? I imagine there will always be a place for the local generalist. But forces are shrinking that space. The forces of change are favoring firms with clear and well-articulated market positions. Specialists are on the rise. Trying to be everything to everyone or following the herd is becoming a risky strategy. Adapt or shrink.

Resources

If you want to learn more, here are some free resources on professional services buyers’ priorities, content marketing, video for professional services and strategies and tactics for accelerating the growth and profitability of your firm.