Meet the New Professional Services Buyer

By Lee W. Frederiksen, Ph.D.

This last week I had the opportunity to present to two distinct audiences of professional services executives. One was technology executives and the other executives from the architecture, engineering and construction (AEC) industry. The most interesting observation was how both industries were experiencing a similar change in the behavior of buyers.

Indeed, I think that some of the observations cut across all the professional services and will have a lasting effect on how we market and the basic strategies we pursue.

1. Gone are the days of traditional networking.
   The old "get to know someone first, then they will choose your firm because they like you" is fading fast. First, who has the time or patience? And what is the probability that you will happen to meet a potential client at just the right time? And what is the probability that you will bump into the right person at an event with 200 people attending? While not exactly useless, traditional networking events are getting less efficient. Targeted is better.
2. Everyone Googles everything.
   OK, so it's a bit of hyperbole, but not by much. Got a problem? Go to the web to find a solution. Think your buyers don't? Guess again. Just meet someone who seemed interesting? Check out their website. I have had many, many professional services buyers tell me how they have rejected firms because of their website or shortlisted them because the website was clear and strong. You will be checked out online.
3. Geography is evaporating.
   We are becoming less and less concerned with having local professional services providers. Between outsourcing, email, Skype, GoToMeeting and social media, we are more focused on getting what we want and less and less concerned with where it is. Sure, face to face contact is helpful, and in some circumstances essential. But the need for local presence is on the wane. More important is presence in your buyers' circle of influence.
4. Buyers expect you to educate them.
   As a buyer, I expect free education. Webinairs, white papers, research, how-tos, videos, articles, free workshops should all be readily available. If you are not educating me and demonstrating that you both understand my challenges and know how to solve them, someone else will. Try to slip me a sales pitch and your history. Trust is more likely to be built on education and less likely to be built on golf.
5. Specialists are on the rise.
   These trends clearly give an advantage to the specialist. If geography is less important and education and online presence more important, who benefits? Answer: the expert who is clearly familiar with your situation and has developed a demonstrated ability to solve it.

 
When you have very limited time and an aversion to risk, why not pick someone who you are sure will solve your problem? Don't believe it? Consider this. High growth firms are three time more likely to have a strong specialization.

The thing about these changes is that they are happening over time. So that makes it easier to ignore them and underestimate how they may impact your firm. But they will. Many of these changes are driven by new technology and generational differences. This means that they will be relentless. Perhaps it's time to come to grips with your new buyer.