Almost every firm, regardless of its size and growth, seeks to expand. This desired growth often translates to improved brand representation, better brand positioning, increased revenue, client loyalty, amongst others. Growth strategies for professional services firms are subject to ever-changing trends. For your business to remain relevant in its field, it must keep pace with these trends.
Professional services firms mostly rely on client referrals, management technologies, and marketing strategies to boost growth. It has been observed that while these approaches allow for an initial growth spurt, they lack the system required for sustained and continual growth. Clearly, it is not just enough to run ads and wait for referrals. You need to execute custom and affordable growth strategies that align with your business goals.
This article highlights 5 growth strategies for professional services firms. You should note that while these strategies promise substantial growth potential for your firm, they do not come without risks. For balance, we will not only list these strategies but will also analyze the possible risks involved in adopting any of the strategies.
Increase Market Penetration
This strategy means you offer more services to the clients you are presently serving. If, for instance, your accounting firm already provides bookkeeping services to a client, consider adding auditing services to the list.
Clients are often not aware of the full range of services your firm offers. They may have become accustomed to getting just one particular service from you that they begin to associate you with that one service. So you may need to sensitize them on any extra services you render. This is a relatively low-risk approach because you do not have to face the challenges of penetrating an entirely new market.
Cultivate Existing Customer Relationship
Even more important than acquiring new customers is retaining your existing clientele. Relationships thrive on communication, so it is important that you have an open channel of communication that allows for customer feedback. Consider investing in a stable Customer Relationship Management (CRM) tool.
CRM is a system that collates customer data such as contact details, emails, and social media profiles and analyzes the information in order to establish a pattern of interaction between your firm and the customer. It gives you insight into your customers' unique interests. Ultimately, it improves your communication with your customers, making your conversations less mechanical and more meaningful.
Create New Markets
As important as sustaining your existing clientele is, you still need to grow your customer base. Search out new markets. More customers equal more sales.
That is logical but also very challenging. Convincing a new set of clients to patronize you will demand a substantial amount of time, money, and effort. You also run the risk of under-investing in potentially valuable markets while over-investing in markets that hold little promise.
However, if you execute this strategy correctly, it can boost your growth in high measure. You may not necessarily need to take on a lot of new clients. For a professional services firm that caters to small businesses, taking a larger corporate organization into your clientele could boost your company's growth.
Leverage Social Media
In this age, any organization that is yet to start harnessing the potential of social media is most likely missing out on growth opportunities. With the pandemic outbreak, more people turn to their phones for companionship, entertainment, and, most importantly, business.
According to recent studies, before customers consider you as a potential service provider, they usually check out your social media pages. It doesn't help your company's reputation or growth if you're available offline but inaccessible on social media.
You may have to enlist the services of a social media manager, but it's a small price to pay compared to the visibility and relevance that social media will give your brand. Additionally, social media provides a means of communicating directly with your customers.
Offer New Services
Sometimes an existing market may be unsatisfied with the services they receive from a particular firm. You can break into such markets with a promise to provide better service. Any new service you decide to develop should be closely related to your service spectrum. You need to perform thorough market research to determine the service with the most demands and potential for growth.
One downside to this strategy is that it is time-consuming and, if not correctly implemented, may draw attention away from your present service range, causing it to suffer negligence.
In testing these marketing and growth strategies for professional services firms, you must recognize that businesses differ. What works for a particular firm may not necessarily work for your firm. Conduct extensive research before adopting a strategy, considering the immediate and long-term costs, your audience, and your brand goals.
Growth Hacking with Mission
Growing a business requires time, financial resources, expertise, and a robust understanding of the market. Our aim at Mission is to help you overcome market frictions and competition using result-oriented, time-proven marketing strategies. Feel free to reach out to us today if you need further help and tips to grow your business.
We use our profound market insights and expert guidance to help you improve your marketing results and business productivity. Also, as a leading partner in the PEO, HR, payroll, and benefits outsourcing marketplace, we provide result-oriented services for small and medium-sized organizations and government contractors.