I recently downloaded Wellesley Hills Group's whitepaper, "Five Drivers of Revenue Growth." (Download a copy here.) One morning before the rest of the house got up, I sat down to read it with my morning cup of coffee.
The fourth out of fifth Revenue Growth Driver is Marketing Strength. While the text of the whitepaper recaps some of what is in their excellent book, Professional Services Marketing, it was a good reminder to me and it came at a good time.
I had two meetings later that day with two of our firm's service groups. Our people are among the brightest in our profession and exceedingly good at what they do - business valuation. What they do is very analytical and they bring that analytical mindset to marketing ideas and they have a lot of them - thankfully. Our people participate willingly and often enthusiastically in the marketing function.
One of my roles as the marketing director is to help them understand what we should be focused on. That's how the Marketing Strength section of the whitepaper came in handy because it served as a great reminder of getting back to the basics. Hopefully the good folks at Wellesley Hills won't mind this short excerpt because I found the reminder helpful:
Many organizations undertake massive, painful efforts to improve marketing and they find, after their efforts and budgets are depleted, that they have not achieved their goals.
In our experience, it's because of two reasons. First, the organizations don't focus on what business outcomes marketing should produce for the firm. Second, they don't ask the question, "what will it really take to get the outcomes?"
Good marketing can:
- Create conversations with potential buyers
- Increase your odds of winning client engagements
- Generate higher revenue per engagement and higher fees
- Increase affinity with actual and potential workforce
That's it. If marketing doesn't produce these outcomes, it's not good marketing. [emphasis mine]
I hope this "back to the basics" reminder has been as helpful to you as it was to me. It helped me recenter my thoughts during each of the service group meetings that day and we made progress. You can download your copy here.