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:
- 46% of professional services firms have redesigned their website within the past 12 months
- About 66% of firms plan to increase their online marketing budgets; less than 1% will decrease their budgets
- The average increase is 56%
This is truly an important trend that has the potential to fundamentally change the way professional services firms find new clients.
Download the new Online Marketing research study. It’s free and no registration is required. I can pretty much guarantee it will make for a lively discussion at the next partner meeting!