There is a growing debate over the role of traditional marketing vs. digital marketing in professional services. What is the proper role for social media? Are sponsorships good investments? It seems that many folks are struggling to understand the tradeoffs and make the right choices.
We decided to spend some time to sort through the current state of affairs and try to bring a bit of clarity and perspective to the situation. We hope it may make decision making a bit easier.
I'm going to tackle the topic in two parts. This first part lays the groundwork to understand what is happening and why. The second part will focus on strengths and weaknesses of the two models and how to strike the right balance for your firm.
The Traditional Marketing Model For Professional Services
Sometimes you are so close to something you can't really see it clearly. That's the case for the traditional model of professional services marketing.
It goes something like this:
Step 1. You meet someone, often through a referral or at a networking event
Step 2. You develop a relationship with them, through repeated contacts,working together on trade association boards, golf, lunch, etc
Step 3. They develop trust in you
Step 4. You get work
Sound familiar? It should, as it has been the dominate model for how to market professional services for many years. In fact, many people believe it's the only way. Every time you hear “It's all a relationship business,” that's a vote for this model.
The dominance of this model has steered people toward certain marketing approaches, such as networking events, volunteer activities, sponsorships, and cultivating referral sources. People in this camp rely on collateral pieces to explain their services and use limited advertising to “build awareness.” Their main thrust, however, has been on establishing personal relationships.
If this model had a tagline it might be “It's not what you know, it's who you know.”
The Digital Marketing Model For Professional Services
Today, a new model is emerging. It's taken a good while for it to take hold, but it is quite different in tone and approach. It goes something like this:
Step 1: A prospect finds you, often through online search or by referral to something you've written
Step 2. They find your work helpful and like your approach
Step 3. They develop trust in you
Step 4. You get work
Notice that you end up in the same place, but you get there in very different ways. Now, some folks don't believe that you can get business in this way. They're wrong. I say this with such conviction because I see it happen… to our own firm and many others.
This new model is associated with a different set of techniques. Lead generating websites, social media, search engine optimization and content marketing are a few that come to mind. Advertising is often of the pay-per-click variety. Useful content leads the way, relationships follow.
If this model had a tagline it might be “You're exactly who I'm looking for.”
Clearly, both the traditional and the digital marketing model have their strengths and limitations. That's what I'll tackle next time with an eye toward making the right choices for your firm.
For the follow up to this blog post please visit: Traditional vs. Digital Marketing 2: Finding the Right Balance
