Expertise is the number one criteria prospects and clients use to judge and vet firms. So here are some tangible reasons to have visible expertise on your radar.
Hi, I’m Liz Harr, and in this post am gonna be sharing some thoughts on something that should be on the radar of every tech services firm out there. And that is something called visual expertise. One reason that this should be on your radar is because expertise is the number one criteria prospects, clients, your audience are using to judge and vet firms like you. It’s at the very top of their list. So that’s the first reason.
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The second reason that should be on your radar is visible expertise drives referrals. We all know how important referrals are to growing our business. And when we ask referral sources how they are more likely to send a referral your way, they mentioned the vast majority of the time is around visible expertise. So visible expertise, or being an expert in your field and having visibility for that drives business and drives referrals.
There’s a couple other tangible benefits that I’d like to mention beyond just bringing in new business and referrals. One is profitability and growth. We find time and again when we research high growth firms that they have taken very deliberate steps to cultivate visibility around their expertise. Marketing your expertise is a much more cost effective endevour than some of the other traditional means so it lands itself well to higher growth and higher profitability.
Another benefit is around talent. When you are seen as a leader and the expert in your field, it attracts top talent. Top talent wants to align with the leaders in their space.
And finally, if those are a little too abstract for you, here is a very tangible reason to have visible expertise on your radar. Take a look at this chart. What I’m showing you here is what we know from our research about billing rates and how having visibility around your expertise impacts the billing rates your people can command. If you look at the bottom of the chart here on the left you’ll see the average billing rates for the average professional services professional all the way up to a level five professional who has commanded a national or global household status kinda visibility. They can command 13 times higher than the average professional billing rate. But go all the way down to the lowly one, and this is a professional services executive or firm that has very niche visibility in a very small and defined community, but it’s still visible for expertise. And even at that level, they can command twice the billable rates that the average profesional can.
So the point I really wanna drive in here is visible expertise is the thing that will get your firm to the next level because expertise is what drives new business and referrals.