The market for professional services moves quickly, which means that the needs of your firm’s clients are constantly changing. This presents significant opportunities and challenges. Risk and volatility are high on the agenda, so clients are looking for reassurance and trusted advice. However, new competitors with non-traditional business models mean that established firms cannot just rely on ‘business as usual’ as their primary growth strategy. Technology, automation and data analytics are changing how advice and insight can be delivered to clients, and bring significant opportunities for professional firms to develop new service propositions to meet the evolving needs of their clients.
48% of senior professional services marketers say their firm plans to invest more in developing new propositions over the next 12 months.
The firms that foster entrepreneurialism among their professionals will be best placed to spot new opportunities, act on them quickly and take a dominant share in new markets. It has never been more important for professional firms to place innovation at the heart of their strategy, and to focus time and attention on developing new service propositions that response to the changing needs of their clients. Research from Meridian West and PM Forum shows that nearly half (48%) of senior professional services marketers say their firm plans to invest more in developing new proposition over the next 12 months (Source: Meridian West and PM Forum Marketing Leaders Benchmark 2018).
However, investing time and money in developing new services needs to be undertaken in a client-focused way. It requires careful planning and execution. Without clear and direct input from clients, firms can find themselves second-guessing how a new service could best meet the needs of their clients. Too many firms simply develop their new propositions internally and then release them to the market, without adequately gauging demand.
Developing new propositions in a client-focused, evidence-based way allows you to build a robust business case for investment, and to model pricing and demand levels for the proposition. It allows firms to get the service delivery aspects right, and to formulate business development tactics for selling the service as effectively as possible. As an added benefit, insights from market research can be re-purposed as thought leadership to raise awareness and boost interest in both your firm and its new proposition.