Aust Cham Oct 09 Marketing Psf In Asia
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Aust Cham Oct 09 Marketing Psf In Asia

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Presentation at the Australian Chamber of Commerce in Hong Kong on Marketing Professional Services in Asia

Presentation at the Australian Chamber of Commerce in Hong Kong on Marketing Professional Services in Asia

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Aust Cham Oct 09 Marketing Psf In Asia Aust Cham Oct 09 Marketing Psf In Asia Presentation Transcript

  • Marketing Professional Services in AsiaAustralian Chamber of Commerce HK, 22nd October 2009
    Robert Sawhney
    Managing Director
    SRC Associates Ltd
    1
    www.srchk.com
  • The State of Play
    Financial crisis
    Globalization
    Demanding clients (end of high leverage)?
    Dissatisfied seniors and juniors
    Opening of emerging markets
    Competitors
    External ownership (UK 2011)
    LPO
    Social media and Web 2.0
    www.srchk.com
    2
  • What one GC thinks!
    Pfizer GC, Amy Schulman talks about law firm-client relations
    www.srchk.com
    3
  • How PSFs are Different!
    Product resides in the structural, social, and humancapital of firm – knowledge and learning key
    Key marketer is the professional who interacts with client
    Differentiation is harder to achieve – ‘we do better audits’
    Branding at the individual, practice group, and firm level
    Marketing and BD coupled together – misunderstanding?
    Professionals don’t take easily to being ‘managed’, strategy bottom up and involves all or no one (are they interested)?
    www.srchk.com
    4
  • And the difficulty of…
    Fundamental misunderstanding by professionals of what marketing is
    Growth of 10% per annum, who needs it?
    Strong resistance by seniors
    Belief in conflict with professional ethics and association guidelines
    Combined role of producer/manager
    Short term orientation and lack of longer term strategic thinking
    www.srchk.com
    5
  • Marketing and client value
    Firstly – what marketing is not:
    Promotion
    Clever logo and new brand name
    Run by the marketing/BD people
    Something that can be turned on and off according to prevailing conditions
    In its entirety, something that cannot be measured using ROI
    www.srchk.com
    6
  • Cont’d
    What it is:
    A business process about creating client value
    A firm culture that has the most significant impact on firm performance
    The guiding force for strategy and strategic management
    The bed rock of firm performance (market orientation)
    www.srchk.com
    7
  • Me arguing with someone!
    http://www.thenewlawyer.com.au/article/firm-marketing-inspires-email-vitriol/493687.aspx#comments
    www.srchk.com
    8
  • We are now in the ‘value’ era
    Clients want their PSF to be more commercially oriented and demonstrate the value they provide (i.e. cost savings, risk mitigation, business improvement)
    According to HBR (March 2006): value propositions should have a resonating focus with clients that identifies a few key points of difference (with points of parity)
    www.srchk.com
    9
  • What Professionals Really Sell
    • According to research conducted at the Centre for Management of Professional Services (Said Business School, Oxford University), a firm's ability to differentiate itself and create a sustainable strategy relies on four factors:
    • · Expertise - knowledge and experience
    • · Relationships - clients and other stakeholders
    • · Reputation - expertise, experience, and engagement
    • · Service - processes, services, and engagement
    • According to the authors, a sustainable strategy can be built around these four factors whereby they create a virtuous cycle of innovation, organisation learning and knowledge management, as well as access to new markets. The authors' research demonstrates clearly that for a firm to create differentiation that means something (ie value perceptions to client), a firm must spend time on factors aside from technical quality of work.
    www.srchk.com
    10
  • Research in Hong Kong for Law Firms(Source: Asian Counsel Magazine, 2009)
    www.srchk.com
    11
  • What marketing really is: Bed rock of firm performance
    www.srchk.com
    12
  • What Does it Mean to be Market Oriented?
    Marketing is a business philosophy that puts creating and delivering customer value at the heart of all that an organization does
    It is an organization culture that acquires and disseminates information-cross functionally and across hierarchies, and acts upon that information
    This sharing and information coordination tolerates no functional silos
    www.srchk.com
    13
  • Thank You!
    If you want any of the full references for work cited or have any questions, please feel free to contact me:
    bob@srchk.com, www.srchk.com
    Blog: www.marketingasia.typepad.com
    Twitter: http://twitter.com/robertsawhney
    LinkedIn – Robert Sawhney
    www.srchk.com
    14