Ultra-Competitive Marketing

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    Ultra-Competitive Marketing - Presentation Transcript

    1. Ultra-Competitive Marketing Strategies for Professional Services Firms Richard Nelson, BSc (Hons), CPSM Director of Business Development & Marketing Watkins Gray International LLP © Richard A. Nelson
    2. We would fall over without Marketing • Marketing is one of the three legs of a successful business, along with Finance and Operations • Businesses of any size need to continually Marketing develop and refine their Finance plans to address how Operations they will attract and keep clients
    3. Effective marketing strategy is client-focused ID VALUABLE CLIENTS ID NEW SEGMENT VALUABLE CLIENTS CLIENTS CLIENTS UP-SELL & MANAGE CROSS-SELL RELATIONSHIPS CLIENT EXPERIENCE © Richard A. Nelson
    4. AIDAR – Turning Prospects into Advocates RETENTION Brand Insistent ACTION DESIRE INTEREST ATTENTION No Knowledge © Richard A. Nelson
    5. Services Marketing Mix – The 7 P’s PRODUCT (SERVICE) PROCESSES PRICE CLIENTS PHYSICAL PROMOTION EVIDENCE PEOPLE PLACE © Richard A. Nelson
    6. Professional Services Sales & Marketing Client relationship/projecct management plan References Proactive, constant communication CLIENT CLIENT Call backs Understand expectations – exceed them Satisfaction surveys / client care Delivery, quality, innovation, schedule, budget, etc. SERVICE RELATIONS Communications (mailers, Xmas cards) Put yourself in client’s shoes Hospitality Pre-planning Fee proposal NEGOTIATIONS STRATEGIC Mission / vision Basis for payment & APPOINTMENT PLANNING Goals / objectives Letter of intent SWOT Contract Short & long-term strategies Review w/Com’l Dir/G&A Action plans MARKETING SALES Differentiaion / USP’s Analyse client needs PROPOSALS / BRAND MARKET Market conditions / forecasts PESTLE Issues Competition Response to key issues Team PRESENTATIONS ASSETS RESEARCH Targeting / segmenting Client needs assessments Approach Trends Consistency w/Mission/Vision Potential of project Identify changing client needs Go/No Go evalulation QUALIFY SERVICE Evaluate capabilities Special issues PROSPECTS DEVELOPMENT Develop / acquire capabilities Viability Launch services MH Blue Sheet analysis Networking Repeat business Direct / E-Marketing AWARENESS Public Relations / Articles / Presentations Referrals (reputation / awareness mktg) IDENTIFY LEADS MARKETING Conferences & Seminars Passive leads (OJEUs) Direct sales (calls, visits, proactive proposals) Exhibitions & Sponsorships Networking Hospitality
    7. Market Life-Cycle Curve Development Growth Maturity Decline Volume Chasm Time © Richard A. Nelson Adapted from Crossing the Chasm, by Geoffrey A. Moore
    8. Competitive Positioning Supporters CO M E C PA VI NY R SE Visionaries Conservatives (Chasm / (Decline) Growth) Specialist Generalist Enthusiasts Pragmatists IN NO (Development) (Maturity) T KE VA AR TI M O N Sceptics © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    9. Positioning on Life-Cycle Curve Development Growth Maturity Decline Pragmatists Conservatives MARKET COMPANY Visionaries SERVICE Volume Chasm Enthusiasts INNOVATION Time © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    10. “Early Market” Model • Developing market strategy • Create and validate the innovation • Enthusiast buyers • Define innovation ‘category’ and benefits it delivers • Define our place as leader in category • Show that category provides a competitive advantage © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    11. “Bowling Alley” Model • Chasm / Growth market strategy M1 S1 • Niche domination • Service leadership M2 M1 • Segment focus S1 S2 Whole product leverage Word-of-mouth leverage -same service -same segment -new segments M3 M2 M1 -new services S1 S2 S3 M4 M3 M2 M1 S1 S2 S3 S4 M5 M4 S1 S2 © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    12. “Tornado” Model • Growth / Mature market X+4 strategy • Horizontal growth • Channels and X+3 geographies • Company vs. company focus X+2 • Communicate position: – King / Gorilla X+1 – Prince / Chimp X – Serf / Monkey © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    13. “High Street” Model MS 2 • Mature / Declining S2 market strategy S1 • Profitable revenue from existing base S5 • Niche expansion Market • 1-to-1 marketing 4 MS S4 – New offers to existing base S4 S3 – Offers deeper in niche 4 MS S4 – Offers that develop new markets © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    14. Developing New Markets Volume Time © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    15. Strategies Mapped to Life-Cycle Curve Development Growth Maturity Decline MS 2 S1 S2 X+4 X+3 S5 Market S4 MS4 X+2 S4 S3 S4 MS4 X+1 T1 X E1 Volume T2 T1 E1 E2 Chasm T3 E1 T2 E2 T1 E3 T4 T3 T2 T1 E1 E2 E3 E4 T5 T4 E1 E2 Time © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    16. Communications Planning • Communication tools Supporters CO M E C PA VI Business press Business press NY R Service ‘advertising’ Brand identity SE Case studies Critical reviews Seminars & trade shows Annual reports Virtual tours Corporate backgrounder In-person tours Recognition by 3rd parties Specialist Generalist Trade press Vertical market press White papers Sector backgrounders Innovation notes Expertise ‘advertising’ IN Speaking engagements Reference clients/projects NO Advisory councils Industry rankings T VA KE TI AR O N Sceptics M © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    17. Communications Planning • Evidence matched with media Supporters CO M E C Performance benchmarks Revenue and profits PA VI Reviews Strategic partners NY R SE Wins Top-tier customers Initial sales volume Full service line Visionary endorsements Critic endorsements Business press coverage Business press coverage Specialist Generalist Innovation details Market share Trials Third-party support Guru endorsements Standards certification Applications proliferation IN NO Trade press coverage Vertical analyst endorsements T VA KE TI Vertical press coverage AR O N Sceptics M © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    18. Business Development Engagement Strategy Client Goal: Competitive advantage Solve problem Adopt paradigm Extend paradigm Client Need: Potential of service Complete solution Make safe choice Better value Our Goal: Validate service Segment share Market share Profitability Strategy: Demonstrate svc. Show ROI Domination Segment focus Skills: Service proficiency Client intimacy Closing deals Relationship mgmt. Style: Evangelism Consultative Authoritative Transactional © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    19. The Value Chain • Early Market (Development) Expert Technical Buyer Bus. Dev. End User £ Staff Economic Buyer Service Provider Client © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    20. The Value Chain • Bowling Alley (Chasm/Growth) Expert Technical Buyer Bus. Dev. End User £ Staff Economic Buyer Service Provider Client © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    21. The Value Chain • Tornado Market (Growth/Maturity) Expert Technical Buyer Bus. Dev. End User £ Staff Economic Buyer Service Provider Client © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    22. The Value Chain • High Street Market (Maturity/Decline) Expert Technical Buyer Bus. Dev. End User £ Staff Economic Buyer Service Provider Client © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    23. Determine the right Strategies Introduction Growth Maturity Decline MS 2 S1 S2 S5 Market S4 MS4 X+4 S4 S3 S4 MS4 X+3 X+2 Volume X+1 T1 X E1 T2 T1 E1 E2 T3 T2 T1 E1 E2 E3 T4 T3 T2 T1 E1 E2 E3 E4 T5 T4 E1 E2 Time © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    24. Deploy appropriate strategies/tactics Life Cycle Stage Development Growth Maturity Decline Strategic Approach Early Market & Bowling Alley Tornado Strategy High Street Strategy MS 2 Exit Strategy S1 S2 T1 X+4 E1 S5 T2 E1 T1 E2 X+3 Market T3 T2 T1 S4 S4 M E1 E2 E3 X+2 S4 S3 T4 T3 T2 T1 S4 S4 M T5 E1 T4 E2 E3 E4 X+1 E1 E2 X Who we’re selling to Enthusiasts Visionaries Pragmatists Conservatives What their Goal is Competitive advantage Solve their problem Adopt the paradigm Extend the paradigm What they Need Potential of the A complete solution that works Make a safe choice Gain better value service/innovation Our Goal Validate the innovation Sector share Market share Profitability Our Strategy Demonstrate the innovation Show ROI / results Market domination Sector focus Skills we need Service proficiency Client intimacy Closing deals Relationship management Business Development Chain Experts > Financial Buyers BizDev > End Users BizDev > Technical Buyers Staff > End Users Business Development Style Push Push Pull Pull Message style Evangelism Consultative Authoritative Transactional Target media Trade press (EG, Prop Week, Business press Vertical market press Business press BD, Buildings, etc.) Vertical market press (HSJ, PPF) Message types White papers, Speaking, Case studies, Speaking & Tours, Org sponsorships, Reference Rankings / awards, Critical review, Advisory councils Org sponsorships clients, Rankings / awards Brand identity Evidence Design competition wins, Benchmarks, wins, Reviews, Market share, 3rd party support, Revenue & profits, Strategic Guru endorsements Endorsements Proliferation, references partners, Loyal blue chip clients, Complete services © Richard A. Nelson Adapted from The Chasm Companion, by Paul Weifels
    25. Ultra-Competitive Marketing Strategies for Professional Services Firms Richard Nelson, BSc (Hons), CPSM Director of Business Development & Marketing Watkins Gray International LLP © Richard A. Nelson
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