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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

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Aust Cham Oct 09 Marketing Psf In Asia

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

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