Do you have a Professional Services Firm like a Legal, Accounting, Engineering or Consulting Practice that sells to other businesses?
Then take a moment to read Part 1 of “Why do Professional Services Firms have trouble winning new clients?” if you would like to win more new clients…
Professional Services Firms who provide services to other businesses often face the challenge that their key new client prospects rarely seem to switch to a new Provider. So how do you overcome this challenge and get more new clients?
Studies have shown anywhere between 53% and 72% of current clients are willing to switch Professional Services Firms, but there is a “barrier to switching” because these clients typically find it a great risk or even a painful experience, to switch. They are usually not sure if the next firm will do a better job for them or even who the other prospective firms are.
So while clients perceive that they’re not getting everything they can from their current firm, they resign themselves to “it’s better the devil they know” and reluctantly stay with their current firm.
And switching is only one part of the story. Many clients aren’t using any services from your field of expertise or they are tackling problems internally rather than seeking outside help. Most firms know the money they can save clients, the revenue they can generate or growth they can create for their clients. However, the prospective new clients don’t yet see the value of working with any new firm.
To win them them as a new client, you have to take the time to help them see what value you can provide. You also have to prove why you will do a better job and reduce or eliminate the “switching barrier” But it doesn’t happen in one email, in one website visit or even one meeting. To do this you need to:
Understand clearly who your key targets are
Identify their key problems
Get them to notice you
Engage them in a discussion about how you can help solve their key problems and
Nurture them to the point where they will actually engage your services.
In Part 2 of “Why do Professional Services Firms have trouble winning new clients?”, we’ll discuss how this process of winning new clients is often talked about but rarely well implemented and therefore doesn’t get the best results. Plus how a Professional Services Firm can change the results they are getting starting immediately to win more new clients.