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Excerpt

Eleven Competencies for Professional Service Firm Marketplace Mastery

1. Market research
2. Forecasting & trends analysis
3. Competitive intelligence
4. Differentiation
5. Data mining
6. Cultural alignment
7. Account planning & relationship management
8. Measurement & ROI
9. Research & Development
10. Technology & new services
11. Rewarding innovation
 

 

For a PDF slide presentation
containing just the figures from these 11 competencies, please click here



10.

The Optimal Technology Solution: Enable New Intellect-based Services

Professional service firms’ early steps in using technology to build new services saw them rushing to embrace the promotional or service-delivery aspects of technology (web pages and extranets, for example). These technologies mostly brought disappointment instead of satisfaction, for professional service firms and for their clients.

Professional service firms are increasingly using technology to innovate not only their promotion or service delivery; they are also using technology to enable or support entirely new intellect-based services.

  • Some firms take a fatigued service and productize it into software keystrokes: this step often nets only mixed results.

  • Respondents reported that their external marketing technologies were generally meeting their expectations. Upon further analysis, though, we discovered that they were least satisfied with the technologies they used the most.

  • New service delivery technologies follow:

    • Respondents in architecture, construction, engineering, environment / energy consulting, law and management consulting reported that they used “Extranet[s] to allow clients to download reports, presentations,” “shared document archiving systems,” and “web based project delivery.”

    • An accounting firm said it was “. . . giving clients access to their financials on-line.”

Case Studies

Ernst & Young’s award-winning “Ernie,” an online consulting program introduced in the mid-1990s, whereby subscribers gained answers to a given number of managerial questions fielded by a virtual team of E&Y knowledge providers. It generated significant stand-alone revenues and offered clients significant benefits.

DDB Worldwide, one of the world’s largest advertising networks, created a totally new value-added, technology-enabled, and difficult-to-copy service featuring econometricians whose intellectual capital is applied on a case by case basis. Its econometrics service has demonstrated clear results for clients: efficiencies in media spending; improved timing of campaigns and other promotion; optimized media support for maximum return. Already, fifty percent have become repeat clients.

Figure 10.1 General satisfaction with external technologies

Professional service firms were generally satisfied with their external technologies.*

* External technologies are defined as technologies that are used to build a firm's visibility with its target audience - those which are directed towards a firm's outside publics, including clients and prospects. Studied vehicles included on-line magazines or newsletters, brochures, faxes, web pages, CD-ROMs, video- or audiocassettes, as well as others independently mentioned by respondents.

source: Expertise Marketing, LLC

 

Figure 10.2 Least satisfaction with most-used external technologies

...respondents were the least satisfied with the external technologies they used the most.

Use and satisfaction with external technologies*


* External technologies are defined as technologies that are used to build a firm's visibility with its target audience - those which are directed towards a firm's outside publics, including clients and prospects. Studied vehicles included on-line magazines or newsletters, brochures, faxes, web pages, CD-ROMs, video- or audiocassettes, as well as others independently mentioned by respondents.

source: Expertise Marketing, LLC

 

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Marketplace Masters: How Professional Service Firms Compete to Win by Suzanne Lowe

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